What Is GAP Insurance?
GAP stands for Guaranteed Asset Protection. GAP insurance provides cover in the event of a total loss for the difference in the settlement you receive from your car or motorcycle insurance and the amount you paid for your vehicle, the amount of outstanding finance or the amount to replace your vehicle.
Core elements
Cover includes:
- This insurance will pay any financial shortfall that exists between the amount that you receive from your motor insurance policy at the point of a total loss and;
• The purchase invoice price of the insured vehicle; or
• The cost of a replacement vehicle matching the original insured vehicle make, model, specification, age and mileage at the time of purchasing the bike, or an equivalent vehicle if this make and model is no longer available.
• The outstanding settlement amount on your finance agreement, subject to the original amount financed being less than or equal to the purchase price of the insured vehicle, whichever is greater.
- Any motor insurance policy excess up to £250.00
- You may also at any time transfer any remaining duration of your policy due to any further change of insured vehicle, upon payment of an administration fee of £35.00 provided that any replacement insured vehicle does not exceed the current price banding of the original insured vehicle subject to the terms, conditions and eligibility criteria within this policy.
We can arrange policies covering the above via our app available on the links below