GAP

GAP or depreciation in value insurance is a vital insurance policy that covers the depreciation in the value of a vehicle after purchase, following a total loss of a vehicle as a result of collision, theft, or fire for from three to five years.

Veritas WAGAS
GAP Coverage

We offer several variations: Return to Invoice GAP, Used Car GAP, Finance GAP, and Bonus GAP.

We also offer customized terms and plans for volume producing clients. If you are interested, please contact us today about solutions we have available.

If your customers car is lost as a result of a collision, theft, fire or flood regardless of who was at fault, the auto insurer may pay only the market value of the vehicle or may refuse to reimburse the customer for the many additional expenses he or she will incur in the event of their vehicle becoming a total loss and being written off by the auto insurer.

GAP insurance is a form of insurance against depreciation in the value of the vehicle since purchase which becomes apparent following a total loss through collision, theft or fire or flood claim  and can under our de-luxe Bonus GAP variation also covers cover your customer for the extra costs they will incur in getting around in the time the auto insurer takes to settle the claim including hiring a car and or a driver in the sum of an additional payment of $2,000 US Dollars as well as covering the depreciation cost.

 

Return to Invoice (RTI) GAP

Program dedicated to newly purchased vehicles new or used up to five years old. where there is a purchase of a vehicle. Policies may be purchased at the date of purchasing the vehicle or for 90 days thereafter.

Coverage

Full compensation for 100% of the depreciation that has taken place in the vehicle’s value since purchase of the vehicle for three years from the purchase date. Payment will cover the difference between the market value offered by the auto insurer in compensation for a total loss of the car and its original invoice value. Subject to a maximum claim value of 22,000,000 CLP

 

Terms

36, 48, 60 Months

 

Max Vehicle Age

Less than 5 years
at the commencement of the insurance policy’s coverage

Bonus GAP

This is our premium product and covers both depreciation and expenses incurred normally as a result of a total loss of the insured vehicle.
Both new and used vehicles can be insured for the full depreciation up to the maximum amount of depreciation of 22,000,000 CLP plus under the bonus GAP option an additional $2,000 (US dollars will be paid to cover additional costs such as, car hire, chauffeur or taxis, whilst the auto collision, theft or fire claim is dealt with, which can take up to six weeks.

Coverage

Standard Return to Invoice GAP/Used Car GAP + additional bonus to cover the extra costs to the customer of 1,500,000 CLP

 

Terms

36, 48, 60 Months

 

Max Vehicle Age

Less than 5 years at commencement of the GAP insurance policy coverage.