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Cover the GAP

Maserati

GAP (Guarantee Asset Protection) Insurance essentially is a way of protecting yourself against a financial loss should your vehicle be “written off” by your insurer. Having gap insurance in place so that if your car is ever written off, it can pay you the amount you need to settle your outstanding finance. In some cases it can pay the difference to the invoice price you paid for your vehicle or even with vehicle replacement insurance, pay you enough to replace it with a like for like vehicle.

As of September 2015 under new Financial Conduct Authority (FCA) rules Motor Vehicle Dealers have a deferred period before a GAP sale can be concluded allowing time for customers to shop around.

We know from experience that GAP cover sold via ourselves is usually significantly cheaper than an equivalent motor dealer product and attracts only the prevailing rate of Insurance Premium Tax instead of 20% for an equivalent dealer product.
We can also provide cover from the date of purchase of your vehicle.

GAP insurance will provide you with cover in the event of a total loss claim under your motor insurance policy for a shortfall between the total loss settlement and original net invoice price paid or the outstanding balance owing to any finance company up to an agreed benefit level.


Cover can be provided for

  • Buying a new or used vehicle
  • Buying a vehicle from a dealer or privately
  • Obtaining a vehicle on finance, lease or outright purchase
  • In a situation where you have not purchased GAP when you purchased your vehicle all those months/years ago

Want to find out more and how we can help?

Contact sharron.torr@russellscanlan.com or simply fill in the contact us form and one of our advisors will be in touch.

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For expert advice, call us today on 0115 798 0786

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