Financial Shortfall Insurance

Financial Shortfall Insurance is the minimum Gap insurance you should have.

Vehicles drop in value enormously in the first three years and should the vehicle be written off or stolen you could well find that the amount outstanding to the finance company is more than the your comprehensive motor insurer is prepared to pay

The easiest way to explain the benefits of Financial Shortfall Insurance is to provide an example:

Example - Vehicle purchased on finance:

• You have purchased a new car for £16,000
• 6 months later it is either written off or stolen
• The vehicle was purchased on finance with a £2,000 deposit, payable over 3 years at £323 per month with a final payment of £5,000
• Your comprehensive insurer has offered you £13,000

Without Financial Shortfall Insurance

• The settlement figure after 6 months based, on the above figures, would be approximately £13,713 ( equal to the outstanding 31 payments, plus the final payment less an interest rebate of around £1,300.)
• You will not only be without a car, but will also have to pay £713 in order to settle the outstanding finance on your old one.

The benefit

• With Financial Shortfall Insurance our insurers will pay off the additional outstanding finance and the excess payable under your policy.

For full policy details, please visit our downloadable Policy Details section.

Please do not hesitate to contact us if you have any questions.

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