Gap insurance may prevent you from suffering financial loss if your vehicle is written off.
GAP (Guaranteed Asset Protection) Insurance is an optional product that bridges the gap between the original amount you paid for your vehicle and the amount an insurer will typically pay out on a claim. If your Mercedes-Benz is written-off, your insurer usually pays out the current market value of the car and, because of car depreciation, this can be considerably lower than the amount you originally paid. This could, therefore, affect the capital available to you when choosing a replacement vehicle.
What is Insured?
Your vehicle providing that:
- You are either the owner of the vehicle or have a finance agreement in relation to the vehicle or are the registered keeper of the vehicle.
- You are a resident in England, Scotland, Northern Ireland or Wales on the start date and remain so throughout the period of insurance.
- You are at least 18 years of age.
- You are covered under a fully comprehensive motor insurance policy for the vehicle.
- Your vehicle is ten years old or under at the start date of the policy and the purchase price of the vehicle does not exceed £180,000.
- Your vehicle is listed in Glass’s Guide.
During the period of insurance, following the total loss of your vehicle due to fire, theft, accidental damage or adverse weather conditions, we will pay the financial shortfall between the insured value and:
- the purchase price of your vehicle, including delivery, factory fitted accessories and dealer fitted options as confirmed in the net sales invoice; or
- the early finance settlement amount; whichever is greater, up to the sum insured; or
- in the case of a lease agreement, we will pay the difference between the amount paid out by the motor insurer and the early termination charge from the lease company, as well as the original up-front payment you made in the form of rentals paid in advance.
We will also cover up to £250 of your motor insurance excess.
What is not insured?
If the vehicle is:
- Written off by someone not eligible to drive your vehicle under the terms of the motor insurance policy for whom you gave consent or where the person driving your vehicle did not have fully comprehensive insurance in place for the vehicle.
- Written off after it was taken or driven without your consent by a family member, spouse or partner.
- Written off before the inception of this insurance.
- Outside the territorial limits when the total loss occurs.
We will not cover:
- Your vehicle if you have not claimed under the Motor Insurance Policy or from a third party through an Accident Management Company or your claim has not been settled as a total loss.
- Any claim where the Motor Insurer has offered to repair the vehicle but you have requested the claim to be dealt with on a total loss basis.
- If you decline the offer of a replacement vehicle under the terms of the Motor Insurance Policy, or you are eligible for a replacement vehicle under your Motor Insurance Policy but you choose to pursue your claim via an Accident Management Company, then the claim will be settled based on the value of the replacement vehicle and not the settlement figure offered under the Motor Insurance Policy.
Note this may result in no sum being paid.
- Any amount due under the Finance Agreement relating to insurance premiums. We exclude all deposit allowances, discounts, rebates, concessions, cashbacks, incentives and contributions. We also exclude new vehicle registration fees, road fund licence fee, number plates, warranty costs, fuel, paintwork protection applications, other extras, arrears or Negative Equity.
Considering GAP insurance for your Mercedes-Benz?
Contact our team today to discuss your requirements and the best options for you.
How does GAP Insurance work?
AutoTrust Asset Protection is designed to protect motorists against the financial shortfall that they may be exposed to in the event that their vehicle is written-off as the result of an accident, fire, theft or adverse weather conditions.
If you purchase your Mercedes-Benz as a cash buyer?
The AutoTrust Asset protection policy we can offer you may make up any shortfall between your motor insurance settlement offer and the original purchase invoice price.
What happens if I have a lease agreement for my Mercedes-Benz?
AutoTrust will pay the difference between the amount paid out by the motor insurer and the early termination charge from the lease company, as well as the original up-front payment you made in the form of rentals paid in advance.
To make a claim
In the event of your vehicle being declared a total loss, you should contact the administrator on 0344 573 8069 or email GAPclaims@carcareplan.co.uk. You should notify the administrator within 120 days of the total loss and prior to accepting any settlement from your motor insurer.
To ensure your claim can be processed, please ensure you have the following details ready;
- Your policy number
- Vehicle registration
- Current mileage