Mocden Insurance Consultants
Mocden Insurance Consultants
International Insurance Experts
International Insurance Experts

Gap Insurance/Gap Waiver


We can source insurance capacity and design or vary traditional Gap Coverages such as:


  • Return To Invoice - pays the difference between the amount paid by the underlying primary motor insurer and the original invoice price of the insured vehicle;


  • Vehicle Replacement - pays the difference between the amount paid by the underlying primary motor insurer and the purchase price of a new vehicle of a simialr make or model;


  • Financial Shortfall - pays the difference between the amount paid by the underlying primary motor insurer and the outstanding finanace on their vehicle. 


Add-Ons and Variations of Gap

  • Excess Loss Gap (Deductible Reimbursement) - will reimburse the insured for the deductible on their underlying motor insurance policy:


  • Total Loss - pays the deductible on the underlying policy;


  • Partial Loss - pays the deductible on the underlying insurance policy.


  • Rental Vehicle Extension - All Losses - pays the insured a fixed daily amount towards the cost of a rental car provided the insured has Loss of Use coverage on their underlying insurance policy up to a pre-defined limit.


  • Enhanced Limited Depreciation on Used Vehicles - pays the difference between the depreciated value of the vehicle  (the write off value) and the original purchase price of the vehicle, plus 5% per year.


  • Genuine Body Parts Replacement - Partial Losses - provides up to [pre-define limit] per year towards the purchase of a new manufacturer supplied replacement body parts in the event the vehicle is damaged due to a Collission or Comprehensive Claim. Coverage is limited to a period of 3 years for vehicles for new current model year vehicles, and 2 years for new preceding model year vehicles.


  • Deposit Gap Insurance - allows the customer to enter into a finance agreement for the purchase of the vehicle, where they do not have the deposit required by the financier and in the event the vehicle is repossessed or voluntarily surrendered because they cannot meet the loan repayments, pays the financier an amount up to the debt outstanding or the level of cover selected, whichever is the lower amount.


  • Default Gap Insurance - in the event the customer misses 3 monthly instalments of an unsecurred loan, as the result of a specified peril, such as involuntary unemployment, disability or marital breakdown, and the Debtor has exhausted all means of recovery, pays the lesser of 10% of the purchase price of the vehicle or the amount owed to the debtor. 


  • Smart Gap - pays a fixed amount following a theft of a vehicle which is not recovered within 30 days. Usually offered to enhance the product offerings of any devices or other technologies to prevent theft.


  • Scratch and Dent Cover - pays the cost of Parts and Labour to the vehicle in the event of accidental damage to the bodywork or alloy wheels of the vehicle. It covers minor body chips and scratches, scuffed bumpers, ding and dent removal, alloy wheel scuffs. Cover periods 12, 24  and 36 months.    

For further information please contact us.