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OVERVIEW
FINANCE GAP INSURANCE
If, for example, your vehicle cost you £22,000, its market value may have become
£14,000 after 2 years, and this is what you will receive from your motor insurance
company (minus any applicable excess). Your outstanding finance balance could be
£17,000. This means you could still owe the finance company £3,000. Alfa Romeo
Insurance Finance GAP Protection can insure you are covered against this situation.
What is Finance GAP Insurance?
Should your vehicle be declared a total loss:
It could pay the difference between your motor
insurance payout and the amount outstanding
on your finance agreement*.
– Covers you for the full term of your finance
agreement up to a maximum of 5 years,
subject to your payment of the premium
when due and subject to your finance
agreement not becoming 3 months or more
in arrears
– Is available for new and used vehicles
– Covers insurance excess up to £250
FINANCE GAP INSURANCE
– Is simple to arrange when you take out your
finance agreement
– Pays out up to:
Max Vehicle Cost Max Cover up to
£0 - £14,999 £7,500
£15,000 - £100,000 £15,000
– Market Value Clause: If you need to make
a claim, our claims handler TWG Services
Limited will be able to advise you of the
correct market value for your vehicle, to help
you obtain the full amount from your motor
insurance company.
Please ensure you contact TWG Services
Limited before accepting any offer from your
motor insurance company.
* No amount will be payable in respect of any credit provided
under the finance agreement which exceeds 120% of the
insured vehicle’s retail market value at the date of purchase
as set out in Glass’s Guide.
Additional Important Information
Here is a brief summary of other important information about the
GAP insurance available through Alfa Romeo Insurance.
Please be aware that this brochure does not contain the full terms
and conditions of the policy. These can be found in the policy
document which is also available upon request.
Am I eligible for GAP insurance?
You are eligible to take out protection if on the policy start date:– you are an individual, you are over 18 years old; and– you are resident, or if you are a company are registered, in the United Kingdom, Channel Islands or the Isle of Man; And the insured vehicle:– is the sole vehicle listed in the finance agreement if any); and– is covered by comprehensive motor insurance; and– is a private car, or (light commercial vehicle up to 7.5tonnes, forFinance GAP only).– is registered in the United Kingdom, and was first registered following manufacture no more than 8 years before the Policy start date; and– has an original purchase price* of no more than £100,000 at the date of purchase; and– has a mileage not exceeding 80,000 miles; and– is not an American make of vehicle unless:– it was manufactured as a right hand drive; and – purchased from an authorised UK distributor and not imported directly; and – is not an emergency vehicle, taxi, courier vehicle, bus, truck,motorcycle, motor home, trailer, heavy goods vehicle, licensed private hire vehicle, daily rental vehicle or invalid carrier; and – has not been modified other than in accordance with the manufacturers specification.
Where am I covered?
The vehicle is covered in the UK, Channel Islands, Isle of Man and
the European Economic Area (subject to your comprehensive motor
insurance being valid whilst you are in the European Economic Area)
No benefit will be paid:– if the insured vehicle is not covered by fully comprehensive motorinsurance at all times– if the driver of the insured vehicle at the time of the total loss was driving illegally (including but not limited to driving withouta valid licence or whilst driving under the influence of alcohol ordrugs) except in the event of theft– if you are offered a replacement vehicle under the terms of yourcomprehensive motor insurance†– for any finance due on or carried across to your insured vehicle from previous finance agreements (if any)– for any motor insurance excess above £250 or if the motor insurance excess is recoverable from a third party.† In this event, subject to certain conditions, you may be allowed to transfer the policy to your replacement vehicle for the remainderof the original policy term. Please refer to section 7 of the policy document for details. A full list of exclusions is contained within section 4 of the policydocument.
Any benefit under this policy is conditional upon you receiving a total loss payment under your comprehensive motor insurance.
What am I not covered for?