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Lets say you purchase a vehicle for £19,995.00
Two years later, the vehicle is written off and your Motor Insurance company offer you only £10,000.00.
If this happened, Commercial Invoice GAP Insurance would pay the £9,995 difference between your Motor Insurance payout (£10,000) and the original invoice price you paid for the vehicle (£19,995).
If you have purchased the vehicle by way of a Finance Agreement, in most cases (not all) receiving the full original invoice price back will allow you to clear the remaining balance of your Finance Agreement and have money left over to put towards the new vehicle.
(Subject to the overall policy claims limit that you select when you take the policy out) |