How would you feel if your car was written off, through no fault of your own?
None of us like to dwell on what may go wrong but we think its important that you are aware of what could happen should your car get written off as a result of an accident, fire or theft and how you can help guard against being out of pocket as a result.
Have you considered that if your car is written off your motor insurer may only payout the current market value of your vehicle, not what you actually paid for it? This could mean that you have to find additional funds to match the purchase price of a replacement car or that you are left with an outstanding amount on your finance or leasing agreement.
For example, you could purchase your car for £15,000 and in year three if the vehicle is written off you may only get £8,000^ from your motor insurer. GAP Purchase Protection could pay £7,000, returning you to the invoice price of your vehicle. With Finance and Leasing Protection GAP could pay the difference between the amount outstanding on your finance or leasing agreement and the amount you receive from your Motor Insurer. (^less your excess)
Guaranteed Asset Protection (GAP) is available for up to three years from when you buy your car, on new or used cars and is designed to minimise the risk of you suddenly having to find extra cash to fund a replacement vehicle or settle your finance agreement in the event your vehicle is written off.
Purchase Protection
Finance and Leasing Protection
Returns you to the net invoice price of your vehicle (which can be used to pay off any outstanding finance on your vehicle)*
no benefit limit
N/A
Covers the outstanding finance on your agreement
no benefit limit
up to £5000 benefit
Covers the outstanding balance on your contract hire or leasing agreement
N/A
up to £10,000 benefit
Maximum period of cover
36 months
60 months (48 months for contract hire)
*Even if the settlement figure is greaater than the net invoice price of the vehicle, the full settlement will be covered and will be paid direct to your finance company on your behalf.
For more details and a Summary of Cover please
Toyota Financial Services UK Plc is authorised and regulated by the Financial Services Authority. Finance subject to status, to over 18's only. Indemnities may be required.
