If your vehicle is written off or stolen then your motor insurer will normally only pay out the current market value of the vehicle. In most cases this could leave a financial shortfall that your will need to pay,
That’s where Combined GAP insurance may help cover the shortfall.
Products we offer:
This policy combines the benefits of a Return to Invoice GAP and Finance GAP. The policy covers you in the event your vehicle is declared a total loss and this causes a finance loss which is not met by your motor insurance. For a vehicle that is not financed but paid for as a cash transaction it makes up any shortfall between the total loss settlement by your motor insurer (or if greater, the market value) and the price you paid for it (Return to Invoice). For a vehicle that is purchased using a finance agreement it makes up any shortfall between the total loss settlement by your motor insurer (or if greater, the market value) and the greater of the outstanding finance on your vehicle (GAP) or the price you paid for it (Return to Invoice). Subject to the terms and conditions of the policy.
The current market value is defined as either the main motor insurers pay out or the vehicles retail transacted value as listed in Glass's Guide (whichever is greater).
N.M.J. MOTORHOUSE LIMITED is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts.