If your customer’s vehicle is written off, their motor insurer will usually settle their claim based on the current market value of their vehicle. This could be substantially less than its original value. Our GAP (also known as ‘Guaranteed Asset Protection’) Insurance helps to bridge the payment gap to get your customer back in a new vehicle.
From 17th February 2020, we enhanced our GAP Insurance proposition. For full details, please refer to the hub article FS0011-20.
GAP Insurance has been designed to help if your customers’ vehicle is written off through accidental or malicious damage, fire or theft. There are two types of cover available:
1. Combined return to invoice and outstanding finance GAP Insurance - This bridges the payment gap between the value of the vehicle (on the date it is written off) and the price the customer paid for it or the outstanding balance payable to the finance company, whichever is the greater amount.
2. Lease hire GAP Insurance - This bridges the payment gap between the value of the vehicle (on the date it is written off) and the early termination charge payable to the lease hire company.
We also offer the following benefits should your customer’s vehicle be written off:
Additionally, customer’s can pay upfront or in 12 monthly instalments at no extra cost and there are no vehicle age or mileage limitations.
The new GAP POS flyers (version 0220) will be able to order from 17th February 2020 through your usual ordering channels.
To activate cover, simply click here or use the ‘GAP Insurance’ shortcut.
Volkswagen Commercial Vehicle
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0330 400 1637
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