If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance payout may not be enough to repay what you still owe and replace your vehicle with one of equivalent value. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.
On average, new cars lose approximately 60% of their value after just three years. It’s this depreciation that makes it unlikely that a payout from your insurer will be as much as you paid for the car.
And, if you have a finance deal on your car, you risk having to repay more than the amount the car has been valued at by your insurer if:
Without GAP Insurance, you might not be able to afford to replace your car. What’s more, you could still owe money for a car that you no longer have.
Nissan Finance offers two types of GAP insurance: Combined GAP Insurance, and Vehicle Replacement GAP Insurance. As always, terms and conditions apply, but the main product features are outlined below:
|Combined GAP Insurance||Vehicle Replacement GAP Insurance|
|Product||Combined GAP Insurance has been designed to cover the ‘gap’ between the greater of the motor insurance settlement or the market value of the insured vehicle and either the amount you paid for the vehicle, or the finance early settlement balance payable to the finance company if the insured vehicle is declared a total loss within the period of cover.||Vehicle Replacement GAP Insurance has been designed to cover the ‘gap’ between the greater of the motor insurance settlement or the market value of the insured vehicle and the replacement vehicle price if the insured vehicle is declared a total loss within the period of cover.|
Significant Features & Benefits
There is no Maximum Vehicle Age
Dealer Fitted Accessories are covered
Maximum Vehicle Mileage
Maximum Vehicle Age at start of
Covers up to £250 vehicle insurance excess
Available for purchase up to 105 days after vehicle invoice date
Available for vehicles with a maximum net invoice value of up to £85,000
Maximum claim limit: £15,000
Vehicle must be insured under a comprehensive motor insurance policy
Provides cover for vehicles that have been written off or stolen
Transferable (subject to Ts & Cs)
Additional Drivers Covered (subject to Ts & Cs)
COMBINED GAP GAP
Discover full details about Combined GAP Insurance, or request a call from one of the team
Vehicle Replacement GAP
Discover full details about Vehicle Replacement GAP Insurance, or request a call from one of the team