So why do I need GAP Insurance?
First of all, GAP stands for Guaranteed Asset Protection.
If your vehicle is written off following an insured event, then your Insurance company will only pay the market value at the time of the loss.
Depending on how you purchased the vehicle will depend on the type of GAP policy you need.
1. Finance, contract hire or lease – GAP insurance bridges the difference between the market value and the outstanding balance on your agreement (which you will be liable to pay).
2. Purchased outright – GAP insurance bridges the difference between the market value and the price of a new equivalent vehicle.
We use the British Insurers Brokers Association (BIBA) exclusive scheme.
We can also provide fleet GAP solutions.
GAP Insurance for fleets is growing as more and more fleet operators look to protect their vehicle assets against a write-off following fire, theft, accident or accidental damage.
• Designed for companies running two or more vehicles
• Annually renewable policy that covers all eligible vehicles on the fleet up to 44 ton GVW
• Allows for movements on/off the fleet with pro-rata charging/rebating
• Unique policy will apply to vehicles on lease, finance and vehicles owned outright
This policy is designed to clear the outstanding balance owing to the finance/lease company if the motor insurer settlement has not been enough to clear it, or to top up the motor insurers market value by 25% whichever calculation is the greater (maximum sums insured apply).
So if you want to make sure that your GAP Insurance measures up then give G3 Insure a call on 01829 771411 or fill in the form on the contact page.