Purchase your next car with complete knowledge and confidence that you will be able to pay off your loan in the event that the vehicle is written-off.
When you purchase a car under finance, you are required by the financier to purchase Comprehensive Car Insurance. In the event that your car is written-off, you may be eligible to make an insurance claim. Gap Cover can help in this situation if the payout from your insurance policy is less than the total amount due in repayments of your car loan. This is likely to occur if your insurance policy pays out at the current market value of your vehicle.
In addition Gap Cover could pay any extras on your behalf, up to the policy limit, to assist in purchasing a replacement vehicle.
The extras defined in the Gap Cover could also pay the following:
- On-road costs such as stamp duty, transfer and registration fees
- The comprehensive insurance premium paid for your replacement vehicle
- The motor vehicle insurance excess paid by you in relation to your total loss vehicle
- Private expenses up to $500
What does GAP mean?
GAP stands for Guaranteed Asset Protection Insurance and covers the difference that may occur between your policy and loan in the event of a write-off. This means that when the unexpected happens, your assets have guaranteed protection.
Can I apply for Gap Cover?
In order to apply for Gap Cover you will need a loan contract on your vehicle and a comprehensive insurance policy. Speak with one of our experienced consultants today to discuss how Car Gap Insurance can help to protect you in the event of a write-off. You may find it most convenient to purchase Gap Cover when you purchase your insurance and take out a loan.
You can call us from anywhere in Australia such as Perth, Melbourne, Sydney or Brisbane and we could organise Car Gap Insurance for you. Save yourself the hassle and let our experienced team get you the insurance your vehicle needs.
Get in touch with one of our experienced consultants on 1300 883 983 for easy to get gap cover that works for you.