Renaunt GAP Insurance

Guaranteed Asset Protection (GAP) Insurance minimises the risk of an insurance shortfall if your car is written off or stolen while finance is still owed on it. Under most standard policies, your car insurance payout may not be enough to repay what you still owe and replace your vehicle with one of equivalent value. That’s why at RMB Renault, we offer GAP Insurance to fill the gap.

Why do you need it?

Did you know that new cars lose approximately 60 percent of their value after only three years? It’s this depreciation that makes it unlikely that a payout from your insurer will be as much as you paid for the car originally. And, if you purchased your new car on finance, you risk having to repay more than the amount the car has been valued at by your insurer if:

  • The deposit for your finance deal was small
  • You’re paying the balance off slowly
  • Your finance arrangement will leave you with a lump sum to pay at the end – what is commonly known as a ‘balloon payment’.

Without GAP Insurance, you may not be able to afford to replace your car. What’s more, you could still owe money for a car you no longer have.

To protect you from this happening, RMB Renault offers two types of GAP Insurance; Return to Invoice GAP Insurance and Vehicle Replacement GAP Insurance.

Return to Invoice GAP Insurance A popular choice for owners, Return to Invoice GAP Insurance pays for a replacement car of similar value in the event of an accident or theft. You'll receive a payout for the difference between the original purchase price of your car and either the insurance valuation at the time of the claim, or the early settlement figure on your finance agreement, whichever amount is greater. This policy ensures you receive the full balance, deposit and equity

Vehicle Replacement GAP Insurance

Vehicle Replacement GAP Insurance pays the difference between your Renault’s valuation on the day it is written off and the cost to purchase exactly the same Renault make, model and specification of your car. If that model is no longer available, settlement is based on the superseding model.

For more information on GAP Insurance, or any of our insurance products, call or visit us at RMB Renault in Darlington or Northallerton.