Cover The Shortfall Between Your Car’s Actual Value And Loan Balance With Gap Insurance
If your car is written off or stolen, GAP insurance bridges the gap between your loan balance and the amount your insurer pays, so you don’t have to pay for the car you no longer have.
Understanding Gap Insurance
The balance on your car loan is sometimes higher than what the insurance companies are paying in case your car is stolen or written off. This gap happens for a few reasons:
- Extra charges like registration fees, dealer fees, insurance, and stamp duty are often added to your loan. These don’t add value to the car; they increase the loan amount.
- Interest on your loan keeps increasing while your car’s value goes down over time. Consequently, this can leave you owing more than the car is actually worth.
That’s why GAP Insurance is necessary. It covers this gap and protects you from running out of funds.
Why is GAP insurance important?
- It covers the gap between your loan balance and your insurer’s payout if your car is written off or stolen.
- Makes it easier to get back on the road with a new loan.
- Helps protect your credit rating by avoiding unpaid debt.
- Can be added to your loan and stays in place for the full loan term.
- We compare options and find the best GAP Insurance deal for you.
Who can apply?
Eligibility Criteria for Insurance in New Zealand
To apply for insurance in New Zealand, you must meet the following basic eligibility criteria. These requirements help ensure you’re in a stable position to manage your financial commitments responsibly:
- Be at least 18 years of age
- Be a New Zealand citizen, resident, or hold a valid work or student visa
- Hold a valid New Zealand driver’s licence (Learner, Restricted, or Full) or an international/overseas licence
- Earn a minimum annual income of $30,000 before tax
Meeting these criteria gives insurers the confidence to approve your application and ensures you’re financially ready for coverage.
OUR PROCESS
How to get gap insurance
You can have your gap insurance approved in just 3 simple steps!
Apply for insurance
Complete our easy online application form, upload the necessary documents, and submit it for assessment.
Quick approval
Our team will promptly evaluate your application and provide a fast, reliable decision.
Enjoy coverage
Once approved, your comprehensive insurance policy will be activated giving you peace of mind on the road.
Use our smart loan calculator to estimate your repayments and total loan amount.
Plan Before You Apply
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Apply NowEstimated
Repayments From
$783
$46,965 Total
Total $46,850
Calulated At An Example Rate
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