If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance payouts may not be enough to repay what you still owe and replace your vehicle with another vehicle of equivalent value. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.
Financial peace of mind in case your car is written off or stolen.
If you become one of the unfortunate motorists to have their vehicle stolen where the vehicle is not recovered or becomes involved in an accident where the vehicle is beyond economical repair, then you could find yourself in a dilemma.
GAP Insurance protects you in the event of a total loss due to:
|Without Gap Insurance||With Gap Insurance|
|Invoice price of new vehicle||€20,000||€20,000|
|Motor Insurance Pay Out||€15,000||€15,000|
A standard GAP insurance policy is sold for two hundred and ninety-five euro, for a three-year insurance policy, included in the price of this policy is insurer costs of seventy-seven euro, a government tax of fifteen euro, administrative fees of fifty euro, Dealer commission of one hundred euro and RCI Bank and Services income of fifty-three euro. The price of the GAP product and the associated costs will increase due to increasing levels of cover.
The administration fee noted above includes (but not limited too) the following areas of cost: Customer Service, Account management, Website Maintenance, Training Costs, Distribution Costs, Product Information Documents, Qualifications Cost, legal Costs & Documentation Fees.
This insurance product will complement your motor insurance by covering the gap between the value of your car and the payout made by your insurer.
GAP Insurance Return to Invoice (RTI) : bridges the financial gap between the total loss payment that you receive from your motor insurers and the amount you originally paid for your vehicle. Return to Invoice Insurance covers your Motor Insurer pays out and the Net Invoice Price you paid for your vehicle, up to the maximum shown on your policy schedule.