Guaranteed Asset Protection (GAP)
Making up the difference in value and existing coverage.
Guaranteed Asset Protection pays the difference between the Insured value of a vehicle and what the motor insurer pays out in settlement if the Vehicle is declared a Total loss by the motor insurer.
The difference in values is caused by the depreciation of the Vehicle from the date the Guaranteed Asset Protection was purchased and the date of the Total Loss.
The Insured value of the
Vehicle can be the
Purchase Price as per
the sales invoice.
Early Settlement
Amount payable in
respect of auto loan.
Termination Charge/
Advance Rental
payable in respect of a
lease agreement.
Guaranteed Asset Protection can be
bespoke to meet various
financial structures.
Important
The underlying requirement of the Guaranteed Asset Protection is that there must be a Comprehensive Motor Insurance Policy in force at the time of the accident/loss and the Motor insurer must declare the vehicle as total loss.
Guaranteed Asset Protection - Return to invoice (RTI)
Return to invoice (RTI) Guaranteed Asset Protection covers you for the difference between the amount your motor insurer pays out and the net invoice price you paid for your vehicle, up to the maximum shown on your contract schedule.
Contract benefits
- 01Cover available for new and used vehicles;
- 02 Cover available for upto 36 months from date of invoice;
- 03 Vehicles upto 5 years are eligible;
- 04 Maximum value coverage Aed 750,000.
Comparision to showcase with or without GAP RTI.
| Without GAP RTI | |
|---|---|
| Invoice price - New Vehicle | AED 100,000 |
| Motor Insurance Payout | AED 80,000 |
| No GAP RTI | AED 0 |
| Total Value Lost | AED 20,000 |
| With GAP RTI | |
|---|---|
| Invoice price - New Vehicle | AED 100,000 |
| Motor Insurance Payout | AED 80,000 |
| GAP RTI Payout | AED 20,000 |
| Total Value Lost | AED 0 |
Guaranteed Asset Protection - Finance Shortfall Plus
If a vehicle is declared a Total Loss by a motor insurer, Finance Shortfall Guaranteed Asset Protection pays the difference between the Early Settlement Amount in respect of an auto loan (or similar) and the motor insurer settlement. The customer also gets a cash back to cover his losses on any down payment paid on the vehicle.
Contract benefits
- Cover available for new and used vehicles;
- Cover available for up to 60 months;
- Vehicles up to 6 years are eligible;
- Maximum Value Coverage AED 750,000.
Year
Year
Year
Year
Guaranteed Asset Protection - Agreed Value (Depreciation Cover)
If a vehicle is declared a Total Loss by a motor insurer, Depreciation Cover Guaranteed Asset Protection pays the difference between the value of the Vehicle (“Sum Insured”) as per the current valid comprehensive motor insurance Policy. Thus, Depreciation Cover Guaranteed Asset Protection can be sold in conjunction with a motor insurance Policy.
Contract benefits
- Cover available for new and used vehicles;
- Cover available for 12 and 13 months to match underlying motor insurance period;
- Vehicles up to 6 years are eligible;
- Maximum Value Coverage AED 750,000.
Guaranteed Asset Protection - Lease Liability Protection
If a Vehicle is declared a Total Loss by a motor insurer, Lease Guaranteed Asset Protection pays the Termination Charges to settle a lease agreement in respect of the vehicle and/or the Advance Rental in respect of a lease agreement for a replacement Vehicle.
Contract benefits
- Cover available for new Vehicles only;
- Cover available for up to 36 months;
- Maximum Value Coverage AED 750,000.
Enquiry
Get in touch for service, partnership and product related queries.
Countries
We’re socially active!
