GAP Insurance
GAP Insurance

What is GAP insurance?

GAP, or Guaranteed Asset Protection, is a specialist insurance designed to ensure that you aren’t left out of pocket if your vehicle is stolen or declared a total loss. Stoneacre GAP Insurance pays out the difference between your motor insurance settlement and either the remaining balance on your finance agreement, or the full net invoice price of your vehicle, whichever is greater.

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Why Take out GAP Insurance?

GAP insurance is there to protect you and your investment. Because vehicles depreciate quickly, this means you could find yourself with a vehicle that is worth considerably less than you originally paid for it.

The consequence of this is that if your car or motorcycle is written off, it is possible that you could be left in a financial situation where you are paying for a vehicle that you can no longer use. Or, if you’ve paid cash for your vehicle, then you could find that the amount your fully comprehensive payout is far less than the invoice price you paid.

Understandably, this isn’t a position anyone wants to find themselves in, but this is where GAP insurance comes in and protects you from this loss.

Regardless of how you have paid for your vehicle, GAP Insurance makes sure that you can replace it with a vehicle of the same value rather than downgrading or having to find funds from elsewhere.

Our Customer Stories

Mrs Hunter, Liverpool

Mrs Hunter called us after her car was written off due to someone reversing into her. She was parked up in a supermarket car park – she wasn’t even driving it at the time! After her insurance pay out, she was left owing £3,225 to her finance company and had only owned her car for 3 weeks. Our GAP Insurance policy paid this difference for her.

Mr Frith, Worksop

Mr Frith bought his last car for £12,995 just over 13 months ago. Last Monday he was approaching a junction when a car on the other side of the road was overtaking. Unfortunately, the driver was unable to turn in and went into Mr Frith head on. Both cars were written off. Mr Frith was offered £9,800 from his insurance company. In the first 13 months of owning his car he was facing a loss of £3,195! Luckily for him he purchased Stoneacre GAP Insurance and we paid this difference for him. Mr Frith used his £300 voucher to replace his car and told us that GAP is the first thing he asked for when buying his new car from us.

GAP Insurance
GAP Insurance

Different Types of GAP Insurance

At Stoneacre we offer three different types of GAP insurance that we tailor to you and your sales invoice:

Combined Asset Protection – this protects you for 3 years and pays the difference between your insurer’s pay-out and either the remaining balance on your finance or back to the net invoice price of the vehicle; whichever is greater at the time. We can also cover up to £2000 of any negative equity carried over from your previous finance agreement.

Contract Hire GAP Insurance – this policy will cover the ‘gap’ between your motor insurance settlement and the contract hire early settlement balance for the full term of your lease agreement for up to 5 years.

Motorcycle Combined GAP Insurance – this protects you for 3 years and pays the difference between your insurer’s pay-out and either the remaining balance on your finance or back to the net invoice price of the vehicle; whichever is greater at the time. We can also cover up to £2000 of any negative equity carried over from your previous finance agreement.

Whichever option you choose, with GAP insurance you get the added peace of mind that in the unfortunate event of an incident you won’t be left out of pocket.

Our dedicated team of advisors are available for further information and to help put your protection in place. Please call 01405 744189. Our offices are open Mon – Fri 9am – 7pm and Saturday 9-1.30pm

Why Choose Us?

    • Stoneacre is FCA authorised and regulated and backed by the Financial Services Compensation Scheme.

    • All factory fitted options are covered and up to £1,500 worth of dealer fitted options are covered.

    • There is no excess to pay; instead we pay the first £250 towards your motor insurance excess.

    • You receive a fantastic £300 voucher that can be used off your next new or used vehicle from any of our Stoneacre branches!

    • Any driver is covered, so long as they are insured fully comprehensively.

    • There are no age or mileage restrictions.

    • We can spread the cost into 12 interest-free monthly payments making buying GAP Insurance even more affordable.

    • You have a full 30-day cooling-off period, giving you the chance to read through your documents and ask any questions whilst having the peace of mind that your vehicle is still fully covered.

    • Keep everything under one roof – let Stoneacre take care of the hard work. Writing your car off is stressful enough so let us ease you of the run around trying to find order forms and invoices. We do it all for you!

    • We offer a ‘price match policy’. Talk to one of our advisors today for more information.

Am I Eligible?

    • You are the registered keeper and/or owner of your vehicle, or, your vehicle is subject of a Contract Hire Agreement that is in your name

    • You are a permanent resident of the UK

    • You hold a current driving license that is valid for use in the UK

    • The vehicle is not being used for hire and reward purposes

Get a GAP Insurance quote

At Stoneacre, we have a friendly team dedicated to providing GAP insurance. Our Financially Accredited advisors are all experts in their field so they are on hand to answer any of your queries and find you the best possible deal.

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