Guaranteed Asset Protection

If your vehicle is written-off or stolen (ie a total loss) your insurance settlement may be less than what you’re expecting. This can happen if you still have money owing on finance or, if you paid cash, there is a shortfall or gap between what you paid for your vehicle, and the insurance settlement you are paid.

This is where GAP insurance fits your needs, with 3 choices of protection:

• Financial Shortfall Cover: Covers the difference between the amount paid for the Total Loss of your vehicle and the
• Financial Shortfall Cover Plus: Covers the difference between the amount paid for the Total Loss of your vehicle and the outstanding balance of your credit contract up to the maximum claim limit, plus the option to convert to Purchase Price Cover if the credit contract is repaid early.
• Purchase Price Cover: Covers the difference between the amount paid for the Total Loss of your vehicle and the amount originally paid for the vehicle (provided it is less than 12 years old and traveled no more than 150,000kms when purchased), up to the maximum claim limit. (Max. term 36 months).

Additional benefits of GAP insurance include:

• Contribution towards the deposit on the replacement vehicle,
• On road costs; including delivery and registration of replacement vehicle,
• The excess payable on your Comprehensive Motor Vehicle Insurance,
• The first year’s Comprehensive Motor Insurance premium on the replacement vehicle,
• The cost of hiring a rental vehicle

*Disclaimer: This is an example of items covered, not a complete and exhaustive list. Click here for full terms and conditions.