If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance payout may not be enough to repay what you still owe and replace your vehicle with one of equivalent value. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.
On average, new cars lose approximately 60% of their value after just three years . It’s this depreciation that makes it unlikely that a payout from your insurer will be as much as you paid for the car.
And, if you have a finance deal on your car, you risk having to repay more than the insurance valuation if:
Without GAP Insurance, you might not be able to afford to replace your car. What’s more, you could still owe money for a car that you no longer have.
Dacia Financial Services offers Combined GAP Insurance. As always, terms and conditions apply, but the main product features are outlined below:
|Combined GAP Insurance
|Combined GAP Insurance has been designed to cover the ‘gap’ between the greater of the motor insurance settlement or the market value of the insured vehicle and either the amount you paid for the vehicle, or the finance early settlement balance payable to the finance company if the insured vehicle is declared a total loss within the period of cover.
Significant Features & Benefits
The vehicle cannot be older than seven years old at policy inception
Dealer Fitted Accessories are covered up to £1500
Discover full details about Combined GAP Insurance, or request a call from one of the team