If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance payouts may not be enough to repay what you still owe and replace your vehicle with another vehicle of equivalent value. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.
Financial peace of mind in case your car is written off or stolen.
If you become one of the unfortunate motorists to have their vehicle stolen where the vehicle is not recovered or becomes involved in an accident where the vehicle is beyond economical repair, then you could find yourself in a dilemma.
- Accidental damage
A standard GAP insurance policy is sold for two hundred and ninety-five euro, for a three-year insurance policy, included in the price of this policy is insurer costs of seventy-seven euro, a government tax of fifteen euro, administrative fees of fifty euro, Dealer commission of one hundred euro and RCI Bank and Services income of fifty-three euro. The price of the GAP product and the associated costs will increase due to increasing levels of cover.
The administration fee noted above includes (but not limited too) the following areas of cost: Customer Service, Account management, Website Maintenance, Training Costs, Distribution Costs, Product Information Documents, Qualifications Cost, legal Costs & Documentation Fees.