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Guaranteed Asset Protection

Guaranteed Asset Protection

Also known as GAP for short.

If you have financed your vehicle and the vehicle is stolen, destroyed by fire, or severely damaged and written-off there may be a shortfall between the 'market' or 'agreed' value' and the amount needed to pay out your loan.

You will also have to pay the on-road costs again along with another 12 months insurance and your insurance excess when purchasing your replacement vehicle.

In the event of a total loss and a pay out from your insurer, the policy pays the remaining balance due for settlement of the finance contract.

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