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In the event of a car being stolen and not recovered or in an accident and declared a total loss, very few customers will receive, from their motor insurer, the amount they originally paid for the car or enough to cover the finance outstanding (because, once purchased, the vehicle is classed as a second hand car), and, as a result, this may mean they have to buy a lower spec vehicle or struggle to replace the vehicle at all, or may have an outstanding liability to the finance company.
GAP Insurance is designed to cover such shortfalls cost effectively by choosing the appropriate product e.g. we provide the following types of GAP insurance and the amount of benefit can be selected to meet your client’s needs (please read IPID’s and policy wordings for a more detailed explanation of benefits and exclusions applicable to each):
Finance GAP Insurance
To settle outstanding Finance liabilities. Vehicles must have been purchased for less than £150,000, be less than 10 years old, have less than 100,000 miles on the odometer and the policy must be purchased within 185 days of taking ownership of them.
Lease and Contract Hire GAP
To settle outstanding lease or contract hire liabilities with an option to also insure the deposit (up to £3,000 maximum).
Nice 1 Combination GAP Insurance will pay the difference between the insured value (the total loss settlement amount received under the motor insurance policy in respect of the vehicle being a total loss) and either the purchase price of the insured vehicle as confirmed by the net invoice selling price or the amount of your customers early settlement finance figure, whichever is the greater.
GAP cover extends to taxis (including black cabs), motorcycles, and, with a GVW of up to 3500kg, motorhomes and light commercial vans (cover is not available for larger commercial vehicles or driving instructor vehicles)