GAP Insurance (“Financial Loss Insurance”)

GAP

The purpose of this insurance is to protect your funds invested in a motor vehicle acquisition.

GAP Insurance

covers financial loss incurred in the event of total loss (inclusive of a theft) of a motor vehicle, which entitles the person insured to primary motor-hull insurance indemnity. In case of an insured event, indemnity covers the difference between the insurance amount agreed in the GAP insurance policy and the higher of the following values: general value of the vehicle determined by the primary insurer, or the value resulting from the vehicle value assessment method stipulated in the Insurance conditions relevant for particular products.

Graphical representation of GAP principle

GAP Payout

GAP products:

  • EuroGAP – covering financial loss related to M1 category vehicles (passenger cars) or N1 category vehicles (lorries with total weight of up to 3,500 kg)
  • LeaseGAP - covering financial loss related to M1 category vehicles (passenger cars) or N1 category vehicles (lorries with total weight of up to 16,000 kg) acquisition of which is financed through operative leasing
  • TruckGAP - covering financial loss related to M2 and M3 category vehicles (used for passenger transportation) or N2 and N3 category vehicles (used for cargo transportation) with the highest permissible total weight of which does not exceed 32,000 kg

GAP Insurance can be concluded for the insurance period of 3, 4 or 5 years and you can also extend your primary motor-hull insurance coverage to cover your excess.

GAP insurance advantages:

  • Primary motor-hull insurance can also be agreed in an insurance company other than the GAP insurance
  • We will insure both your new and used vehicles
  • Insurance can be agreed up to 150 days from the date of invoice or vehicle purchase agreement issuance; used cars are insurable up to 6 years from the date of their first record issuance
  • Premium can be paid in instalments or as a lump-sum
  • The maximum limit of cover is as much as 40,000 EUR, depending on the product selected