GAP, or Guaranteed Asset Protection, insurance covers the difference between the amount you paid for your vehicle and the amount of money that your insurance company return to you if your vehicle is written off or stolen, leaving you with no financial shortfall.
Do I need GAP insurance if I finance or lease my new vehicle?
If you choose to fund through a finance, contract hire or lease agreement, in the event the vehicle is written off or stolen, the amount your insurance company return to you may not be sufficient to cover the outstanding finance balance. GAP insurance takes away the worry of owing money to one finance or leasing company whilst potentially having to take out another agreement to be able to have another new vehicle.
My insurance company will give me a brand-new vehicle if mine is written off or stolen so what’s the point in GAP?
Some insurance companies may offer ‘new vehicle replacement’ within the first year. However, if your finance/leasing agreement is 2, 3 or 4 years long, you may still face a financial shortfall in the event your vehicle is written off.
If you have any further questions, our team will be more than happy to help. You can give us a call on 01473 554201.
* All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
T: 01473 554201
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Registered Office : John Grose Group Ltd, Whapload Road, Lowestoft, Suffolk, NR32 1NN
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JGLeasing is a trading name of John Grose Group Ltd. Registered Office: Whapload Road, Lowestoft, Suffolk NR32 1NN Registered number 01491537. Authorised and regulated by the Financial Conduct Authority, reference number 311058. You can check this on the FCA’s website www.FCA.org.uk/register or by contacting the FCA on 0300 5008082. John Grose Group Ltd is a credit broker but not a lender. In the event a financial services complaint cannot be settled between us, you may refer to the Financial Ombudsman Service. This service is free to use. Their contact details are Financial Ombudsman Service, Exchange Tower, London E14 9SR; telephone 0800 0234567 or 0300 1239123; email email@example.com; and their website is www.financial-ombudsman.org.uk. In the event a non-financial services complaint cannot be settled between us, we recommend the National Conciliation Service as an organisation competent to deal with unresolved complaints. Their contact details are National Conciliation Service, 2 Allerton Road, Central Park, Rugby, CV23 0PA; telephone 01788 538317; email firstname.lastname@example.org
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