Example of a GAP Claim
You have an accident in your vehicle and the comprehensive insurer deems the vehicle to be a total loss. The insurer pays out to the financier, leaving a $5000 outstanding balance on your credit contract that you are liable for and which must be paid immediately. If you had GAP Cover, it would provide a payment of the outstanding amount less the comprehensive insurance premium and the original GAP Cover premium saving you potentially thousands*.
Purchasing a replacement vehicle can also be an expensive exercise which is where the additional benefits under options 1, 2 and 3 really help out.
*Example only. There may be other deductions depending on the status of your credit contract.
If you are interested in finding out more about the GAP – Loan Equity Insurance cover and how it can apply to your vehicle purchase, please contact our Business Manager, Jared Syme, on 03 377 7144 or via our contact form.