Vehicle GAP

Our Guaranteed Asset Protection is designed to complement existing motor insurance cover by helping customers deal with the additional expense that is often involved when a car is stolen or written off. By paying an additional amount it helps customers either settle a finance agreement or purchase a replacement vehicle, it gives reassurances that customers will not be left out of pocket if they lose the use of their vehicle.

The product has three variants:

	Finance or Shortfall pays the difference between the outstanding balance of the finance arrangement and the insured value
	Index pays a defined percentage of the market value prior to loss
	Return to Invoice or Back to Invoice pays the difference between the invoice price and the insured value.

Consumer Benefits

Cars are a big financial commitment for most customers. Providing security for their outlay is therefore critical. Our product gives customers reassurance that they will be able to settle a finance agreement or purchase a like-for-like replacement if their car is written

Distributor Benefits

As car ownership is at an all time high, with many households having multiple vehicles, this product has a very wide customer appeal, especially at a time when cars are increasingly depreciating in value.