GAP Insurance (Guaranteed Asset Protection) is a policy which insures you for the difference between the insurance write off value and total loan value of your car.
Shortfall or GAP Insurance will put your mind at rest by paying off outstanding car finance after your insurance company have agreed the write off value, to a maximum claim of £15,000.
For a small monthly premium, you can buy GAP Insurance from 12 to 60 month policies, which will pay off outstanding car finance. The fact is that if your car is written off it is likely that your car insurance would only pay you the market value of your car at the time it was written off. This could leave you in one of three situations:Possibly not being able to afford to replace the car with a new equivalent (GAP Insurance will cover this)
Claim limits on Visitcars GAP insurance packages range from £5,000 to £40,000 depending on the value of the vehicle.
All policies are available to vehicles up to 7 years old.
||Claim Limit £5k
||Claim Limit £7.5k
||Claim Limit £10k
||Claim Limit £15k
||Claim Limit £25k
||Claim Limit £25-40k |
| Up to £20k
|Up to £25k-£40k||-||-||-||-||-||£499|
If you paid £12,000 for your car and your motor insurance payout is £7000, GAP insurance will pay the difference of £5000 to top it up to the original £12,000.
Unfortunately not. The insurance only covers the person or company who paid for the insurance whilst the car is under their ownership.
Cover is available for 12 - 60 months, or when you sell transfer ownership of the vehicle, whichever is the sooner but will cease earlier upon the occurrence of any of the following events:A paid claim
*Both RTI insurance and GAP insurance are separate insurance policies subject to the terms and conditions contained in the policy schedule. In addition you should note there are certain limitations in terms of the maximum amount you may claim.
Benefits of Visitcars GAP Insurance
more about Visitcars RTI insurance