Gap Cover or sometimes called Loan Equity Insurance is designed to cover any difference that may occur between the Total Loss Settlement paid by the Vehicle Insurer and the Remaining Balance Due under the credit contract. This is called a loan equity shortfall.
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.
In addition we may pay additional benefits to the client, which will help cover associated incidental costs.
Expenses up to $200
Hire Vehicle up to $300
Replacement Vehicle Expenses, Delivery Costs
Comprehensive Motor Vehicle Insurance Premium up to $1000
Total Loss Excess up to $1000
Maximum Term 60 Months & Maximum Loan Amount $50,000
This is only a summary of cover; please see policy booklet for full terms, conditions and benefits.