GAP Insurance

GAP Insurance


GAP insurance is a protection product that we would like to ensure all of our customer are aware of, GAP stands for gauranteed asset protection. If your vehicle is written off or stolen, there is a risk that the settlement you get from your insurance company may not cover the outstanding finance owed on the vehicle. This is because vehicles lose value at a quicker rate in the first year and then at a slower rate as they get older.

We work in partnership with Premia Solutions Limited, who are an FCA authorised insurance broker operating in the motor insustry to offer you two types of GAP insurance product that will limit your risk if the worst was to happen. Gateway2Lease will only introduce you to Premia Solutions if we have your consent and at this stage Premia Solutions will assist you directly in conjunction with the leasing process.

Please read below to learn more about the products available.

Finance GAP pays the difference between the market value and the outstanding finance on your vehicle up to a maximum of £10,000 or £15,000 (subject to eligibility). It will also cover up to £250 of your motor insurance excess in the event of a fault claim.

Cover is valid for up to 5 years in line with the finance agreement.
  • Road Fund Licence, negative equity, warranties or any other insurances.
  • A vehicle not covered by a fully comprehensive Road Risk Motor Policy.
  • Use of vehicle for pacemaking, racing, rallying, speed testing or reliability trials, hiring (including private hire and taxis).
  • If the Insured Vehicle has been modified in any way from the manufacturer’s specification.
  • Vehicles with an invoice price of over £125,000.
  • Vehicles used for hire and reward.
  • Vehicles up to £125,000 invoice price.
  • Available on ALL finance agreements (excludes cash purchases).
  • Cars and commercial vehicles up to 3.5cwt.
Return to invoice insurance will pay up to £20,000 (subject to eligibility) between the market value the vehicle and the original invoice price. If the amount required to settle the outstanding finance is greater than the original income price. RTI GAP will cover the higher figure, allowing you to end the finance agreement. In addition, it will also cover up to £250 of your motor insurance excess in the event of a fault claim.

Cover is valid for up to 3 years and is only available on PCP (Drivewise), Hire Purchase and Business Contract Purchase products.
  • Road Fund Licence, negative equity, warranties or any other insurances.
  • A vehicle is not covered by a fully comprehensive Road Risk Motor Policy.
  • Use of vehicle for pacemaking, racing, rallying, speed testing or reliability trials, hiring (including private hire and taxis).
  • If the Insured Vehicle has been modified in any way from the manufacturer’s specification.
  • Vehicles with an invoice price of over £125,000.
  • Vehicles used for hire and reward.
  • Vehicles up to £125,000 invoice price.
  • Available on ALL finance agreements (excludes cash purchases).
  • Cars and commercial vehicles up to 3.5cwt.
Please note that the above information is only a brief summary and should not be used in substitute for your policy document, a sample version is available on request and details the policy terms and conditions in full.

Still unsure about GAP Insurance and want further information? Visit the Money Advice Service website.

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