Guaranteed Asset Protection Insurance
What is GAP?
Guaranteed Asset Protection Insurance (GAP) protects you against losses that may occur when your vehicle is declared a total loss and the total loss settlement amount paid by your vehicle insurer is less than the outstanding amount you owe to your financier for your vehicle loan. Below is a summary, please contact us for a quote or to step you through the Autosure GAP policy book for full terms, exclusions, conditions and benefits.
GAP can only be purchased in conjunction with a credit contract, and in the event of a total loss that credit contract must still be active
The vehicle must be comprehensively insured
The contract is for a maximum of 60 months or the length of the original credit contract
GAP can only be taken out at the time of the vehicle sale.
Additional Benefits include:
Comprehensive Motor Vehicle insurance premium in relation to the replacement vehicle
Unpaid comprehensive insurance premiums deducted from the total loss settlement up to $1,000
Total loss excess deducted under the comprehensive insurance
Replacement vehicle expenses up to $2,000
Reimbursement for out of pocket expenses up to $300
Negative equity arrangement costs up to $1,000
Reimbursement for the cost of hiring a rental vehicle for a maximum of 5 days, up to $150 per day.
What are the cover options?
Option
1
2
3
4
5
6
Additional Benefit
$6,000
$5,500
$5,000
$4,500
$3,500
$1,500
Main Benefit
$40,000
$30,000
$20,000
$15,000
$10,000
$5,000
This is a summary only - please contact us to step you through the Autosure GAP policy book for full terms, exclusions, conditions and benefits.