Guaranteed Asset Protection (GAP) is designed to cover a motorist's financial shortfall in the event of a vehicle being involved in an accident, stolen, destroyed by fire or flood and declared a total loss by your motor insurer. Under these circumstances, your motor insurance will typically pay you the market value at the time of the loss, not what you originally paid for the vehicle.
Premia Solutions offer several GAP products:
This is available for all types of purchase finance. It covers the difference between the amount your motor insurance company pays and the amount required to settle your finance agreement. Cover is typically provided for a maximum finance term of 60 months.
Contract Hire GAP
Similar to Finance GAP, this is for Contract Hire & Leasing customers. It covers the difference between the amount your motor insurance company pays and the amount required to settle your finance agreement and will pay up to 100% of the outstanding monthly rentals. Contract Hire GAP typically provides cover for a maximum finance term of 60 months.
Return to Invoice Insurance
Covering the difference between the amount the motor insurer company pays and the original invoice price of the vehicle, typically including manufacturer and dealer fitted accessories. Return to Invoice insurance is typically combined with Finance GAP.
Vehicle Replacement Insurance
VRI will put you back into a brand new vehicle of the same make and model, even if the new vehicle has increased in cost. In the event that the same make and model is no longer available, we will source an equivalent make and model for you. Vehicle Replacement Insurance is typically combined with Finance GAP.