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Because cars tend to depreciate quickly in the first year, then more slowly as they get older, there is a risk that you will owe more to the finance company than the insurance company pay out if the vehicle is written off or stolen. With GAP insurance, we will pay the difference, upto a maximum of £5,000, between your insurance company pay-out and the amount you owe to the finance company. Eligible Vehicles Vehicles up to £50,000 invoice price Cars and Commercial Vehicles upto 3.5cwt Cover is valid for up to 5 years in line with the finance agreement Applies to all finance agreements, including Contract Hire and Lease Cars and Commercial Vehicles upto 6 years old Major Exclusions Vehicle is written off whilst driving illegally or under the influence of drugs or alcohol The vehicle is not covered by Fully Comprehensive insurance policy Use of vehicle for Hire or Reward If the vehicle is unattended and the keys have not been removed, all doors locked and any immobiliser and/or alarm activated. GAP insurance can be either purchased separately or included in your monthly rental. |
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