Protect yourself from the GAP.
Many people choose to borrow money from a finance company to help them buy the vehicle they desire. Motor Equity (GAP) insurance, is designed to pay any potential shortfall (up to the policy limit) between the comprehensive insurance total loss payout and the outstanding loan balance. Shortfalls can be quite common depending on “market” or “agreed” value payouts on insurance policies as well as the depreciative nature of motor vehicles.
Choosing the GAP cover that’s right for you
Coverage through our panel of insurers is available over a specified range of maximum benefits from $10,000 to $30,000.
Coverage also comes with a specified level of Extras cover ranging from $1,000 to $10,000 to cover additional costs such as:
- On-road costs
- Any required excess under the Comprehensive Motor Vehicle Insurance policy
- Hire car expenses
- CTP insurance
Speak to Birchgrove today on 1300 522 355 or talk to your Business Manager when arranging your finance.