What is Gap cover?
2011
In cases of ‘total loss’, GAP cover is a type of insurance that can cover the financial gap between the insured value of your vehicle and the total amount owed to your financier.
Take Suzie for instance she brought a brand new 2009 BMW Series 3, and crashed it and “wrote it off” in 2011 she still owed $50,000.00 on it, if she didn’t have GAP cover on her car she would be stuck paying out $50,000.00 on a car she didn’t have.
But luckily she did, so her insurance company paid out her debt and she was able you get a new car a month later, with out having to worry about her debt from her previous car loan.
GAP cover is a great thing to have. It might cost that little bit extra but it puts the mind at peace if you do “write off” you car and still have finance over it, instead of paying off a loan that you don’t get the use out of the car.
If you ever need to have a chat about your options in taking out a some insurance please do not hesitate to contact us and one of our supporting staff would be more than happy to assist you with any concerns you may have. You can find us on our website www.natloans.com.au or give us a call on our toll free number 1300 955 791

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