GAP Insurance at Stoneacre

GAP insurance explained

GAP Insurance Explained

If your new vehicle is written off or stolen, whether it is your fault or not, your fully comprehensive insurance may only pay market value for your car at that time - regardless of how much you paid.

At Stoneacre, the type of GAP insurance we offer is called TLAP (Total Loss Asset Protection). TLAP will help provide cover for the gap and pays out the difference between your motor insurance settlement and either the remaining balance on your finance agreement, or the net invoice price of your vehicle, whichever is greater, subject to the terms of cover.

If your car, light commercial vehicle or motorcycle is written off as a result of an accident, fire or theft, your motor insurance company may only pay out the current market value for your vehicle.

The current market value is likely to be less than the amount you paid for the vehicle and if you have finance it could be less than any outstanding finance settlement.

This could potentially leave you with the problem of having to find extra funds to get you back into the driving seat of a new vehicle or pay off your finance agreement.


TLAP GAP

Why take out TLAP

To help protect you from this situation, if it arises, Stoneacre can offer you Total Loss Asset Protection for up to 3 years’ cover (36 months) plus additional cover for any finance shortfall after the initial term (up to 12 further months) to match the term of your finance agreement.

Stoneacre Total Loss Asset Protection helps you cover the shortfall in funds to cover the cost of a new vehicle or settle any outstanding finance, as well as a £300 contribution towards any incidental costs you might incur by way of a Total Loss Assistance Payment.

At Stoneacre we offer four different types of TLAP to suit your personal circumstances

Click the links below for more information on each version available, including any significant exclusions.


Total Loss Asset Protection (cars)


Total Loss Asset Protection (bike)


Total Loss Asset Protection- Hire and Reward


PCH-Personal Contract Hire Shortfall Protection (GAP)


If you would like the protection TLAP offers, then please call our dedicated GAP team on 01405 808191 and we will be happy to arrange this for you.

Why Choose Stoneacre TLAP GAP Insurance

Why choose Stoneacre TLAP?

At Stoneacre we have a dedicated GAP Insurance team at our Head Office, who are FCA authorised and regulated.

Depending on which policy you take, factory fitted options and certain dealer fitted options can also be covered

We can protect you for 3, 4 or even 5 years depending on which policy you have. Cover levels can vary depending on duration / policy.

There is no excess to pay

We pay the first £250 towards your fully comprehensive excess for you

Other drivers are covered under your GAP policy, as long as they are comprehensively insured, driving legally and not breaching any of the terms and conditions of the policy

Am I eligible for GAP Insurance?

  • Cars & Bikes

    You’re eligible for this policy if:


    You’re a resident of (or in the case of a corporate body, is registered in) the United Kingdom for the duration of this policy

    You’re the registered keeper and/or owner of Your Vehicle

    You use Your Vehicle for social, domestic, pleasure, commuting, commercial or driving instruction purposes

    You or any person permitted to drive Your Vehicle holds a current, valid driving licence (this includes provisional driving licences, except in the case of motorcycle licences, where only full licences are eligible).

    Your Vehicle is registered and used principally in the United Kingdom


    You’re eligible if all of the above are true.


    You’re NOT eligible for this policy if Your Vehicle:


    X Is purchased via a private sale, or is named on a contract hire or lease hire agreement

    X Has been previously declared a Total Loss

    X Is used for Hire and Reward or Short-term Self-drive

    X Is used at any time for competition; rally; racing; track days; speed testing; off-road; pacemaking, or reliability trials

    X Is imported, or isn’t built for sale in the United Kingdom (unless specifically manufactured as right-hand drive)

    X Isn’t listed in Motor Trade Valuation Guide

    X Isn’t purchased from the Supplying Centre or costs more than £150,000

  • Hire & Reward

    You’re eligible for this policy if:


    You’re a resident of (or in the case of a corporate body, is registered in) the United Kingdom for the duration of this policy

    You’re the registered keeper and/or owner of Your Vehicle

    You use Your Vehicle for social, domestic, pleasure, commuting, commercial, hire and reward or driving instruction purposes

    You or any person permitted to drive Your Vehicle holds a current, valid driving licence (this includes provisional driving licences, except in the case of motorcycle licences, where only full licences are eligible).

    Your Vehicle is registered and used principally in the United Kingdom


    You’re eligible if all of the above are true.


    You’re NOT eligible for this policy if your Vehicle:


    X Is purchased via a private sale, or is named on a contract hire or lease hire agreement

    X Has been previously declared a Total Loss

    X Weighs more than 3500kg

    X Is insured on any type of motor trade insurance policy

    X Is used in a dispatch or public service capacity, such as a military, police or ambulance service.

    X Is used for Short-term Self-drive

    X Is used at any time for competition; rally; racing; track days; speed testing; off-road; pacemaking, or reliability trials

    X Is imported, or isn’t built for sale in the United Kingdom (unless specifically manufactured as right-hand drive)

    X Isn’t listed in Motor Trade Valuation Guide

    X Isn’t purchased from the Supplying Centre or costs more than £150,000

  • PCH

    You’re eligible for this policy if:


    You’re a resident of (or in the case of a corporate body, is registered in) the United Kingdom for the duration of this policy

    Your vehicle must be the subject of a contract hire/lease agreement which is in your name.

    You use Your Vehicle for social, domestic, pleasure, commuting, commercial, hire and reward or driving instruction purposes

    You or any person permitted to drive Your Vehicle holds a current, valid driving licence (this includes provisional driving licences, except in the case of motorcycle licences, where only full licences are eligible).

    Your Vehicle is registered and used principally in the United Kingdom


    You’re eligible if all of the above are true.


    You’re NOT eligible for this policy if Your Vehicle:


    X Is purchased via a private sale

    X Has been previously declared a Total Loss

    X Weighs more than 3500kg  

    X Is insured on any type of motor trade insurance policy

    X Is used in a dispatch or public service capacity, such as a military, police or ambulance service.

    X Is used for Short-term Self-drive

    X Is used at any time for competition; rally; racing; track days; speed testing; off-road; pacemaking, or reliability trials

    X Is imported, or isn’t built for sale in the United Kingdom (unless specifically manufactured as right-hand drive)

    X Isn’t listed in Motor Trade Valuation Guide

    X Isn’t purchased from the Supplying Centre or costs more than £150,000

Who to contact to amend a policy and how to make a claim

If you need to amend your policy then we are here to help and it won’t cost you a thing. All the contact details you need are in your policy documents when you receive them and summarised below.


Online - redline.insurethat.com


Email - redline.claims@insurethat.com


Phone - 0333 0444 703


In writing - InsureThat, Sterling House, Sitka Drive, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG


Insurer:

This policy is underwritten by Aioi Nissay Dowa Insurance UK Limited, registered in England and Wales (11105895) and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority No. 816870. Its principal office is Aioi Nissay Dowa Insurance Limited, 7th Floor, 52-56 Leadenhall Street, London, EC3A 2BJ.


Administrator:

This policy is administered by Nukula Limited T/A InsureThat acting on behalf of the Insurer. Nukula Limited T/A InsureThat is authorised and regulated by the Financial Conduct Authority with FCA number 616475. Nukula Limited T/A InsureThat is registered in England and Wales with company number 07646376 and its registered office is at Sterling House, Sitka Drive, Shrewsbury Business Park, Shrewsbury, Shropshire, England, SY2 6LG.


Redline Finance:

Redline Finance is a trading style of Toyota Financial Services (UK) PLC, who provide the network of supplying centres with this product

Enquire about GAP Insurance today

Get in touch with our dedicated team today, and they'll help you every step of the way to buying GAP Insurance.

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