Finance Gap Cover

GAP Cover is an insurance product which provides protection against a potential financial shortfall, where your financed vehicle is subject to an insurance claim and deemed a total loss.

How it Works...

Let's say you bought a new car and financed it.

Should your car be stolen or involved in a collision, you will make an insurance claim and your vehicle insurer will assess the claim and the vehicle damage.

If the car is damaged beyond repair, or stolen and not recovered, the insurer will assess the claim as a total loss, they'll pay out on the policy.

If finance is still owing on your car, then the lender will require you to payout the finance contract.

However, the value of insurance payout may not be enough to cover the finance payout value - there will be a shortfall, what is called a 'GAP' - which you are responsible for.

The 'GAP' between insurance payout value and finance payout value could amount to thousands of dollars.

GAP Cover (Guaranteed Asset Protection Insurance) provides protection against that shortfall and will cover the difference between the insurance payout value of your vehicle and the total amount owed to your financier.

Under the GAP Cover policy, there will also be an additional payout to you to cover out-of-pocket costs and expenses that have been incurred.

Benefits:

Payment of a single premium cover you for the life of the loan (until a claim is made).

Different levels of cover available - up to $30,000 shortfall.

Cover for "Extras" - up to $10,000 Additional Benefits
(e.g. loss of personal possessions, "or-road" costs for a replacement vehicle, insurance premium)

GAP cover can provide financial protection and welcome peace of mind about your car finance obligations.

Contact us if you:

• Want GAP Cover protection
• Have questions about coverage options
• Need more information or want a copy of the GAP Cover product disclosure statement (PDS).

Need more information? Contact us and we'll be happy to answer any questions or provide further details.

Call us today on (03) 9005-6633 and experience the difference!