Mind the Gap
Gap Insurance protects the borrower by paying the shortfall to the financier, in the event that the borrower has a total loss due to:
Your car has been written off, either stolen or damaged beyond repair. Your comprehensive insurer pays the market or agreed value, but another $4,200 “gap” is needed to pay out your loan.
GAP insurance could save you from a huge financial burden. Cover is provided for ‘the gap’ up to $10,000. It also provides the option of extra cover for any additional costs due to the inconvenience of the total loss, such as registration and insurance costs for the replacement vehicle.
Why does the ‘GAP’ occur?
Several factors are involved:
Please contact us for all your financing needs. Your approval is our priority!