Total Loss GAP Protection
How well protected are you against total loss?
If your vehicle has been written off or stolen, even if you have Fully comprehensive Insurance your Motor Insurer would hopefully pay the current market value - which is very likely to be less than you originally paid for your vehicle. So you may have a problem - the difference the Motor Insurer's pay out and the cost of funding a replacement vehicle. A gap that could leave you seriously out of pocket!
You might hope or think that it will never happen to you. But with a car stolen in the UK every two minutes and nearly half a million vehicles written-off annually, can you afford to take that risk?
The Solution: Total Loss GAP protection
Total Loss GAP protection insurance covers you for the difference between your Motor Insurer's pay out (or Glass's Guide value - whichever is the greater) and the Net Invoice Price you paid for your vehicle, up to a limit specified in your policy document.
For example, if your vehicle costing £17000 is written off after 12 months, the Motor Insurer may only pay out the current market value, which might only be £12000. This will leave a gap of £5000 - making it difficult for you to replace your vehicle with an equivalent model.
At the time when you already have all the problems of having no car, Total Loss GAP Protection takes away the worry about how you're going to find the extra money needed to buy your next vehicle.
Total Loss Gap Protection helps you buy a replacement vehicle similar to the one you've lost.
The best is to prepare for the worst!
The information above is only a summary of the cover available. Please ask one of our sales executives for full Policy Terms and Conditions.
Your Total Loss Gap insurance cover
This Policy Summary is a brief summary to the policy on offer and does not contain the full Terms and Conditions. Please refer to and read the Terms and Conditions in full before you take out any insurance.
What does this policy cover
This Policy is designed to cover your vehicle in the event of a Total Loss up to a maximum Benefit of £10,000.
Are You eligible for cover
You will be eligible for Total Loss GAP Protection provided:
The vehicle you are purchasing:
- is listed in Glass's Guide (Industry standard vehicle price guide).
- must be used principally in the United Kingdom.
You must also be insured at all times under a UK Motor Insurance policy which provides comprehensive cover
Period of Insurance
Cover under your Total Loss GAP Protection Policy lasts until the earliest of the following:
- (a) 36 months from the Start Date, or,
- (b) the date on which your vehicle is sold or transferred to a new owner, or,
- (c) the date a claim is paid in respect of your vehicle under this Policy, or,
- (d) repossession, or,
- (e) cancellation of the Policy.
Please note that this Total Loss GAP Protection Policy cannot be renewed.
Benefits and significant features of the policy
If in the event that your vehicle suffers a Total Loss within the Territorial Limits during the Period of Insurance and is declared a Total Loss this policy is designed to cover the difference between the Net Invoice Price of your vehicle at the Start Date and the Insured Value up to the maximum Benefit Payable for your vehicle under this Policy.
Dealer fitted accessories and extras are included under this Policy up to a maximum total of £500.
The Total benefit payable under this Policy shall not exceed £10,000.
Significant and unusual conditions and exclusions
The below is only a brief summary and a selection of the Conditions and Exclusions of your policy.
- In the event of the Total Loss of your vehicle occurring within the Territorial Limits during the Period of Insurance You must contact the Administrator prior to accepting any settlement offer made by your Motor Insurance. The Administrator may request for you to negotiate with your Motor Insurance to obtain a higher offer based on the Insured Value
- In the event of the Total Loss of your vehicle occurring within the Territorial Limits during the Period of Insurance, you must check with your Motor Insurance to confirm:
- if you are entitled to a brand new replacement vehicle if your vehicle was a New Vehicle at the Start Date of the Policy, or,
- if you are entitled to a replacement vehicle if the your vehicle was not a New Vehicle at the Start Date of the Policy.
- In the event that you do not utilise the Motor Insurance condition of a brand new
replacement vehicle or replacement vehicle, then the Insurer reserves the right
to settle the claim:
- by using the cost of a brand new replacement vehicle as at the Date of Loss by reference to Glass's Guide Retail as the Insured Value if your vehicle was a New Vehicle as at the Start Date of the Policy, or,
- by using the cost of or Glass Guide Retail value as at the Date of Loss as the Insured Value if your vehicle was not a New Vehicle at the Start Date of the Policy.
- In the event that you do not utilise the Motor Insurance condition of a brand new replacement vehicle or replacement vehicle this may result in no benefit being paid to you in the event of a Total Loss.
- In the event of a Total Loss you must contact and advise the Administrator if you are not pursuing the Total Loss through your Motor Insurance, but with a Third Party. If the Total Loss is being handled by a Third Party then all Terms and Conditions in connection with the Motor Insurance will still apply
- Your policy is unable to be transferable to any subsequent owner of the vehicle or to any other vehicle.
- Unless you cancel the policy within 14 days from the Start Date of the Policy you will not be entitled to any refund of Premium thereafter.
No Benefit will be payable under this policy in the event of a Total Loss:
- For any Negative Equity you have carried over from a previous vehicle.
- If your vehicle is stolen by any person who has access to the keys of your vehicle.
- If your vehicle is being used for:
- pacemaking, racing, speed testing or reliability trials;
- commercial business use of hire and reward including and not limited to taxi, courier services and private hire;
- an emergency vehicle;
- or is being driven by any person not holding a valid current licence to drive your vehicle;
- If the driver of your vehicle is intoxicated by alcohol or under the influence of drugs not prescribed by a registered medical practitioner;
For the full details of the Conditions, Exclusion and Definitions and a complete list of the Conditions, Exclusion and Definitions please refer to the Total Loss GAP Protection Policy Terms and Conditions
Your right to cancel
You have a right to cancel this Total Loss GAP Protection Policy provided you inform the Administrator within 14 days from the Start Date of the policy.
Unless you cancel the Policy within 14 days from the Start Date of the Policy you will not be entitled to any refund of Premium thereafter. A full refund of any premiums paid will be given provided no claims are known or reported.
Customer Care information
In the unlikely event of a dispute occurring regarding this policy you should, in the first instance, write to the Administrator, Abraxas Insurance Administration Services Ltd who will try and resolve the problem.
Should you still remain dissatisfied you may then write to the Customer Care Manager, Mapfre Asistencia Compania Internacional de Seguros y Reaseguros SA, who will provide full details of its complaints procedure and of any right you may have to refer a complaint to the Financial Ombudsman Service. This procedure is in addition to your legal rights as a consumer.
Any telephone calls made in connection with this policy may be monitored or recorded to assist with staff training and for quality control purposes.
If you suffer from any disability affecting your ability to read this Policy Summary please contact, or arrange for some person, on your behalf, to contact the Administrator for assistance.
Mapfre Asistencia is covered under the Financial Services Compensation Scheme. This provides compensation in case any of its members are unable, in specified circumstances, to meet any valid claims under their policies. The first £2,000 of a claim is protected in full. Above this threshold, 90% of the remainder of the claim will be met (100% if the insurance is legally compulsory).
Compensation is only available to commercial customers in limited circumstances. Further information can be obtained from the Insurer, or from the Financial Services Compensation Scheme at the following address:
Financial Services Compensation Scheme
7th Floor, Lloyds Chambers,
1 Portsoken Street, London E1 8BN.
The Insurer of this Policy
Mapfre Asistencia Compania Internacional de Seguros y Reaseguros, Sociedad Anonima.
Registered Address: 5th Floor, Alpha House, 24A Lime Street, London, EC3M 7HS.
Company number; FC021974 Branch number; BR008042
The Administrator of this Policy
This Policy is administered by Abraxas Insurance Administration Services Ltd,
9 Blenheim Court, Beaufort Park, Almondsbury,
Bristol BS32 4NE who act on behalf of the Insurer.
