Insurance

Guaranteed Asset Protection (GAP)

How well protected are you against Total Loss of your vehicle?

Do you know how much you would be getting from your motor insurance policy if your vehicle was written off due to an accident, fire or theft?

Even with comprehensive cover, your motor insurance company may only pay out the market value of your vehicle at the time of a write-off.

For example, if your vehicle cost you £10,000, its market value may only be £6,000 after 2 years, and this is what you will receive from your motor insurance company (minus any applicable excess). This means you will have lost £4,000.

OMC Motor Group and Ford Insure have a portfolio of Guaranteed Asset Protection (GAP) products that can insure you against Total Loss of your vehicle. The following details the products available.

Ford Insure Invoice GAP

This will cover you for the difference between your motor insurance company’s settlement and the original net invoice price of the vehicle. This is known as invoice GAP. Before accepting your motor insurer’s settlement you must first contact the GAP policy administrator as on your policy.

Ford Insure Combined GAP

Our Ford Insure Combined GAP product offers the same benefits as the Ford Insure Invoice GAP. The Ford Insure Combined GAP includes the Finance Gap element which pays the difference between your motor insurance company’s settlement and the outstanding finance balance due to your finance company.

Rather than have a finance GAP product as a stand alone cover, we at OMC offer this as a combined product, in effect having the Invoice GAP and Finance GAP in one policy.

This policy will either pay your Finance Company the difference between your motor insurance settlement figure and the outstanding early settlement balance due to your finance company, or pay you the difference between the net invoice price of your insured vehicle at the start date and your motor insurance company’s settlement figure. Your claim will be settled on which ever is the greater amount.

Before accepting your motor insurer’s settlement, you must first contact the GAP policy administrator as on your policy.

So in the event of your vehicle being written off during the period of combined cover, the policy will payout whichever of the two is the greater. The policy cover is available for up to 36 months, after which you are only covered for the finance element, up to a maximum of five years from the date you take delivery of the vehicle.

Q: My motor Insurance already covers me “New-for-Old” for the first year?

A: We offer on both our Ford Insure invoice GAP and Ford Insure Combined GAP a deferred period which excludes cover for the first year, so you don’t have to pay for insurance you don’t need. The cover starts 12 months after the date you take delivery of the vehicle and then covers you for 24 or 36 months for invoice GAP and also covers you for Finance GAP for 48 months.

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