GAP Insurance
GAP Insurance
In the event that your vehicle being declared a write off by your insurance company because of theft or accident, there may be a shortfall between the vehicles current market value and the value required by the finance/lease companies outstanding balance.
The shortfall could be a significant amount depending on the vehicles depreciation and the remaining period of the lease. You will be held responsible by the finance/lease company for the shortfall - GAP Insurance is designed to protect you and can be paid in full at the time of purchase or the cost spread over the first 12 months of the agreement -
Example - A customer buys a BMW 3 Series for £19228 with a deposit of £1200 and finance the remainder.
18 months later the car is written off.
The insurance company settles @ £12700 leaving a balance outstanding to the finance company of £13831.
The GAP Insurance will settle the £1131 shortfall between the insurance company payout and the mount due to the finance/lease company.
For quotes or for further information regarding GAP Insurance call 01924457228 or email mark@thornesvehiclesolutions.co.uk