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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:

  • OptionMax BenefitAdditional
    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.