|
IN SUMMARY
This policy is designed for owners who have taken finance on
their vehicle. The amount paid in a claim is the
difference between the Motor Insurance Payout and the final
outstanding value of any finance you have on the vehicle.
CAN YOU GIVE ME AN EXAMPLE OF HOW GAP WORKS
If you paid £10,000 for your car, and your Motor
Insurance payout is £6,000 and your outstanding Finance payment
is £9,500, GAP Insurance will payout £3,500, Its that simple.
WHAT IS COVERED
If within the Period of Insurance, and incident
occurs which results in the insured vehicle being classed as a
Total Loss by the Motor Insurance Policy underwriter, we will
pay the financial shortfall between the amount you receive from
the motor Insurance policy and the amount of any outstanding
Finance on the Vehicle, up to the sum insured in the
event of your vehicle being a total loss following an incident
during the period of insurance occurring whilst your vehicle in
in Geographical limits.
|
