Our GAP insurance Policies Pay Out In Cash
If you make a claim on one of our GAP insurance policies, once any finance company with an interest in the vehicle (if applicable) has been paid the amount due to them, the remaining funds are paid directly to the policyholder. If you didn't finance the vehicle (or the finance had already been cleared by the time of the claim), the whole sum is paid directly to you. This payment is made with no strings. You can use it against the cost of buying any car from any dealership of your choice. Or not... it's your money - do with it as you please!
This is different to some other GAP insurance providers who will either insist that they have to source your next vehicle or, will pay out in the form of a credit to either a motor dealer of their choice or the dealer you bought the original vehicle from. Some GAP insurance providers even have Replacement GAP insurance policies, which they'll charge you more for, which state that if you're not replacing the vehicle at the time of claim, they'll only pay out on an Invoice GAP insurance basis.
Our view is that a policy that does not pay out in cash to the policyholder is considerably more restrictive in terms of the choices available to you at the time of claim - depending on the circumstances that led to your vehicle being written off you might not want the same vehicle again, you may not want a vehicle from the same dealership/manufacturer again... you may event not want a vehicle at all.
A cash payout is the least restrictive payout and, leaves you with the freedom of choice. Don't settle for anything less!