The Risk
Because vehicles, particularly working vehicles, tend to depreciate quickly during the first years of ownership, there is an increased chance that in the event of a total loss claim, your motor insurer’s ‘market value’ settlement will not be enough to cover the outstanding finance amount. The ‘unused’ element of your deposit may also be lost.
The Product
For the benefit of our customers, Scania Insurance has built Scania GAP Plus Insurance to provide protection for the amount left outstanding on a finance contract following payment by motor insurers of a total loss claim. In addition, for vehicles financed by Scania Finance Great Britain Ltd, Scania GAP Plus Insurance provides insurance cover for a proportion of the deposit paid on a vehicle, allowing for easier replacement.
Eligibility
Any new or used commercial vehicle and passenger car, regardless of make, which is comprehensively insured by a UK registered motor insurer.
Cover
The premium per vehicle provides the selected level of cover for loans up to a maximum term of 7 years. In addition the insurer will also pay up to £300 towards any policy excess that may apply plus a proportion of the deposit paid on the vehicle according to the formula set out in the policy wording. Please note the deposit cover is only available for vehicles financed by Scania Finance Great Britain ltd
Advantages
Debt cleared allowing easier replacement of written-off vehicle. Proportion of deposit paid as a benefit to contribute towards cost of a deposit for new vehicle. Furthermore lengthy claims negotiations should be alleviated and vehicle downtime reduced.
Exclusions
Foreign registered vehicles. UK registered vehicles used on the continent (including Eire) will be covered as long as the UK registered motor insurer has extended cover.
How to arrange Cover
To effect cover simply ask your Regional Finance Manager or contact Scania Finance Great Britain Ltd, whereupon a quote and cover can be arranged. Upon receipt of the premium, your policy will be dispatched within 30 days. We can also provide cover for any of your other financed vehicles, even where the finance is not provided by Scania Finance Great Britain Ltd.
Contact our Insurance Team today to find out what we can do for you and your business. Call 0870 907 9610.
