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Volkswagen GAP insurance

(also known as ‘Guaranteed Asset Protection’) helps to bridge the payment gap between the settlement amount from your motor insurer and the original purchase price of your car, or the outstanding finance. So if your car is written off, or stolen and not recovered, having Volkswagen GAP Insurance helps to alleviate the additional worry of finding the money to purchase a replacement Volkswagen.

What is GAP insurance?

There are 4 types of GAP insurance to choose from.

Your local Volkswagen Retailer can help to work out which level of cover is right for you.

Return to invoice price

Pays the difference between the original purchase price of your Volkswagen and the total loss settlement paid to you by your motor insurer.

Outstanding finance

Pays the difference between any outstanding finance (excluding any arears) on your Volkswagen and the settlement paid to you by your motor insurer.

Return to invoice + outstanding finance

Combines the advantages of the return to invoice price and outstanding finance. Paying the difference between the total loss settlement paid by the motor insurer and the original purchase price or the amount required to settle the finance agreement, whichever is greater.

Lease charges

Is for vehicles financed on a contract hire agreement and pays the difference between the motor insurance payout and the amount required to settle the agreement.

How does gap insurance work?

If, for example, you purchased a vehicle costing £23,000 and it is written off after 15 months, your motor insurer may only pay out the current market value which might be £15,000. To replace your Volkswagen with another model worth £23,000 you will need to find £8,000.

Gap Insurance explanation with Volkswagen Passat

With our 'Return to invoice price' cover we could pay you the difference between the insurance company payout and the original invoice price, so for example above £8,000.

Outstanding Finance example with silver Volkswagen Passat

With our 'Outstanding finance' cover the GAP insurance payment would cover any charges (up to a maximum of £10,000) that would need to be paid in order to fully settle your finance agreement.

GAP insurance from Volkswagen Insurance is administered by Abraxas Insurance Administration Service Limited. Terms and conditions apply.

 

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