Combined Total Loss GAP Insurance
If you’ve paid for your vehicle using a finance arrangement you could have two gaps to think about. The first is the gap between the value of the car at the time of the loss, and the amount you paid for it. The second is the potential shortfall between your insurance settlement and the balance on any outstanding finance. With a Combined Total Loss GAP insurance policy, you’ll have it covered.
If you suffer a total loss due to your vehicle being written off or stolen and you used a finance agreement to pay for the majority of the vehicle the settlement from your comprehensive motor insurance company is likely to be much less the amount that you still owe in finance. As your motor insurance policy is likely to pay out on the current market value of your vehicle at the time of the loss, the amount you get will also be much lower than the amount you paid for your vehicle. If you InsuretheGap with a Combined Total Loss GAP Insurance policy, you have the added peace of mind that you’re covered whichever gap is the greatest.
Key Features
- Provides combined GAP protection for up to 4 years
- Pays £250 standard excess towards your comprehensive insurance: With flexibility to increase to £750
- Pays the gap between the invoice price of the vehicle, or the balance of outstanding finance: whichever is greater
- Available for private and business use
Cost of vehicle £25,000
Insurance Pays £15,000
GAP Pays £10,000
This insurance is underwritten by MAPFRE ASISTENCIA Compañía Internacional de Seguros y Reaseguros Sociedad Anonima which is authorised by Dirección General de Seguros y Fondos de Pensiones and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of regulation by the Financial Conduct Authority and Prudential Regulation Authority are available on request. MAPFRE ASISTENCIA Compañía Internacional de Seguros y Reaseguros Sociedad Anonima is incorporated and registered in the Kingdom of Spain and registered as a foreign company in the United Kingdom with company number FC021974, acting through its UK branch with branch number BR008042 and its principal office is at Alpha House, 5th Floor, 24A Lime Street, London, EC3M 7HS.