GAP Insurance – Claims Examples

Have you just purchased a new car? Have you bought GAP insurance?

In the event of a motor claim, GAP Insurance will pay the shortfall between the insurance settlement and any outstanding finance.

For more information, please visit our dedicated GAP Insurance page.

Claims Examples

The best way to see the benefits of a GAP Insurance policy is by looking at some real life claim examples:

Example 1 – Purchase Price Protection

Vehicle Vauxhall Antara
Date of Purchase October 2013
Purchase Price £11,599
Date of Total Loss May 2016
Total Loss Valuation £8,250
GAP Claim Payment £3,349

 

Example 2 – Finance GAP

Vehicle Volkswagen Crafter
Date of Purchase October 2014
Purchase Price £21,000
Date of Total Loss June 2016
Total Loss Valuation £14,050
Finance Outstanding £16,173.40
GAP Claim Payment £2,123.40

 

Example 3 – Total Loss Top Up

Vehicle BMW 318
Date of Total Loss June 2016
Total Loss Valuation £17,100
25% of Total Loss Valuation £4,275
GAP Claim Payment £4,275

 

Example 4 – Top Up Fleet GAP

Vehicle Vauxhall Vivaro
Date of Purchase September 2014
Date of Total Loss July 2016
Total Loss Valuation £10,500
Finance Outstanding £9,518.19
25% of Total Loss Valuation £2,625
GAP Claim Payment* £2,625

* (pays the greater of the difference between the finance outstanding and the total loss valuation or 25% of the total loss valuation)

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