Guaranteed Asset Protection is designed to protect customers against a Financial Shortfall in the event their vehicle is written off or declared a total loss.
Write off or a Total Loss is defined as the vehicle is damaged beyond economical repair as a result of an Accident, Accidental Damage, Fire or Theft.
In the event of a write off your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the write off, not the time of purchase or start of the agreement. GAP Insurance will cover the shortfall.
Following a total loss, Lease GAP will pay the difference between motor insurers settlement figure and the Termination Charge from the finance company if this is higher.
You will be eligible for GAP Insurance if:
Following a total loss Combined Purchase Price Protection will pay the difference between motor insurers settlement figure and the original net invoice price of the vehicle or the outstanding finance if this is still higher than the original net invoice price.
You will be eligible for Purchase Price Protection if:
It does not cover:
Premier Automotive Limited is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority ( their registration number is 313486 ) Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender. We can introduce you to a limited number of finance providers and may receive a commission from them for the introduction. All finance applications are subject to status, terms and conditions apply, UK residents only, 18's or over, Guarantees may be required.