Tweet
Hoping for some advice about my GAP Insurance Policy.
My car is currently in the process of being written off, luckily I have GAP insurance but I need some help understanding how much I will be paid out.
The policy details state:
''MINI shortfall insurance has been designed to cover the 'gap' between the motor insurance settlement and either the amount you paid for the vehicle or the finance early settlement balance payable by you to the finance company if the vehicle is decalared a total loss.''
On the Customer Schedule page it states that my 'Benefit' is £14,404, which is the full price of the car when I bought it. Link to a screenshot : https://imgur.com/a/MLt0O6L
If my insurance company pays out £8000, does this mean I'm guaranteed to get the remaining £6404 from the GAP Insurance or can they decide to only pay off my remaining finance and I'll lose my deposit and the payments I have made so far?
Also there is this section which I'm not sure I understand:
''If you retain the insured vehicle after any motor insurance settlement has been paid, we reserve the right to reduce the settlement under this policy by the value of the insured vehicle retained by you.''
Does this mean that if I bought my car back from the insurance company to repair it myself, the GAP Insurance could pay out less?
Thanks in advance.
My car is currently in the process of being written off, luckily I have GAP insurance but I need some help understanding how much I will be paid out.
The policy details state:
''MINI shortfall insurance has been designed to cover the 'gap' between the motor insurance settlement and either the amount you paid for the vehicle or the finance early settlement balance payable by you to the finance company if the vehicle is decalared a total loss.''
On the Customer Schedule page it states that my 'Benefit' is £14,404, which is the full price of the car when I bought it. Link to a screenshot : https://imgur.com/a/MLt0O6L
If my insurance company pays out £8000, does this mean I'm guaranteed to get the remaining £6404 from the GAP Insurance or can they decide to only pay off my remaining finance and I'll lose my deposit and the payments I have made so far?
Also there is this section which I'm not sure I understand:
''If you retain the insured vehicle after any motor insurance settlement has been paid, we reserve the right to reduce the settlement under this policy by the value of the insured vehicle retained by you.''
Does this mean that if I bought my car back from the insurance company to repair it myself, the GAP Insurance could pay out less?
Thanks in advance.
