GAP Insurance

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GAP Insurance by smart

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Your smart vehicle is a precious investment, and one you will want to protect with a policy that has a high level of benefits. In the event of a total loss and potential shortfall in the motor insurance pay-out on the vehicle value, we will help put you in the position to replace the loss with a vehicle that lives up to your original investment.

To determine which GAP Insurance product is best for you, your Business Manager will be pleased to assess your needs and will only offer you insurance products that they believe will benefit you.

This product is also available for Hire and Reward vehicles. Speak to your Business Manager for further information and policy costs.

 

 

 

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How GAP works

What is Combined GAP Insurance by smart?

It offers you the opportunity to not incur financial loss if your smart is written off and is not replaced by the motor insurer; when your motor insurer may only pay out the market value at the time of the loss.

If you have chosen to finance your smart?

Combined GAP Insurance by smart makes up any shortfall between your comprehensive motor insurance settlement offer and the original purchase invoice price, or if greater the shortfall between the finance settlement.

If you purchase your smart as a cash buyer?

Combined GAP Insurance by smart makes up any shortfall between your comprehensive motor insurance settlement offer and the original purchase invoice price.


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What is Lease GAP Insurance by smart?


In the event of your smart being written off, our product is designed to protect you against the risk of any shortfall in your lease agreement.

Following the comprehensive motor insurance settlement, Lease GAP Insurance by smart will pay the difference between this and the cost to clear your lease agreement and help you start a new one.


How GAP Insurance pays out

Combined GAP Insurance example

If you paid £14,000 for your smart and it is written off and your motor insurance company agree to pay out £10,000. Combined GAP Insurance by smart will pay-out £4,000, making up the shortfall between the price you originally paid.

Lease GAP Insurance example

Your vehicle is written off and your motor insurance company agree to pay out £10,000 but you still owe £14,000 on your lease agreement. Lease GAP Insurance by smart will pay-out £4,000 to clear your lease agreement and help you start a new one.


Product Features Combined & Lease GAP Insurance by smart
Vehicle Age Cover Up to 10 years
Dealer Manufacturer Fitted Accessories Cover £1,500
European Cover (per annum) 90 days
Vehicles costing up to £75,000 claim limit is up to the purchase price
Vehicles costing from £75,001 to £200,000 claim limit is up to £50,000
Motor Insurance Excess Cover Up to £250
Policy Transferable*
Cover available for Lease products
Cover available for Hire and Reward Vehicles#
Cover available for business users
Road Fund License contribution up to £200
Paint protection/Star Guard when detailed on the original supply invoice will be part of a valid claim
Lease GAP only  smart Combined & Lease GAP Insurance
Contribution towards a replacement vehicle under a new Contract Hire or Lease agreement up to three (3) monthly rentals to a maximum of £2,500 (including VAT)

* Subject to an administration fee, terms and conditions apply. #For Hire & Reward vehicles maximum invoice price = £125,000

Combined GAP Insurance and Lease GAP Insurance are accepted and underwritten by Lloyd’s Syndicate 1861 which is managed by AmTrust Syndicates Ltd on behalf of AutoProtect (MBI) Limited. AmTrust Syndicates Ltd, 47 Mark Lane, London EC3R 7QQ is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. AutoProtect (MBI) Ltd is authorised and regulated by the Financial Conduct Authority. FCA No. 312143.

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Where can I purchase GAP Insurance by smart?


The product can be purchased via a participating smart Retailer. For further information please speak to your Business Manager.


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To make a claim

If you would like to report a claim for a policy that was purchased after March 2014, please contact our Claims Department on: 01279 456 507.

If you purchased your policy before March 2014 please see the FAQS.

To ensure your claim can be processed, please ensure you have the following details ready;

  • Your policy number
  • Vehicle registration
  • Current mileage

Open 9.00am – 5.00pm Monday to Friday and Saturday 9.00am – 12.00pm

The product is only available at participating smart Retailers.

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