YourCarChoice has an established reputation for exceeding clients expectations and delivering in circumstances when other companies could not.
Taking care of customers is our number one priority at Your Car Choice, and GAP Insurance ensures that they are protected in the event of an insurance write off forms part of that commitment.
GAP Insurance is not compulsory when taking out a lease contract or finance agreement, however it can provide piece of mind to know that you are protected from any financial exposure in the event of an insurance write off.
There are two types of GAP insurance. Please see our guide below which explains how each of them work, and which product is right for you.
Also known as: “Back to Invoice GAP”, “VRI GAP” or “BTI GAP”.
In the event of an insurance write-off, the motor insurance company is only obliged to pay the ‘fair market value’ for the vehicle. RTI GAP Insurance pays the financial shortfall between the insured value and the greater of either the original purchase price of the vehicle or the outstanding settlement value on your finance agreement (subject to conditions).
Return to Invoice GAP is suitable for the following contract types:
Business Contract Purchase
Personal Contract Purchase (PCP)
Also known as: ‘Finance GAP’.
In the event of an insurance write-off, the motor insurance company is only obliged to pay the ‘fair market value’ for the vehicle. This may or may not be sufficient to cover the amount required to settle off the Contract Hire Agreement. Contract Hire GAP Insurance covers this potential shortfall (subject to conditions).
Contract Hire GAP is suitable for the following contract types:
Business Contract Hire (BCH)
Personal Contract Hire (PCH)
Finance Lease (FL)
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