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.
- 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
- 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.