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?
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.
Yes, The original purchase price of the car is the maximum amount GAP will pay.
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.
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.
Unfortunately not, the insurance only covers the person or company who paid for the insurance whilst the car is under their ownership.
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 and may receive differing levels of commission from each of them for the introduction. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.