GAP INSURANCE
GAP Insurance protects you in the event of a total loss due to:
- accidental damage
- fire
- theft
| Without GAP insurance | With GAP insurance | |
|---|---|---|
| Invoice price new vehicle | €20,000 | €20,000 |
| Motor insurance Payout | €15,000 | €15,000 |
| GAP Insurance | €0 | €5,000 |
| Shortfall | €5,000 | €0 |
GAP insurance
a standard GAP insurance policy is sold for three hundred and forty five euros, for a three year insurance policy, included in the price of this policy is insurer costs of fifty nine euros, government tax of thirteen euro and twenty seven cent, Dealer commission of one hundred and sixty five euros and Mobilize Financial Services income of one hundred and eight euros inclusive of any administrative costs. the price of the GAP product and the associated costs will increase due to increasing levels of cover.
The administration costs noted above includes (but not limited too) the following areas of cost: Customer Service, Account management, Website Maintenance, Training Costs, Distribution Costs, Product Information Documents, Qualifications Cost, legal Costs & Documentation Fees.
what does GAP insurance cover?
GAP Insurance Return to Invoice (RTI) : bridges the financial gap between the total loss payment that you receive from your motor insurers and the amount you originally paid for your vehicle. Return to Invoice Insurance covers your Motor Insurer pays out and the Net Invoice Price you paid for your vehicle, up to the maximum shown on your policy schedule.
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