The market value of your car at the time of the incident is used by most motor insurance companies to determine the total loss of payment. Any depreciation in the vehicle value would potentially be a loss incurred by you, and you could be left without a car plus the burden of settling any outstanding finance.
If your vehicle is written off or stolen and is declared a total loss by your motor insurer, GAP will cover the difference between the vehicles market value and the net invoice price you paid for it or any outstanding finance (whichever is greater).
Whether you have purchased your vehicle on finance or in a different way, Combined Return to Invoice & Financial Shortfall GAP Insurance could return you to the original position you were in when you first purchased the vehicle.
In the event of a declared total loss of the insured vehicle after the start date and before the end date of your policy, GAP Insurance will pay a maximum benefit equal to the difference between your motor insurance settlement and the original invoice purchase price of the insured vehicle, or if the figure is greater, the amount you require to pay your finance early settlement amount.