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Guaranteed Asset Protection (GAP) Insurance can be taken out on new or used vehicles to protect you financially in the event of a total loss claim.

If the worst happens and your car is written off, most motor insurers will only pay out the current market value of the car, not the original price you paid for it. This means you may not receive enough to replace your car, or even pay off any outstanding finance.

With GAP Insurance, you can make sure that you're covered for the whole cost of your car.

GAP Insurance is an entirely optional form of insurance and may not be suitable for everyone, but some people will have a greater need for it than others. If you have sufficient funds at your disposal to afford the combined cost of clearing any outstanding finance and replacing your vehicle if it's written off, then GAP Insurance is probably not for you. However, if that's not the case or you'd simply prefer to protect your finances from that kind of loss, then GAP Insurance could be for you. Take a look at our Why GAP Insurance? section for further information.

For example, GAP Insurance can help with:-

• Vehicle depreciation. Taking out Gap Insurance is important because your motor insurer will value your vehicle in line with depreciation. If you were to suffer a total loss, the value of your vehicle may have dramatically reduced since you purchased it - up to 77% of the value of a new vehicle can vanish over a 3 year period - meaning your motor insurance claim settlement could leave you with a significant cash shortfall, leaving you unable to replace the vehicle on a new-for-old basis.
   
• When you owe a balloon payment. Some finance deals require a large lump sum to be paid to the hire company at the end of the agreement, known as a "balloon payment". GAP Insurance can help you cover this so you avoid financial difficulty.

Complete peace of mind

Most of us have either had a vehicle written-off ourselves, or know someone who has. Each year, UK insurers declare more than 450,000 vehicles as written-off for various reasons e.g. accident damage, fire, stolen vehicles not recovered, vandalism etc. and pay the insurer the market value of the vehicle at the time of write-off, which can be a lot less than you need to get back on the road in a similar vehicle. GAP Insurance pays the difference between the market value settlement and the amount required to purchase a similar vehicle, giving you complete peace of mind.

View Policy Wording and IPID (Insurance Product Information Document) for GAP Plus Insurance below

Asset Secure - GAP Plus - IPID

Asset Secure - GAP Plus - Schedule of Insurance - PASSENGER CAR