GAP Insurance

Finance Shortfall

GAP Insurance -Finance Shortfall protects the customer by paying the shortfall amount owing to the Finance Company or bank if, in the event that the vehicle gets into an accident with a total loss, theft or damage, and the amount received from the comprehensive insurer is inadequate to finalize the outstanding loan on the vehicle.

When a customer gets into a Finance or Lease agreement on a vehicle, they may be exposed to an equity gap. This gap is the difference between the insured value of the vehicle and the outstanding loan.

Return to Invoice Insurance

In the event that a vehicle is declared a constructive total loss, motor insurance policies usually only covers the current and prevailing fair market value (after depreciation). This policy will pay the difference between the motor insurance payout and the original invoice price of the vehicle.

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