If you got a loan to buy your vehicle and it’s damaged beyond repair in an accident, your car insurance might not cover what’s left on your loan. This is a really annoying situation, because not only are you without wheels, you also have to pay off whatever the insurance didn’t cover and this may also make it difficult to finance a replacement vehicle. That’s where guaranteed asset protection (GAP) can help.
Reasons to get our guaranteed asset protection
- Pay off the remaining balance of your loan if your car insurance doesn’t cover it
- Avoid having to pay money for something you no longer have
- Protect your credit rating by repaying the loan in full
- Improve your chances of getting a loan for a replacement vehicle
- Get back on the road sooner
For the full terms, conditions and benefits, please refer to the policy booklet.