What is Finance GAP Insurance?

Finance GAP is designed to help you lessen the financial impact of having your financed vehicle written off.

In the event that your road risk insurer declares your vehicle a total loss, there is a likelihood that the amount they will pay to you in settlement of your claim will be less than the outstanding amount you owe to the finance company. Especially in the current economic climate.

For example:
A successful Finance GAP claim would pay out up to £5,000 to cover the difference between what your motor insurer values your vehicle at and the settlement / termination figure on your finance agreement.

Am I eligible? Yes if...

• Your vehicle is less than 6 years of age
• Your vehicle is invoiced at less than £50,000; and
• It is a car or commercial vehicle of up to 3.5 cwt; and
• You have a fully comprehensive motor insurance policy; and
• Your finance agreement is a hire, purchase or leasing agreement secured on the vehicle
• Are there any *Significant or Unusual Exclusions* I need to know?

The following text is taken from the Finance GAP Summary of Cover.

• This Insurance will not cover Finance included in the Net Invoice Selling Price of Your vehicle for any warranty charges, insurance premiums, road fund licence and dealer fitted extras and accessories unless specified on the relevant manufacturer's price list.
• The total benefit payable under this policy shall not exceed £5,000
• Your Total Loss is covered when it occurs within Great Britain, Northern Ireland, Ireland, Isle of Man, Channel Islands and member countries of the European Community.
• You will not be covered in respect of any excess deducted under Your Comprehensive Motor Insurance Policy.
• You shall not be entitled to any refund of premium after the lapse of Your Statutory Right to cancel the Policy as detailed under Your right of Cancellation section of the Certificate of Insurance
• Vehicle is written off whilst driving illegally or under the influence of Drugs or Alcohol.
• If the vehicle is unattended and the keys have not been removed, all doors locked and the immobiliser or alarm activated.
• Certain makes and models may not be covered, this will be confirmed at point of sale.