GAP (Guaranteed Asset Protection) Insurance
Guaranted Asset Protection (GAP) Insurance is designed to cover any difference between the settlement your motor insurer will pay you if your van is stolen and not recovered or written off, and the price you paid for your van when you bought it. The difference in these two values is the GAP that this product is designed to cover.
To determine which GAP Insurance product is best for you, your Business Manager will be pleased to assess your needs and will only offer you insurance products that they believe will benefit you.
Mercedes-Benz GAP Insurance is also available for Hire and Reward vehicles. Speak to your Business Manager for further information and policy costs.
What is GAP Insurance?
What is Mercedes-Benz Combined GAP Insurance?
Mercedes-Benz Combined GAP Insurance offers you the opportunity to not incur financial loss if your vehicle is written off and is not replaced by your motor insurer, when your motor insurer may only pay out the market value at the time of the loss.
If you purchase your Mercedes-Benz as a cash buyer?
Mercedes-Benz Combined GAP Insurance makes up any shortfall between your motor insurance settlement offer and the original purchase invoice price.
If you have chosen to finance your Mercedes-Benz?
Mercedes-Benz Combined GAP Insurance makes up any shortfall between your motor insurance settlement offer and the original purchase invoice price, or if greater the shortfall between the finance settlement.
What is Mercedes-Benz Lease GAP?
In the event of your vehicle being written off, Mercedes-Benz Lease GAP Insurance is designed to protect you against the risk of any shortfall in your lease agreement. Following the comprehensive motor insurance settlement, Mercedes-Benz Lease GAP Insurance will pay the difference between this and the cost to clear your lease agreement and help you start a new one.
How GAP Insurance pays out
Combined GAP Insurance example
If you paid £18,500 for your vehicle and it is written off and your motor insurance company agree to pay out £12,000. Mercedes-Benz Combined GAP Insurance pay-out of £6,500 making up the shortfall between the price you originally paid.
Lease GAP Insurance example
Your vehicle is written off and your motor insurance company agree to pay out £12,000 but you still owe £18,500 on your lease agreement. Mercedes-Benz Lease GAP Insurance will pay-out a sum of £6,500 to clear your lease agreement and help you start a new one.
GAP features include
|Product features||Mercedes-Benz Combined & Lease GAP Insurance|
|Vehicle Age Cover||Up to 10 years|
|Vehicle Weight Cover||Up to 5000kg|
|Dealer Manufacturer Fitted Accessories Cover||£1,500|
|European Cover (per annum)||90 days|
|Vehicles costing up to £75,000||Claim limit is up to the purchase price|
|Motor Insurance Excess Cover||Up to £250|
|Cover available for Lease products||✔|
|Cover available for Hire and Reward Vehicles#||✔|
|Cover available for business users||✔|
|Road Fund License contribution up to £200||✔|
|Paint protection/StarGuard when detailed on the original supply invoice will be part of a valid claim||✔|
|Lease GAP only|
|Contribution towards a replacement vehicle under a new Contract Hire or Lease agreement||Up to three (3) monthly rentals to a maximum of £2,500 (including VAT)|