GAP Insurance – protecting you from Insurance Claim shortfall on Motor Vehicle finance
Finance GAP is available for a vehicle financed under a Finance Agreement other than Contract Hire. Finance GAP insurance is available to companies and private individuals on vehicles up to eight years of age for a maximum cover period of 5 years, irrespective of when you bought the vehicle – with Finance GAP you pay for the period of cover you require.
If the vehicle is written off during the period of the Finance Agreement, without taking out Finance GAP your client will be liable for any financial shortfall when settling the Finance Agreement if not fully covered by you general motor insurance policy.
Your motor insurance provider will pay out the market value of their car. If the finance settlement from your finance provider is in excess of the insurer’s offer you will become personally liable for the financial shortfall.
GAP – Back to Invoice Insurance – protecting you from Insurance Claim shortfall on Vehicle Purchase cost
Bavenham Return to Invoice Insurance is the premier GAP Insurance product, and is designed to return the original invoice cost to you in the event your vehicle is a total loss.
The benefits of GAP Insurance can be explained as follows:
- You purchase a new car for £25,000
- 12 months later it is stolen and written off
- Your insurers offer you £18,000 in settlement less your excess of £500
- You will need to fund the difference in order to replace the vehicle like for like
- With Bavenham GAP Insurance our insurers will pay them the difference £7,000 plus your excess £500.
- They are now in possession of the full amount their original purchase cost.
Bavenham Extra’s
To see the full terms and conditions please refer to the full policy documents.
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