guaranteed asset protection (GAP)

There are two types of GAP Insurance that AVEA Insurance Group provides :-

What is Motor Guaranteed Asset Protection Insurance (GAP)?
In the event that your vehicle sustains total loss damage, GAP will provide you with a level of cover, to assist with the payment towards the amount of indebtedness outstanding on your finance contract as at the date of loss, less the payout received from your comprehensive insurer.

GAP provides you with a level of financial protection in the event that there is a shortfall or debt remaining on your finance contract after having received a total loss payout from your comprehensive insurer.

The amount of financial benefit will be dependent on the sum insured and the value of your vehicle at the time of the loss and the amount of debt owing to the financier.

It also provides some additional benefits to assist with the cost in relation to a replacement vehicle