Opteven launches next level GAP insurance

Opteven has launched a new Combined Return to Invoice and Financial Shortfall GAP Insurance as part of its Safe&Sound^® range. Designed to help users get back on the road in a similarly priced vehicle if their car is written off, the new fully insured GAP product now has a number of added benefits including protection against total loss, insurance excess cover and vehicle replacement cover.

Replacing Opteven’s previous Guaranteed Asset Protection (GAP) product, the insurance primarily seeks to provide an additional level of cover for the vehicle owner. Should the vehicle be written off or declared a total loss as a result of accidental or malicious damage, fire, theft or flood damage, the GAP insurance will cover the difference between the insurance payout offered and the value of the car when it was purchased.

The Combined GAP Insurance is suitable for owners who have either bought their vehicle outright at time of the purchase or have an outstanding Finance Agreement with a term of less than or equal to 60 months.

In the event of total loss, the policy will pay for the greater of either the return to invoice difference, the financial shortfall or the amount equal to the premium paid for the policy.

In addition, the new GAP also includes the benefits of temporary vehicle replacement cover and excess cover up to £500 – even if the vehicle is not written off or declared a total loss.

“We’re pleased to launch our new GAP Insurance to the market,” commented Andrew Waite, Retail Sales & Customer Services Director at Opteven. “Not only does GAP provide customers with peace of mind that their vehicle investment is safe, but the additional cover offered by our new combined product enables customers to increase their comprehensive insurance excess to reduce their premium, safe in the knowledge that the excess is covered. It’s a great additional selling point for dealers.”

GAP Insurance is offered as part of our suite of added value products alongside Tyre & Alloy, SMART Repair, SMART & Alloy Repair and MOT Insurance.