Guaranteed Asset Protection (GAP)
What is GAP - Loan Enquiry Insurance
The Gap policy covers some of the difference (the gap) between a total loss payout on your vehicle by your comprehensive insurer and the balance owing under your credit contract. This is called a loan equity shortfall. GAP can only be purchased in conjunction with a finance contract, and in the event of a total loss that the finance contract must still be active. The vehicle must be comprehensively insured
- The contract is for a maximum of 60 months or the length of the original credit contact.
- Can only be taken out at the time of vehicle sale.
- Additional benefits only apply to Options 1, 2 and 3.
Additional Benefits Include:
- Comprehensive Motor Vehicle insurance premium in relation to the replacement vehicle.
- Any Excess in relation to the total loss vehicle.
- On Road Costs comprising of dealer delivery and registration related to the purchase of the replacement vehicle.
- Deposit for a replacement vehicle up to $1000.
- Reimbursement for out of pocket expenses up to $200.
- Any amount relating to a prior debt included in the credit contract.
- Reimbursement for the cost of hiring a rental vehicle for a maximum of 5 days.