How Gap Insurance Works?
Getting the Maximum of your car with Gap Insurance
GAP insurance’s main focus is on bridging the payment gap between the original purchase price of your car and the settlement amount offered by your motor insurer. It is also known as Guaranteed Asset Protection. Any Audi car owner, whose car has been written off, got stolen and not yet recovered, can be benefited by this. Moreover, there is no additional worry of getting the extra money for purchasing or replacing your Audi vehicle. It can not be taken away. If your Audi vehicle is lost, you might be offered a new one for using.
Gap Insurance pays the difference between the total amount of loss settlement offered to you by your motor insuring company and the purchase price of the Audi car that you have. This financial support pays the difference between the finance for your Audi vehicle (excluding all the arrears) and the settlement paid by the motor insurer.
Gap Insurance by Audi also combines an outstanding finance and the advantages of return to invoice price. In this process either the difference between the total loss settlements offered by the motor insurer and the purchase price will be paid or the amount necessary for settling the finance agreement will be paid. Whichever amount is greater will be paid.
Lease charges can be called the added advantage of the Audi owners availing Gap insurance by Audi. The difference between the amount for settling the agreement and the motor insurance payout is paid by lease charges. This is applicable for vehicles availed on a contract hire agreement.
The original purchase price of the car includes the price of all factory fitted accessories and the discounts offered by the company. But, this excludes the price for road fund license, Audi centre fitted extras or accessories, new vehicle registration fee, fuel, upholstery protection kits, paintwork, warranty premiums, insurance premiums, and all such associated costs and if required, some negative equity.
Gap Insurance by Audi: How does it Work?
If, you purchased a vehicle at a price of £25,000 and that is written off after 15 months, the motor insurer may pay out only the current market value which can be £20,000 or less. So, in order to replace that particular Audi vehicle with another model worth £25,000 the owner will require coughing out an extra amount of £5,000. With the return to invoice price covered by Gap Insurance by Audi, that extra amount of £5,000 might be got from this company and paid without making a gaping hole in your pocket. Gap Insurance’s outstanding finance product payment is sufficient to cover any payment charged to settle your finance agreement completely. It can be up to a maximum of £10,000.
How to Arrange a Gap Protection?
Getting Gap insurance for an Audi vehicle is easy. The nearest centre of Gap Insurance can help you out in getting any level of Gap insurance cover. They can also assist you in selecting the right insurance cover for your vehicle. Then they help in setting up the policy apt for you, right there.