
Retail Value Gap - Policy Summary
- Significant features and benefits of the policy
- • Retail Value GAP Insurance provides cover against financial loss in the event of Your Motor Insurer declaring Your Vehicle an insurance Total Loss.
- • Should Your Vehicle be declared a motor insurance Total Loss, the Retail Value GAP Insurance covers the financial difference between the Insured Value of Your Vehicle and the Net Invoice Selling Price on the day You purchased the policy.
- • The maximum Limit of Liability will depend on the level of cover purchased and will appear on Your Policy Schedule.
- • There is no maximum mileage limit from the date of the purchase of the policy.
- • Cover is provided for 12, 24, 36 months from the date of the purchase of the policy, dependant on the Period of Insurance You purchase and will be stated on Your Policy Schedule.
- • Cover can be purchased at any time providing the Vehicle is less than seven years old at the time of purchasing the policy.
- Significant exclusions or limitations of the policy
- The insurance excludes:
- • Any Vehicle that is not covered by a Motor Insurance Policy
- • Dealer-fitted accessories not endorsed by the manufacturer
- • Vehicles used for hire or reward, public service, competition, rallying or racing
- • Vehicles being driven by any person not holding a full UK driving licence and/or not being fully insured to drive the Vehicle
- • Any excess deducted under Your Motor Insurance Policy
- • Any loss of use of the motor Vehicle or consequential loss
- • A Vehicle that is stolen by any person who has access to the keys of the Vehicle
- • Any Total Loss by an accident which was caused when the driver of the Vehicle was under the influence of alcohol, (as defined by legal limits) or under the influence of drugs not prescribed by a medical practitioner
- • VAT if You are VAT registered
- • Vehicles over seven years old at the date of purchase of the policy
- • If the Net Invoice Selling Price of the Vehicle exceeds the Glass's Guide retail value, the Insurer reserves the right to adjust the claimed amount to reflect the actual Market Value of the Vehicle at the time of purchase. Any adjustment applicable will be deducted from the payment made under Your policy
- Policy Limitation
- Cover is restricted to Vehicles with a retail value of less than £75,000, (inc VAT).
- A full description of the conditions and exclusions is provided in the Retail Value GAP Insurance policy document.