Understandably, the last thing you wish to think about when your glorious new car arrives is the possibility of it being severely damaged. The question of what to do if your vehicle suffers serious damage whilst still nearly new, however, is one that cannot be ignored.
Generally speaking, car insurance policies have a limit on how much you can be reimbursed if your car is written off or sustains lasting damage from an accident; furthermore, this limit tends to be less than its total value.
GAP insurance is a supplementary policy that runs alongside your existing car insurance. Effectively, it covers the difference between the total value of your asset (the car) and the amount covered by conventional insurance.
What does Combined GAP Insurance cover?
Combined GAP Insurance is both Finance and Total Loss GAP cover, as a combined product the policy works as follows: -
In the event that your vehicle is deemed a total loss during the period of insurance, this policy will pay the greater of the following, either:
At Johnsons Cars, we recommend that all new car buyers invest in a GAP policy, so that the already unsettling experience of a major accident is not made worse by a large financial loss. The salespeople at your nearest Johnsons dealership will be glad to tell you more about the GAP insurance policies we provide.
If within the first 3 years of ownership of your vehicle, your Motor Insurance provides you with a brand new replacement vehicle or replacement vehicle this may affect your ability to claim under the policy.
For details and a full list of all Conditions, Exclusions and Definitions, please refer to the Combined GAP policy terms and conditions.