Gap
Insurance (Guaranteed Asset Protection)
At M&S
Finance, we thoroughly recommend GAP insurance with your finance plan.
If your vehicle is stolen (not recovered), written off through accident
or fire, the GAP insurance can pay the difference between what your
insurance company pay out and your outstanding finance balance.
Remember, your insurance company will generally offer you a total loss
payment based on the market value of your vehicle at that time.
This could be significantly less than the outstanding balance of your
existing finance agreement.
Here is how it works:
Your outstanding finance balance £6,200
Your insurance company's payout £4,100
Difference £2,100
GAP Insurance pays £2,100
You pay £0
Benefits
to you:
-
GAP can pay off your outstanding finance so YOU don't have to
-
GAP can cover the full length of your finance agreement
-
Start a new finance agreement without having to find the shortfall on existing agreement
-
Select a claim limit to suit the amount borrowed
-
Premiums from as little as £199
