GAP – Guaranteed Asset Protection Insurance

Autosure Guaranteed Asset Protection Insurance (GAP) policy covers some of the difference between a total loss payout on your vehicle by your comprehensive insurer and the balance owing under your credit contract. This is called a loan equity shortfall.

Finance

GAP can only be purchased in conjunction with a credit contract.

Insurance

The vehicle must be comprehensively insured.

Timeframe

The contract is for a maximum of 84 months.

Redeemable Period

Can only be taken out at the time of vehicle sale.

Example of a GAP Claim

You have an accident in your vehicle, and the comprehensive insurer deems the vehicle to be a total loss. The insurer pays out to the financier, leaving a $5000 outstanding balance on your credit contract that you are liable for and which must be paid immediately. If you had GAP Cover, it would provide a payment of the outstanding amount, less the comprehensive insurance premium and the original GAP Cover premium, saving you potentially thousands.*

Purchasing a replacement vehicle can also be an expensive exercise, which is where the additional benefits really stand out.

*Example only. There may be other deductions depending on the status of your credit contract.

Benefits

Autosure Guaranteed Asset Protection Insurance (GAP) protects you against losses that may occur when your vehicle is declared a total loss and the total loss settlement amount paid by your vehicle insurer is less than the outstanding amount you owe to your financier for your vehicle loan.

Note that GAP can only be taken out at the time of the vehicle sale and can only be purchased in conjunction with a credit contract.

Additional Benefits:

Out-of-pocket expenses up to $300
Hire vehicle costs up to $150 per day for a maximum of 5 days
Negative equity amount advanced under your loan up to $1,000
Replacement vehicle’s on-road costs, delivery charges, registration costs, and purchase deposit up to $2,000
Replacement vehicle’s first year comprehensive motor vehicle insurance premium
Total loss claim excess under your comprehensive motor vehicle insurance
Unpaid comprehensive motor vehicle insurance premium that your vehicle insurer deducts from the total loss settlement, up to $1,000

Additional benefits are subject to the terms shown in your policy schedule.

Discover More

If you are interested in finding out more about GAP and how it can apply to your vehicle purchase, please contact our Business Manager on 03 377 7144 or via our contact form.

Information you may need to know:

GAP Insurance is underwritten by Autosure Insurance Limited. GAP can only be taken out at the time of the vehicle sale and can only be purchased in conjunction with a credit contract. Maximum loan amount $100,000. Maximum loan term 84 months. Terms, conditions, and exclusions apply. View the complete policy document or get in touch with our team for further information.

GAP – Guaranteed Asset Protection Insurance

Finance

Insurance

Timeframe

Redeemable Period

Example of a GAP Claim

Discover More

Information you may need to know:

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