ŠKODA GAP INSURANCE

Less of a headache

ŠKODA Insurance products are designed to ease the pain, ensuring that if the unforeseen happens you and your Volkswagen have the best protection available.

Our Gap Insurance (also known as guaranteed asset protection) helps to bridge the payment gap between the settlement amount from your motor insurer and the original purchase price of your car or the outstanding finance.

So if your car is written off, or stolen and not recovered, the additional worry of finding the money to purchase a replacement ŠKODA could be taken away.

We think you deserve another new ŠKODA if yours is no longer with us. So Volkswagen Gap Insurance provides you with a range of cover to choose from:

  1. Return to invoice price
    Pays the difference between the original purchase price of your ŠKODA and the total loss settlement paid to you by your motor insurer.
  2. Outstanding finance
    Pays the difference between any outstanding finance (excluding any arrears) on your ŠKODA and the settlement paid to you by your motor insurer.
  1. Return to invoice price and outstanding finance
    Combines the advantages of return to invoice price and outstanding finance. Paying the difference between the total loss settlement paid by the motor insurer and the original purchase price or the amount required to settle the finance agreement, whichever is greater.
  2. Lease charges
    For vehicles financed on a contract hire agreement, lease charges pays the difference between the motor insurance payout and the amount required to settle the agreement.

The original purchase price includes all factory fitted accessories and any discount given but excludes ŠKODA retailer fitted extras or accessories, road fund licence, new vehicle registration fee, fuel, paintwork and/or upholstery protection kits, insurance premiums, warranty premiums and any such associated costs and any negative equity.

How does gap insurance work?

If, for example, you purchased a vehicle costing £10,000 and it is written off after 15 months, your motor insurer may only pay out the current market value which might be £6000. To replace your ŠKODA with another model worth £10,000 you will need to find £4,000. However, with our return to invoice price cover we could pay you the missing £4,000.

With our outstanding finance product the gap insurance payment would only be sufficient to cover any charges (up to a maximum of £10,000) that would need to be paid in order to fully settle your finance agreement.

How can I arrange gap protection?

Arranging ŠKODA Gap insurance is really easy. Just contact your local retailer and they will be able to explain everything.

Terms and conditions apply.

ŠKODA Insurance is a trading name of Volkswagen Financial Services (UK) Limited, Brunswick Court, Yeomans Drive, Blakelands, Milton Keynes MK14 5LR. Registered in England number 2835230. ŠKODA Insurance gap insurance is underwritten by MAPFRE Asistencia Compañia International de Seguros y Reaseguros Sociedad Anonima. Registered in England number FC021974. Registered offi ce: Alpha House, 5th Floor, 24A Lime Street, London EC3M 7HS. ŠKODA Insurance gap insurance is administered by Abraxas Insurance Administration Service Limited. Registered in England number 02928787. Registered office: One Glass Wharf, Bristol BS2 0ZX. Volkswagen Financial Services (UK) Limited, MAPFRE Asistencia Compañia International de Seguros y Reaseguros Sociedad Anonima and Abraxas Insurance Administration Service Limited are authorised and regulated by the Financial Services Authority (FSA). Details of authorisation can be checked on the FSA's register by visiting the FSA's website: www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. Volkswagen Financial Services (UK) Limited is not part of the same corporate group as MAPFRE Asistencia Compañia International de Seguros y Reaseguros Sociedad Anonima and Abraxas Insurance Administration Service Limited.