GAP Products
What do our GAP type products cover?
All of our GAP type products are fully ABI compliant allowing for free cancellation within the first 30 days, with the ability for our customers to transfer to a replacement vehicle should they decide to change vehicles, but keep the cover in place.
Subject to payment of the premium, our:
Finance GAP/ Contract Hire GAP: will provide the customer with protection against financial loss they may incur as a result of their vehicle being a total write-off due to accident, fire, vandalism, flood or theft. If they purchase GAP, we will pay the difference
between their Motor Insurer’s Settlement figure and the finance settlement figure.
Return to Invoice (RTI): will provide the customer with protection against financial loss they may incur as a result of their vehicle being a total write-off due to accident, fire, vandalism, flood or theft. If they purchase RTI, we will pay the difference between their Motor Insurer’s Settlement figure and the original invoice selling price or finance settlement figure,
whichever is the greater, up to a maximum of £25,000. Periods of 1-4 years.
Shortfall Insurance: will provide the customer with protection against financial loss they may incur as a result of their vehicle being a total write-off due to accident, fire, vandalism, flood or theft. If they purchase Shortfall, we will pay the difference between their Motor Insurer’s Settlement figure and the Glass`s Guide Clean Retail value of their vehicle on the date they purchase the policy, up to a maximum of £25,000. This allows sales to people who may have owned a car for more than 180 days, or bought it privately. Periods of 1-4 years.
We also offer cover for Hire & Reward, Chauffeurs, Driving Schools and Couriers and a specialist Contract Hire and Leasing GAP, with the option to add "Initial Rental Protection".
Main Benefits
Periods of 30 days, 12, 24, 36 or 48 months (60 months on Finance GAP).
Available on Car, LCV, Motorcycle, Moped or Motorhome.
10 months payment option (0% APR available with a subsidy).
Claim limits of £2,500 up to £25,000.
No policy excess.
Transferrable to a replacement vehicle that meets the eligibility criteria.
Covers all brands, including electric vehicles, except Lamborghini, Maserati - please refer to T&C’s.
Significant benefits over our competitors products.
Highly competitive pricing
Wider vehicle eligibility criteria and more flexible cover than competitors.
No Administration Fees on cancellation or Policy transfer.
Can be sold up to 180 days after the customer took delivery of the vehicle.
On-line claims process, which is simple.
On-line policy registration.
Premium financing over 10 months.
Transferable to a replacement vehicle that meets the eligibility criteria.
Covers wide-range of brands except Lamborghini & Maserati, including electric vehicles - please refer T&C’s.
Initial Rental Protection
Additional IRP protection.
The customer has the option to add the Initial Rental Protection to their Contract Hire / Leasing GAP which will pay, on top of the GAP Benefit shown above, an additional amount to cover the initial payment / deposit that they paid on their Contract Hire / Leasing agreement.
This benefit is ONLY available for 1-3 years and must be sold alongside our Contract Hire / Leasing GAP.
How does IRP work?
Typically, on a Contract Hire / Lease agreement, the customer will be required to pay a number of rentals up front (or maybe a monetary figure not linked to a number of payments). This is normally 3 / 6 months initial payments.
In the event of a Total Loss, we will refund the customer the number of rentals up front (or the monetary figure), up to the claim limit selected - £1,000, £2,000 or £3,000 maximum. Please refer to T&C’s.