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Nationwide Vehicle Contracts Ltd is an appointed representative of Lombard Vehicle Management, Network Vehicles, Renault Financial Services.
What is Finance GAP? - If your car is declared a write off by your vehicle insurer in the event of a theft or accident there may be a shortfall between the insurer’s market value and the amount required to settle any finance agreement. This shortfall may be quite significant depending on the outstanding period on the finance agreement and the cars depreciation and you will be responsible for this shortfall. In the event of this occurring, a GAP Insurance policy will bridge the gap between any shortfall and will pay the finance company the outstanding amount.
Who would benefit from a Finance GAP policy? – Any individual or business that is contract hiring, leasing or contract / hire purchasing a vehicle.
Finance GAP Example - A customer leases a Ford Mondeo at an original purchase price of £18475.00. 12 months later the car is involved in an accident and written off. The finance company is owed £13713 for the vehicle but the insurance payout is for only £12462.00. GAP Insurance would pay the £1251.00 shortfall between the payout from the Insurance Company and the amount owed to the finance company in settlement.
How do I calculate my car’s purchase price?
The purchase price is the amount you paid after any discount you received. Road tax and additional warranties are excluded. If you leased your vehicle then your lease provider will be able to provide the correct purchase price.
How long do I have to buy GAP after I bought or leased my car?
Within 90 days of leasing / financing / buying your car.
Is there an age limit on used cars?
All cars must be less than 6 years old at the start of the policy.
What type of vehicles do you insure?
All cars with up to 7 seats with the following exceptions: Aston Martin, Bentley, Bristol, Cosworth, De Tomaso, Dorchester, Ferrari, Ginetta, Lamborghini, Lancia, Rolls Royce & any left hand drive manufactured American vehicle. All light commercial vans up to 3500kg are also insurable for GAP.
Are there any restrictions on the type of finance used?
GAP Insurance is available on all finance products although finance agreements must be no longer than 60 months.
Can I cancel my policy and do I get a refund on the premium paid?
Yes. Provided you cancel within 30 days and no insurance claim has been made. No refunds are available after 30 days.
Who is the Insurance Policy provider?
The policy is underwritten by Euro Insurances.
What is the maximum insured value of the vehicle?
Gap Insurance will cover vehicles up to £75,000 for Finance GAP.
What is the claim limit?
Between £5000 to £10,000 dependant on the level of GAP Cover taken.
How can I pay for a policy?
Customers can pay by credit or debit card, cheque or by 10 monthly interest free direct debit payments.
How can I find out more?
Call our GAP Insurance specialist on 0844 482 9595 for more infomation or if you have any further questions.
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