Finance Gap

This policy is designed for people who have Financed their vehicle on Hire Purchase (HP), Personal Contract Purchase (PCP) or with a Bank Loan.  Finance GAP will pay the shortfall between your motor insurer’s settlement figure in the event of the vehicle being written off, and the amount outstanding on the Finance agreement. You can cover the vehicle for 1, 2, 3, 4 or 5 years depending on the term of the Finance agreement.

Benefits are available from £5,000 to £20,000 depending on the value of your vehicle.

You must purchase Finance GAP within 3 months of the Finance start date.

An example of how Finance GAP works:

• Vehicle Cost: £20,000
• Deposit: £1,000
• 18 months later…. Insurance settlement after write off: £13,000
• Outstanding amount to pay on Finance: £14,500
• Shortfall to pay: £1,500
• Finance Gap will pay: £1,500

Eligibility Criteria:

• The vehicle must be less than 5 years old and registered in the UK.
• The vehicle must be a car or a light van up to 3.5t GVW.
• Insured must hold a current driving licence.
• The vehicle must be covered by a UK comprehensive motor insurance policy.
• Finance Gap is available only if your vehicle is on finance.
• Your vehicle must not be on Contract Hire or Leased.
• Your vehicle must not be manufactured by Aston Martin, Bentley, Ferrari, Lotus, Maserati, Rolls Royce, TVR or any American make of vehicle unless manufactured as a right hand drive and purchased from an authorised UK distributor and not imported directly.
• Your vehicle is not an emergency vehicle, taxi, bus, truck, heavy goods vehicle, motorcycly or invalid carrier.

Price List (Total Premium includes Insurance Premium Tax, and is the total amount you will pay for this 1, 2, 3, 4 or 5 year policy)