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Our GAP premium covers you for the entire term selected. It is a one-off price and not the price per year.
What is Contract Hire Gap Insurance?
In the event of your vehicle being written off in an accident or stolen, our Finance, Lease and Contract Hire Gap Insurance can offer priceless financial protection. It will pay the difference between the outstanding finance balance and the settlement you receive from your motor insurer.
Cover will include up to a maximum of £250 motor insurance excess.
How does Contract Hire, HP and PCP Gap Insurance work?
Let’s say that at the point where your car is declared a total loss, you owe £20,000 on your finance agreement. However, due to depreciation and other factors, your car at that stage may only be valued at £14,000, which is the settlement you receive from your motor insurance provider.
That potentially leaves you with a hefty £6,000 shortfall on the finance agreement – an amount that you may not be able to come up with. But by taking out Finance Gap Insurance via Riviera Insurance Services Limited you’ll have protected yourself, as your policy will ensure that we’ll cover that £6,000 deficit.
What is total loss?
Only your insurer can declare the vehicle a total loss which in general can result from accidental damage, your fault or third party fault, fire, theft or vandalism.
Total loss means that you have claimed under your motor insurance, your claim has been agreed, your vehicle has been forfeited (title of the vehicle transferred to the motor insurer) and a payment made following the incident.