Almost half a million vehicles are written off each year due to accident, fire or theft. If this happened to you, your motor insurer would only pay 60% of what is known as the 'market value'. This would inevitably be less than the amount you owed on any finance and would be far less than the original value of the car.

Guaranteed Asset Protection called GAP for short ,  is designed to protect you for three years, (as Super GAP or for the length of your financial agreement as GAP), against financial loss if the vehicle you have financed or purchased outright becomes the subject of a total loss due to accident, fire or theft.
 

Super Gap
Guaranteed Asset Protection (Super GAP/GAP),  is designed to protect you for three years against financial loss if the vehicle you have financed or purchased outright becomes the subject of a total loss due to accident, fire or theft. insurance will cover the difference between the market value that your insurance company will pay out and the original invoice price of your car. Super GAP cover lasts for 3 years. However,  if you purchase your vehicle on finance and the finance settlement is more than the car insurance pay out after that 3 year point, the GAP will continue to cover the difference between the car insurance pay out in a write-off situation and the finance settlement.

Who can take out this insurance
Any individual, partnership ar company purchasing a car, which is less than 3 years old and which is the subject of a finance agreement or straight purchase, and where the maximum purchase price paid is less than £50,000 (including manufacturer's fitted, but not dealer fitted, accessories).

Can I transfer my insurance, if I change my car
YES, If you change your car you will be given a credit against your next Super GAP purchase
ie:- if you purchase Super GAP or GAP, on your first car and the premium is, say, £180 and you change your car at the 12 month point, you will be given a credit for two thirds (£120 of the premium to offset against your next Super GAP or GAP policy.

All policies underwritten by Lloyd's of London.

To find out how YOU can obtain GAP at around £1 a day, contact us today.