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Guaranteed Asset Protection Insurance (GAP) What Is GAP?
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.
- 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 contact.
- Can only be taken out at the time of vehicle sale.
Additional Benefits Include:
-
Option Max Benefit Additional
Benefits
1
$40,000
$6,000
2
$30,000
$5,500
3
$20,000
$5,000
4
$15,000
$4,500
5
$10,000
$3,500
6
$5,000
$1,500
Comprehensive Motor Vehicle insurance premium in relation to the replacement vehicle
- Unpaid comprehensive insurance deducted from the total loss settlement up to $1,000
- Total loss excess deduction 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.
Example of a GAP Claim
You have an accident in your vehicle. Your comprehensive insurer deems it to be a total loss and pays the market value amount to your financier, leaving a $5,000 outstanding balance on your loan that you are liable for (and which must be paid immediately). If you have GAP, it would pay the $5,000 less the comprehensive insurance premium and the original GAP premium, plus any appropriate additional benefits - potentially saving you thousands*.
Purchasing a replacement vehicle can also be an expensive exercise which is where the additional benefits can really help out.
*This is an example only. There may be other deductions depending on the status of your credit contract.
This is only a summary of cover; please see the policy booklet for full terms, conditions and benefits.
What Is GAP?
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.
- 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 contact.
- Can only be taken out at the time of vehicle sale.
Additional Benefits Include:
-
Comprehensive Motor Vehicle insurance premium in relation to the replacement vehicleOption Max Benefit Additional
Benefits1 $40,000 $6,000 2 $30,000 $5,500 3 $20,000 $5,000 4 $15,000 $4,500 5 $10,000 $3,500 6 $5,000 $1,500 - Unpaid comprehensive insurance deducted from the total loss settlement up to $1,000
- Total loss excess deduction 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.
Example of a GAP Claim
You have an accident in your vehicle. Your comprehensive insurer deems it to be a total loss and pays the market value amount to your financier, leaving a $5,000 outstanding balance on your loan that you are liable for (and which must be paid immediately). If you have GAP, it would pay the $5,000 less the comprehensive insurance premium and the original GAP premium, plus any appropriate additional benefits - potentially saving you thousands*.
Purchasing a replacement vehicle can also be an expensive exercise which is where the additional benefits can really help out.
*This is an example only. There may be other deductions depending on the status of your credit contract.
This is only a summary of cover; please see the policy booklet for full terms, conditions and benefits.
