GAP insurance, or Guaranteed Asset Protection insurance, protects you in situations where your car is stolen or written off. Specifically, it covers the difference between the outstanding balance on your car loan and the amount of money paid out by insurers whenever you make a claim.
This shortfall between the pay out from insurers and the balance on your car loan could come to thousands of dollars.
Don’t get caught out – if you have a car loan, make sure you have GAP insurance to provide you with the cover you need when the unexpected happens. Get in touch with us today by calling 0800 11 77 86
There are various reasons why the balance on your car loan ends up being more than an insurance company pays out in the event of a claim.
One of the most common is where you add extras onto your car loan at the time of making the purchase. This includes registration fees, stamp duty, dealer delivery, and vehicle insurance costs. None of these things add any value to the car, so they can cause a difference between the loan value and what the car is worth. Sometimes this difference can be substantial.
Another common reason for shortfalls to occur is simply because of the accrued interest on your car loan and the depreciation in the value of your car. When you combine these two factors, you can end up owing more on your loan than the car is worth.
The team has helped me twice getting me the finance approved, on the top getting the best deal. Keep up the good work.
Had such a great experience with this company & I would highly recommend. Especially Zara who went above and beyond to meet our needs. You made the process stress free and an absolute breeze. Thank you so kindly
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