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GAP Insurance

It is common knowledge, that most cars make for bad investments, as their value inevitably reduces over time. According to market research, in the first years of operation, a vehicle can lose up to 75% of its value and new cars in the first 5 years are especially susceptible to this.

To protect car owners from the value of their vehicle plummeting in case of a total loss
(as a result of a theft, fire, road accident, flood, hailstorm), we have prepared the
unique GAP insurance program, which protects the value of your vehicle for up to 5 years.

What is GAP?
GAP Insurance covers the difference between either an invoice value of a newly purchased vehicle (GAP Invoice) or a vehicle value provided on a Casco policy in case of a vehicle already in operation (GAP Casco) and a vehicle’s market value on a day of a total loss.

How does it work?

In case of a total loss, a GAP policyholder receives two compensations: the first one from the primary insurer (be it their Casco Insurer or the perpetrator’s liability insurance) and the second one from GAP. That allows purchasing a new vehicle of a similar class/value, as the lost one.

For example
A vehicle had an invoice value of 30 000€, it got stolen in the third year. The primary insurer has paid out compensation of 20 000€, equaling vehicle value on the day of the theft. The “missing” 10 000€ the insured receives thanks to their GAP compensation (invoice value minus market value on the day of the accident/theft).

Thanks to GAP making the remaining lease payments is easy and the surplus funds might be sufficient to start a new lease.

One GAP, lots of options.

GAP Invoice – for newly purchased vehicles (either brand new or used ones)

no older than six years on the date of the conclusion of a GAP insurance

contract and with an invoice value of up to 250 000€
It is possible to conclude insurance for 24 / 36 / 48 / 60 months.

GAP Invoice – for newly purchased vehicles (either brand new or used ones)

Compensation covers the difference between the original invoice value and its

market value on the day of the total loos

(the compensation paid out by either a Casco or a third-party insurer).

Depending on the chosen option, the sum insured might be as high as 50 000€.

GAP Casco – insurance might be concluded when renewing a Casco policy

The program is dedicated to vehicles without a purchase transaction,

no older than six years on the date of the conclusion of a GAP insurance contract and

with an invoice value of up to 250 000€.
It is possible to conclude insurance for 24 / 36 / 48 / 60 months

GAP Casco

Compensation covers the difference between the vehicle value listed on a Casco policy,

valid on the day of the GAP Casco conclusion, and its market value on the day of

the total loss (the compensation, paid out by either a Casco or a third party insurer).
Depending on the option the sum insured might be as high as 50 000€.

Which vehicles can be insured?
Brand new or used vehicles no older than 6 years on the date of the conclusion of a GAP insurance contract
Vehicles with a permissible total weight of up to 3.5 tons (in case of motorcycles and passenger cars) and up to 44 tons (in case of heavy-duty vehicles, heavy equipment, trailers, and semi-trailers).
Vehicles with an invoice value of up to 250 000€.
Vehicles that are covered with Auto Casco Insurance
Taxis, driving school vehicles, and courier vehicles can be insured too

Which vehicles cannot be insured?

  • Racing, rallying, and test driving vehicles.
  • Registered as special vehicles; money transport vehicles; ambulances; hearses; police, army, firefighting, and border patrol vehicles.
  • Short-term rental or hire vehicles.
  • Vehicles with rotary engines (does not apply to hybrid vehicles).
  • Rebuilt salvage vehicles
GAP features
Original vehicle value is preserved for up to 5 years.
Insurance can be concluded for a period of 24, 36, 48, or 60 months.
Sum insured up to 50 000€.
An attractive premium for five-year protection.
GAP Invoice can be concluded for up to 90 days from the date of the vehicle purchase.
GAP Casco can be concluded for up to 30 days from the date of the Casco policy renewal.
Natural persons, legal entities or self-employed persons can all sign GAP insurance.
Vehicles purchased for cash, leased, or mortgaged can all be protected with GAP Insurance.
GAP insurance policy can be concluded to the vehicle’s value with VAT, with partial VAT, or without VAT.
Partial claims incurred during the GAP insurance period do not influence the insurance premium.
It is possible to transfer rights to a new vehicle owner.
Advantages of GAP
An additional compensation equaling the difference between the original value and the primary insurer’s compensation (up to the maximum sum insured).
Financial security in case of a total loss for a period of up to 5 years.
The remaining payments on your lease or mortgage are ensured.
Fulfilling of the remaining liabilities is guaranteed if the vehicle is leased or mortgaged.
Option to purchase a new vehicle of the same value/class as the lost one.
No disputes between Casco / third party Insurers and the Insured as for the amount of the compensation to be paid.
Swift and efficient claims handling.
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Usually, an Auto Casco policy is concluded when a new vehicle is bought. The point is to protect against possible theft or another type of total loss. Unfortunately, Auto Casco does not protect against depreciation in vehicle value and large financial losses.

The most severe depreciation in vehicle value occurs during the first 5 years of exploitation: in the case of a brand new vehicle, it might reach 75%!

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