GAP Insurance

How would you feel if your car was written off, through no fault of your own?

None of us like to dwell on what may go wrong but we think its important that you are aware of what could happen should your car get written off as a result of an accident, fire or theft and how you can help guard against being out of pocket as a result.

Have you considered that if your car is written off your motor insurer may only payout the current market value of your vehicle, not what you actually paid for it? This could mean that you have to find additional funds to match the purchase price of a replacement car or that you are left with an outstanding amount on your finance agreement.

Our Combined GAP Insurance product offers the same benefits as the ‘Return to Invoice Insurance’ GAP, while including the Finance GAP Element which pays the difference between your motor insurance company’s settlement or Glass’s Guide Retail value whichever is the greater at the time of the total loss and the outstanding finance balance due to your finance company.

Rather than have a Finance GAP product as a stand alone cover, we offer this as a Combined Product, in effect having the Invoice GAP and Finance GAP in one policy.

This Policy, will either pay your Finance Company the difference between your Motor Insurance settlement figure and the outstanding Early Settlement Balance due to your Finance Company, or pay you the difference between the Net Invoice Price of your Insured Vehicle at the Start Date and your Motor Insurance Company’s settlement figure. Your claim will be settled based on whichever is the greater amount.

Example:
Car Value - £ 15,000
Amount of Loan - £ 15,000
Early settlement at time of loss - £ 16,700
Motor Insurance Settlement - £ 11,500

Gap Insurance Benefit - £ 3,500
Finance Shortfall Benefit - £5,200

So in the event of your vehicle being written off during the period of combined cover, the policy will pay out whichever of the two is greater,

This combined cover is available for up to 36 months, after which you are only covered for Finance element, up to maximum of five years from the date you take delivery of the vehicle.

RRG Group Ltd is an appointed representative of ITC Compliance Limited which is authorised and regulated by the FCA (registration number: 313486) and is permitted to advise on and arrange general insurance contracts. Combined GAP Insurance is subject to the Terms and Conditions of the Policy.