GAP (Guaranteed Asset Protection) Insurance – Optional Cover
If you’ve got finance owing on your car, it really makes sense to add GAP insurance
‘GAP’ insurance will pay the difference between the Carminder Comprehensive Vehicle insurance pay out and what is left owing on the finance, to a maximum of $10,000, in the event you have a car accident and your car is written off.
If you still owe money on your vehicle and it’s written off, the insurance pay out can be a lot less than what is left owing on the finance – leaving you with a bill to pay for a car you can’t even drive!
The reality is, the value of your car depreciates as soon as you buy it.
So if you’ve got finance owing on your car, it really makes sense to add GAP insurance to your policy to make sure you’re not left out of pocket in the event of a car accident.
There are three different levels of GAP cover available
You can choose from Basic, Silver and Gold cover.
Basic Cover: Standard $10,000 cover only
Silver Cover: Standard $10,000 cover, plus $1,000 of additional extras
Gold Cover: Standard $10,000 cover plus $2,500 of additional extras
Additional extras only apply to Gold and Silver cover, and include:
- Replacement vehicle registration costs
- Replacement vehicle delivery costs
- Replacement Carminder Comprehensive or Third Party Vehicle insurance costs
- Rental vehicle costs
- Deposit on a replacement vehicle
- Policy excess reimbursement
Some things you need to know
As with all great services, some terms, conditions and exclusions apply and these are outlined in the Co-op Insurance NZ GAP Policy Document which is available from your credit union, or Co-op Insurance NZ.
How do I apply for GAP Insurance?
If you’re a credit union member, simply ask your credit union about adding GAP insurance to your vehicle policy now or you can phone us direct on 0800 369 258. You can also send us an enquiry here, and we’ll be in touch soon.