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Guaranteed Asset Protection Insurance (GAP)
Now, what's this magical Guaranteed Asset Protection Insurance (GAP), you ask? It's your shield against losses when your ride becomes a total loss, where the insurance payout may be significantly less than what the car lender is owed.
If your vehicle is declared a total loss and there is a shortfall between the total loss settlement and the outstanding amount you owe your financier for the vehicle loan GAP Insurance swoops in, pays off your car loan in full, and hands over the money to your lender alongside the car insurance money. Boom! Say goodbye to that car loan – it's official history.
Borrowing to pay for various costs associated with buying a car such as registration
Comprehensive insurance premium
Consumer credit insurance premium
No deposit or trade-in at purchase
Depreciation of the value falling faster than the loan
In a Comprehensive Insurance claim, if insurers value your vehicle less than your outstanding loan, the difference is the gap, requiring additional payment.
But wait, there's more – GAP comes with a bunch of cool benefits, like reimbursements for:
Do I have to pay a premium every year?
No, you pay one premium, once only and you are covered for the duration of your loan.
Kiwi Car Loans is the home of great rate finance approvals. We have access to a variety of finance options, and we look to find you the best finance options.
Our experienced team is here to help you at each step, ensuring a smooth and stress-free experience.
We’re here every day of the week to bring you fast and the best finance approvals to suit your requirements.
Save more with our low finance rates and enjoy smaller, more manageable monthly payments.
Our friendly team speaks multiple languages to make the loan process easier for everyone.