GAP Insurance
If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance payouts may not be enough to repay what you still owe and replace your vehicle with another vehicle of equivalent value. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.
If you become one of the unfortunate motorists to have their vehicle stolen where the vehicle is not recovered or becomes involved in an accident where the vehicle is beyond economical repair, then you could find yourself in a dilemma.
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 two hundred and ninety five euros, for a three year insurance policy, included in the price of this policy is insurer costs of seventy seven euros, government tax of fifteen euros, Dealer commission of one hundred and forty euros and Mobilize Financial Services income of sixty three 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?
This insurance product will complement your motor insurance by covering the gap between the value of your car and the payout made by your insurer.
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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