Value GAP (Guaranteed Asset Protection)
Why do I need Value GAP Insurance?
It is a sad fact that vehicle related crime represents a significant percentage of all reported crime in the UK. How often have You heard of people who have had their vehicle stolen or written off and have not been able to replace their vehicle with another of a similar value?
This is because at the time of loss You will only be entitled to receive the current Market Value of Your Vehicle from Your insurance company, not what You paid for it.
How Value GAP Insurance cover helps You.
In the event of Your Vehicle being written off through accidental damage, fire or theft, Value GAP Insurance will cover the difference between the Market Value at the Point of Total Loss and the Market Value at the time of purchase for the term of Your Insurance.
“We pay for what Your insurance company does not.”
Value GAP Insurance is Our commitment to helping You retain financial security and peace of mind when You need it most. You could receive up to the original Purchase Price.
The Cover
To take advantage of the benefits of Value GAP Insurance Your Vehicle must be;
- insured by a Motor Insurance Policy issued by an authorised UK motor insurer, which insures against accidental damage, fire and theft.
- listed in Glass’s Guide.
Please refer to Your Insurance document for full Terms and Conditions.
Important notes
- You must have bona fide motor insurance on Your Vehicle, issued by an authorised UK insurer, which gives You cover against accidental damage, fire and theft.
- If You only have third party, fire and theft insurance Your claim will be restricted to a Total Loss resulting from fire or theft.
- For this Insurance to become effective, Your Motor Insurer must declare Your Vehicle a Total Loss, make a payment to You in settlement of Your claim, and declare Your Vehicle ‘beyond economic repair’.
- If You make a claim on this Insurance You must do so within 30 days of the accidental damage, fire or theft occurring.
- You are advised not to accept any settlement offer made by Your Motor Insurer without Our prior agreement.
- Where the Insurance Holder or driver is under the age of 25 at the Point of Total Loss, the claim will be subject to a £250 excess.
- You cannot claim on this Insurance if the driver of Your Vehicle was affected by drugs or alcohol when the accident happened.
- To qualify for cover, Your Vehicle must be shown in Glass’s Guide. Not all vehicles or their uses are covered. Details can be found in the General Conditions section of this Insurance.
- Certain exclusions apply to Your Insurance. Full details can be found in the ‘what is not covered’ section of this Insurance.
- You cannot claim under this Insurance if You have the option to receive a replacement vehicle under the terms of Your Motor Insurance Policy in respect of the Total Loss of Your Vehicle. (The balance of any cover hereunder will be transferred to the replacement vehicle on request).
- If You have elected to pay Your premium on a credit funding agreement You must be over 18 years of age at the time of Your Application. Failure to pay any premium instalment will result in the immediate suspension of cover and may result in cancellation. In the event of a claim, We will offset any outstanding premium against Your claim settlement.
Features and benefits
- Cover available for up to 3 years.
- Can pay out up to the original Purchase Price of the Vehicle.
- Allows You to replace Your Vehicle with one of similar value.
- Pays the difference between the Market Value at the Point of Total Loss and the Market Value at the time of purchase for the term of Your Insurance.
