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.
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.
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.