Van GAP Insurance Explained
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Finance GAP Insurance

What is Finance GAP Insurance?

Because vehicles tend to depreciate quickly in the first year, then more slowly as they get older, there is a risk that you will owe more to the Finance Company than the Insurance Company pay-out if the vehicle is written off or stolen.

With Finance GAP Insurance, you can insure against the difference (up to a maximum of £20,000) between your Insurance Company pay-out and the amount you owe to the Finance Company

Eligible Vehicles

  • Vehicles up to £125,000 Invoice price
  • Cars & Commercial vehicles up to 3.5cwt
  • Cover is valid for up to 5 years in line with the finance agreement
  • Applies to all finance agreements, including Contract Hire and Lease
  • Applies to Cars & Commercial Vehicles up to 6 years old

Major Exclusions

  • If the vehicle is written off whilst driving illegally or under the influence of drugs or alcohol
  • The vehicle is not covered by a Fully Comprehensive Road Risk Motor Policy
  • Use of vehicle for Hire or Reward
  • If the vehicle is unattended and the keys have NOT been removed, all doors locked and any immobiliser and/or alarm activated
  • If your vehicle has a Fridge Unit/Conversion & also if your vehicle has/will have a Motor Traders Insurance Policy

Once an order has been placed, a member of our dedicated GAP team will be in contact to discuss your options.

Our insurance services are provided by Premia Solutions Limited, 3 Corunna Court, Corunna Road, Warwick, Warwickshire, CV34 5HQ, FCA no 310089.

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