What is GAP Insurance?

Guaranteed Asset Protection (GAP) Insurance covers the difference between what you originally paid for your vehicle and the amount your insurance provider will pay if your car is declared a total loss. In the event of theft, fire, flood damage, or an accident that results in your car being written off, your motor insurer will only settle based on the car’s market value at the time of the claim. Unfortunately, due to depreciation, this amount is often significantly lower than what you originally paid, leaving you with a financial shortfall.

Why Do You Need GAP Insurance?

A brand-new car can lose up to 70% of its value in the first three years alone, and a used car can lose 20% or more within the first six months. If your vehicle is written off, you could find yourself owing more on finance or lease agreements than what your insurer pays out. GAP Insurance ensures that you won’t be left out of pocket.

How Does GAP Insurance Work?

If your car is declared a total loss, GAP Insurance will cover the shortfall between your insurer’s payout and either:

✔ The original purchase price of your vehicle

✔ The outstanding amount on your finance or lease agreement

✔ The cost of a like-for-like replacement

Who Can Benefit from GAP Insurance?

✔ New and used car buyers – Protect against depreciation.

✔ Finance or lease customers – Avoid paying out of pocket if your car is written off.

✔ Business owners – Ensure your fleet vehicles don’t leave you at a financial loss.

Get Peace of Mind Today

Don't let depreciation catch you off guard. With GAP Insurance, you can drive with confidence knowing that your investment is protected. Contact us today to find the right GAP cover for you.