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01708 384451

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What Is GAP Insurance?

Guaranteed Asset Protection is designed to protect customers against a Financial Shortfall in the event their vehicle is written off or declared a total loss.

Write off or a Total Loss is defined as the vehicle is damaged beyond economical repair as a result of an Accident, Accidental Damage, Fire or Theft.

In the event of a write off your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the write off, not the time of purchase or start of the agreement. GAP Insurance will cover the shortfall.

Lease Gap

Following a total loss, Lease GAP will pay the difference between motor insurers settlement figure and the Termination Charge from the finance company if this is higher. Who is Eligible for Cover?

You will be eligible for GAP Insurance if:

  • You are a Contract Hire customer. This includes Finance Lease
  • The purchase price of your vehicle does not exceed £80,000
  • The vehicle is under 8 years of age and registered in the United Kingdom
  • Your vehicle is covered by a UK comprehensive motor insurance policy
  • Your vehicle is not an Emergency vehicle, Taxi, Bus, Truck or Heavy Goods Vehicle
  • Your vehicle does not exceed 3.5 tonnes
  • Your vehicle is on a finance agreement
  • Your vehicle is shown in Glass's Guide

Combined PPP & Finance GAP

Following a total loss Combined Purchase Price Protection will pay the difference between motor insurers settlement figure and the original net invoice price of the vehicle or the outstanding finance if this is still higher than the original net invoice price.

You will be eligible for Purchase Price Protection if:

  • You are a Finance or Cash customer. This includes Lease Purchase
  • The purchase price of your vehicle does not exceed £80,000
  • The vehicle is under 8 years of age and is registered in the United Kingdom
  • Second hand cars are accepted
  • Your vehicle is covered by a UK comprehensive motor insurance policy
  • Your vehicle is not an emergency vehicle, taxi, bus, truck, heavy goods vehicle, motorcycle, invalid carrier
  • Your vehicle does not exceed 3.5TGVW
  • Your vehicle is not on Contract Hire or Leased
  • Your vehicle has been purchased from an authorised UK distributor

Definition of "Purchase Price":

  • This is the net Invoice Price of the vehicle
  • It does cover
  • All factory fitted accessories
  • Delivery of a new vehicle
  • Up to £1500 of dealer fitted accessories

It does not cover:

  • Discounts
  • Warranty charges or insurance premiums
  • Road fund licence
  • Fuel or paint protection applications

Balgores Leasing Ltd is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts.

Balgores are affiliated to the BVRLA