AutoProtect Finance Guaranteed Asset Protection (GAP)
AutoProtect offers a wide range of award-winning asset protection products. As with all AutoProtect products, Finance Guaranteed Asset Protection can be customised to your business needs and designed to suit your customer’s requirements.
Your customer’s car is declared a write-off due to an accident, fire or theft?
Now imagine them discovering that the insurance company pay-out will not match the outstanding finance amount (i.e. the settlement figure).
This is a scenario faced by many motorists today. Even if they are not liable, they are almost certain to find a shortfall between the amount they receive from their motor insurance provider and the outstanding finance. And this shortfall could be a significant sum depending on the rate of depreciation of the vehicle.
Who will protect them against this financial loss?
For peace of mind and for the protection your customer’s vehicle needs, consider the cover Finance GAP can offer.
How GAP works
Let’s say your customer paid £18,500 for their car and their car is unfortunately involved in an accident and their motor insurance providers declare it a total loss. Using current market conditions the motor insurance provider values their car at the time of the accident as £12,000. However, they still owe the Finance Company £15,000. The GAP insurance may payout the £3,000 difference - it’s as simple as that!
- Designed to provide financial protection if they have taken out a finance agreement to fund the purchase of their car.
- Provides financial protection if the customer has used finance to purchase their vehicle
- Finance GAP policy may pay the difference between the amount paid out by the motor insurance provider and any outstanding finance on their car.
- Meets the ABI code of practice.
Alternative products available for:
- Hire and Reward.
- Prestige Vehicles.
AutoProtect provide flexible, adaptable products designed to suit your specific requirements.