DFC Belfast 25 Year Anniversary

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DFC Belfast 25 Year Anniversary

028 9073 4222 facebook twitter

Do you know what GAP insurance is? GAP insurance explained!





What is GAP Insurance?

GAP insurance is known as Guaranteed Asset Protection. In the event that your vehicle is stolen or written off GAP insurance covers the difference between the current value of the vehicle and the amount you paid in the first place ensuring you don’t lose money.

When is GAP insurance useful?

For when a vehicle is stolen or written off.

Who is GAP insurance for?

GAP insurance is for anyone with a brand new vehicle. It isn’t for anyone with an old or inexpensive vehicle.

Why should I get GAP insurance?

Insurance companies will only pay out the current market value. For example, if you lease a car that’s £25,000 and after 2 years its current market value is £17,000 and you have it written-off or stolen. The insurance company will only pay out the current market value leaving you with a deficit of £8,000 that you have to pay back. GAP insurance guarantees to make up the difference making sure you’re not left out of pocket and that a bad situation isn’t made much worse.

Are there different types of GAP insurance?

Yes, there’s 3 different types of GAP insurance you can get

  •       Finance GAP insurance – If you borrowed money to buy a vehicle, finance GAP insurance pays the finance company enough to cover your debt
  •       Return-to-invoice insurance – This policy ensures you get back what you paid for your vehicle
  •       Brand new (or ‘vehicle replacement’) GAP insurance – similar to return-to-invoice insurance, but this policy compensates for the rising cost of vehicles. In other words you get your money back plus extra so you can replace your car for a new one with the same model and specification

 


Where can I get GAP insurance?

DFC customers can add GAP insurance into their contracts for a competitive price when they’re ordering a new vehicle. Make sure you ask your account manager when ordering your vehicle or vehicles.