What is Gap Insurance?
An average of 384,000 cars are written off by insurers each year. Over 1 billion of written off cars were claimed last year alone (2016).
That’s one every 90 seconds. If your car is ‘written off’, DriveAway GAP insurance can cover your outstanding finance payments, the value of your car when you
bought it or it can even be used to get back on the road with a car of the same spec as your insured vehicle when you bought it.
Motor insurance only covers your vehicle to its market value at the point it is declared a ‘total loss’. This can be substantially less
than outstanding finance commitments, the price you paid for your car and the cost of getting back on the road in a car with
a similar specification.
Driveaway Gap can protect your investment and pay the difference from your motor insurance pay-out and the amount
you originally paid for the vehicle or the amount you need to clear your finance contract, depending on the cover you require.
Once registered for the complementary Gap cover you can talk with our support team to choose the best level of protection for you .
Invoice Example
Vehicle cost:
£20,000
Car insurance pays:
£13,000
Gap pays:
£7,000
With Gap Insurance you get back the full £20,000 purchase price of the vehicle!
Finance Example
Finance owing:
£20,000
Motor insurance pays:
£14,000
Gap pays:
£6,000
You have a shortfall of £6,000 which is paid by the Gap Insurance. This means your car finance agreement is cleared in full.