Guaranteed Asset Protection Insurance
Imagine what would happen if you’re still paying off your car loan and your car gets written off?
It would be a big financial strain to have to pay your old loan as well as trying to finance a new car. So we’ve designed our policy to help protect you financially and get you back on the road again if the worst happens.
What is GAP?
Autosure 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.
GAP can only be taken out at the time of the vehicle sale and can only be purchased in conjunction with a credit contract.
Key Benefits of Autosure Guaranteed Asset Protection Insurance
- Choice of main benefit options
- Range of additional benefits to help with the costs of replacing your car
- Protects your household income for other purposes
Important information
- Prerequisites: The loan and comprehensive insurance for that car must be in place
- Limit: This insurance can only be on one car and cover that car’s loan
- Exclusions: See the policy wording What You Are Not Insured For section
- Cancellations: Cancel within the first 15 days for a refund, if you haven’t claimed. Additionally you can cancel and get a partial refund, if you repay your loan early or no longer need the cover
This is a summary only. See the policy wording for full terms, conditions, exclusions, limits and benefits.
Options
#
Maximum Shortfall
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
$2,000
Maximum loan amount – $200,000. Maximum loan term – 84 months. Policy terms must end before the insured’s 70th birthday.
Additional Benefits
These help to cover your expenses related to your car being written off. Some examples are:
Replacement car costs
- First year comprehensive insurance
- Up to $2,000 replacement car costs
Written off car costs
- Up to $1,000 unpaid comprehensive insurance
- Excess for comprehensive insurance
Example of a GAP Claim
You have an accident in your car. 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.
Why choose Autosure for Guaranteed Asset Protection Insurance?
Autosure has been helping New Zealanders protect their cars and their savings from the cost of unexpected breakdowns for decades. As a leading insurance company in the guaranteed asset protection insurance industry, we strive to bring our customers the best products with the best benefits, so you can have confidence for the road ahead.
“When my car was stolen and written off, the claims team made it so easy to get things sorted for my outstanding car loan and new car. I would definitely recommend them.”
Raven E
FAQs about guaranteed asset protection insurance NZ
GAP Insurance protects you when your car is written off and your comprehensive motor vehicle insurance payout is less than what you owe on your loan.
GAP covers the shortfall, paying the difference directly to your financier so you’re not left out of pocket or forced to buy a cheaper replacement vehicle.
On top of covering the shortfall, Autosure GAP includes a range of additional benefits to help you get back on the road faster. These may include:
- Replacement vehicle costs, such as on‑road costs, delivery, registration and a purchase deposit (up to $2,000)
- First‑year comprehensive insurance for your replacement vehicle
- Reimbursement of unpaid insurance premiums deducted from your settlement (up to $1,000)
- Total loss excess reimbursement
- Hire vehicle costs for up to five days (up to $150 per day)
- Up to $300 for reasonable out‑of‑pocket expenses
- Negative equity coverage up to $1,000
To be eligible for Autosure GAP, you must have:
- A vehicle loan solely for the purpose of purchasing your car
- Comprehensive motor vehicle insurance in place continuously throughout the policy
- Only one insured vehicle per policy
GAP is available for loan amounts up to $100,000 and loan terms up to 84 months.
GAP won’t apply if your car’s stated value in your loan contract is higher than its actual market value, if your comprehensive motor vehicle insurance is not maintained, or if your insurer does not pay the full market value following a total loss.
GAP also does not cover arrears, penalties, interest, or additional loan contract costs beyond what is specified, except where included under additional benefits.
Yes, Autosure offers a 15‑day free‑look period, giving you time to make sure the cover suits your needs.
If you cancel within the first 15 days and haven’t made a claim, you’ll receive a full refund.
After that, you can cancel at any time with 10 days’ written notice, and you’ll receive a pro‑rated refund for the remaining period of insurance.
If your premium was added to your loan, any refund is paid directly to your financier.
Policy Documents
This is our current policy wording – please contact us if you would like a copy of a previous policy document or schedule.
These policies are underwritten by Autosure Insurance Limited. Find out more about Autosure’s financial strength rating.
Autosure Insurance Limited is a member of the Financial Services Federation. Find out about their Responsible Credit-Related Insurance Code.