Guaranteed Asset Protection (GAP)

Buying a car is one of the largest purchases you may make during your lifetime, yet it is also one of the most vulnerable of all your investments. Car crime, insurance write-offs and depreciation are all hazards of modern motoring. Your insurance company may be able to cover most of the damage, but who will pay for your outstanding finance payments? Who will pay for the difference between your insurance company’s pay out and the original price you paid for your vehicle?

What is Guaranteed Asset Protection (Combined GAP) Insurance?

Santander Combined Financial & Return to Invoice GAP Insurance (referred to as Combined GAP in this document) pays the difference between the vehicle’s market value at time of loss and the amount you initially paid for the vehicle (the invoice amount), which could cover any outstanding finance you have left to pay. The Return to Invoice element of the cover is provided for up to 4 years and the Finance element for 5 years.

A total loss need not be a total disaster. If your car is stolen or written-off, Combined GAP will pay the greater of either the amount by which the purchase price exceeds the insured value, to you or the amount (if any) by which the settlement figure exceeds the insured value, to the finance company.

Is there a maximum amount Combined GAP will pay?

Yes, The original purchase price of the car is the maximum amount GAP will pay.

Can you give an example of how Combined GAP Insurance works?

If you purchase a vehicle outright and paid £15,000 and the vehicle was later written off with a settlement figure of £12,750 from your motor insurers the policy would reimburse the shortfall amount of up to £2,250 to allow you to replace the vehicle with the same specification as the original.

If you purchase a vehicle on finance and paid £15,000 and the vehicle was later written off with a settlement figure of £8,750 from your motor insurers, and the outstanding finance payment was £11,000, the policy would pay the shortfall amount of up to £2,250 directly to the Lease or Finance Company so that the agreement can be closed.

Subject to Terms and Conditions.

How long will Combined GAP cover last?

The Return to Invoice Benefit is available for up to either 25 months, 37 months or 49 months (depending on policy) and the Financial Shortfall benefit for up to of 60 months from the policy start date; subject to the duration of your agreement (if any).
Combined GAP insurance cover will cease upon you selling the vehicle or will cease earlier upon the occurrence of any of the following events: a paid claim or the repossession of the insured vehicle if subject to a credit agreement.

Can it be transferred if I sell the vehicle?

Unfortunately not, the insurance only covers the person or company who paid for the insurance whilst the car is under their ownership.


You can apply if you are a UK resident aged 18 or over. You must have comprehensive motor insurance in place. Policyholders or individuals who are named on the motor insurance policy for the insured vehicle. You must purchase the policy from your dealership no later than 30 days after the date of vehicle purchase. Only one vehicle can be insured under a single policy. This must be the sole vehicle listed in the related finance agreement (if applicable).


Benefit is conditional upon you receiving a total loss payment under the comprehensive motor insurance. If the insured vehicle was a new vehicle at the date of purchase and you are entitled to a replacement vehicle on a new for old basis under the terms of the comprehensive motor insurance, no benefit is payable under this plan. In this event you will be entitled to a new policy on your replacement vehicle subject to the same terms and conditions. If you receive payment under your comprehensive motor insurance, that is less than the market value because you have insured your vehicle for a fixed sum (commonly known as an agreed value policy), then we will settle your claim based on the market value. Reduced total loss payments: If the motor insurer reduces the total loss payment for any reason, for example in relation to any damage not associated with the incident giving rise to the claim, we will settle your claim based on the market value and not the settlement amount offered by the comprehensive motor insurer. The market value is determined in accordance with published industry data at the date of the incident giving rise to you claim, of a vehicle which is the equivalent age, make, recorded mileage and model as the insured vehicle. If you are covered by any other insurance or warranty for the same or similar benefit(s) provided under this policy then we will only be responsible for paying a fair proportion of any benefit which we would otherwise be due to pay. If we pay financial shortfall benefit, we will not be liable for return to invoice benefit and vice versa.

Significant Exclusions

The insured vehicle is not covered by comprehensive motor insurance. The insured vehicle is not a total loss or the comprehensive motor insurance provider has declined your motor insurance claim. The comprehensive motor insurance provider offers to repair the insured vehicle and you request for the claim to be dealt with on a total loss basis. Any vehicle which has been modified other than in accordance with the manufacturer’s specifications. For example engine enhancements or lowering of the suspension. Any American make of vehicle unless: It was manufactured as a right hand drive; and purchased from an authorised UK distributor and not imported directly. Grey imports. This is a vehicle imported into any EU Member State from a non-EU country that does not comply with European Community Whole Vehicle Type Approval (ECWVTA). Vehicles used for road racing, track days (timed or untimed), rallying, pace-making, speed testing or any other competitive event, hire and reward, such as private hire, daily rental, breakdown and recovery, driving school tuition and chauffeuring. Emergency vehicles, taxis, courier vehicles, busses (not including minibuses), coaches, trucks, motor homes, trailers, heavy goods vehicles, breakdown and recovery vehicles.

Sparshatts Group Limited is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender.

We can introduce you to a limited number of finance providers. We do not charge fees for our Consumer Credit services. We typically receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered.

Finance available from 8.9% APR. Representative 10.9% APR.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.

Sparshatts Group Limited VAT Number: 327 7738 68