Guaranteed asset protection with gap cover
As something that is often overlooked, gap insurance is one of the most beneficial policies that a car owner could ever purchase. This is because of the nature of loan policies implemented by so many credit providers and the lack of communication of an all-to-often shortfall between the amount left to pay out your loan and the amount that will be paid out by your insurer.
It’s common knowledge that a car is not often something that one buys as an investment. You are probably already aware that a new car loses up to 20% of its value the exact minute that it’s purchased. This is not exclusive to new cars, as used cars also quickly and inevitably lose their value. Financing a car is also very likely accompanied by a bundle of additional costs that, once paid for, cannot be recouped, including the likes of sales taxes, title fees, emission fees and registration.
What is gap cover? Also known as shortfall insurance, Guaranteed Asset Protection is a safety net that accounts for the difference between the actual cash value of a vehicle and the balance still owed on your car’s financing plan in the event of a total loss. Just as with any product or service purchased on credit, the applicant may owe more than the vehicle is actually worth. If your car is stolen or written off in an accident, gap insurance will help to pay off the balance of the loan, often equating to thousands of dollars. Your car loan gap insurance will cover this shortfall amount up to the stipulated policy limit or level of gap cover chosen.
Yes Loans offers comprehensive gap cover insurance with benefits that put you, the client, first. We pay any difference directly to your loan company on your behalf, freeing up your time and also making extra funds available that may be used in assisting you to purchase a new vehicle subject to policy limits and benefits payable. The finance gap insurance premium for any one of your cars can be also included in your loan payment cost, subject to availability.
All insurers have varying plans and policies regarding the cover you have chosen, resulting in differing benefits and limits. Thus, it remains important to read the Product Disclosure Statement from your product issuer to ensure that the policy selected serves suitable for you.
With Yes Loans, applying for car gap insurance is quick and easy. We highly recommend shortfall insurance, which is why our application process was built around convenience, saving you time and allowing for a quick response that will get you covered without the usual hassle.
Apply now on our website or submit an enquiry form for one of our professional insurance consultants to contact you promptly. Also, don’t hesitate to call us on 08 9472 3000 for a more immediate and direct consultation now.
Say YES to comprehensive gap cover. Say YES to a quick and easy application. Say YES to Yes Loans today!