If your company car is written off or stolen there is a risk that the insurance settlement may not be sufficient. This is because vehicles tend to depreciate more quickly in the first year and then at a slower rate as they get older.
GAP insurance pays the difference between the market value, based on CAP Guide Retail at the time of loss or the insurance company settlement (whichever is greater), and the outstanding finance in the vehicle up to a maximum of £10,000 or £15,000 (subject to eligibility). In addition to this, we may also pay you up to £250 of your motor insurance excess in the event of a “fault” claim.
- Vehicles up to £125,000 invoice price
- Available on ALL finance agreements (excludes cash purchases) please note the following vehicles and use are excluded; emergency vehicle, taxi, bus or driving school
- Cars and commercial vehicles up to 3.5cwt
- Cover is valid for up to 5 years in line with the finance agreement
- Cars and commercial vehicles up to 6 years old