Vehicles depreciate in value from the moment they are driven off the forecourt. Many motor insurers will normally just pay out the current market value on a vehicle when it is written off, regardless of how much it originally cost to buy. Depending on how much the car cost when it was purchased and the impact depreciation has had, this could leave your customers out of pocket with a substantial shortfall to make up.
GAP Cover, or Guaranteed Asset Protection, covers your customers when their vehicle is written off by their motor insurer and there is a difference between the price they paid for that vehicle and the amount their insurer paid out.
Features of GAP Insurance Cover
Range of Indemnity
Many levels of cover for vehicle value and policy length available
Includes cover overseas for a maximum of 90 days in any period of insurance
Option to defer for a year if new for new cover is in place
Available for cars, vans, motorhomes and taxis
GAP helps to protect your investment