Find out more about our GAP Insurance products. 

 

Accident Management Company 

A company instructed by you to recover your losses from a third party in circumstances of a non-fault motor accident. 

 

Acts of Terrorism 

Any act that the government of the United Kingdom considers to be an act of terrorism. The use of or threat of action, force or violence by any person or group of people acting alone or on behalf of any organisation or government for political, religious, ideological or similar beliefs. This includes trying to influence any government or intimidate the public. 

 

Administrator 

Best4 GAP, a trading name of Autoguard Warranties Ltd, is based at Building 5 Archipelago Office Park, Lyon Way, Camberley, Surrey, GU16 7ER.

 

Agent

The party, person or company who has arranged this insurance on your behalf. 

 

Contract Hire/Lease Agreement 

The hire agreement between you and the finance company for the use of your vehicle. 

 

Early Settlement Amount 

The amount required to settle the finance agreement at the date of total loss excluding any amount carried over from a previous finance agreement, any insurance premiums, additional interest charges, rebates, discounts, incentives and cash backs, arrears, title discharge fees, and any other financed amount not relating specifically to the purchase price of your vehicle. 

 

Endorsement(s) 

Statements, found in your schedule, that either show changes to the terms of your policy or terms that apply specifically to you. 

 

E.U. 

European Union member countries. 

 

Excess 

The first amount of any claim which you must pay if your vehicle is lost, stolen or damaged. 

 

Finance Agreement 

The credit agreement between you and the finance company relating to the purchase price of your vehicle. 

 

Finance Company

An authorised United Kingdom finance company you have the finance agreement or contract hire/lease agreement relating to your vehicle. 

 

GAP 

Guaranteed asset protection. 

 

Glass’s Guide 

An independent vehicle value guide published monthly by Glass’s Information Services Limited, used by the insurance industry in assessing vehicular values.

 

Grey Import 

A new vehicle destined for other markets outside the United Kingdom which has been brought into the United Kingdom by parties outside the manufacturer’s official distribution chain. 

 

Insured Value 

The value of your vehicle excluding any contents as assessed by the insurer of the motor insurance policy on your vehicle or the accident management company at the date of the total loss. 

 

Market Value 

The cost of replacing your vehicle with another of the same make, model, specification (for example, the level of equipment found in your vehicle), age, mileage and condition as your vehicle was just before the loss or damage you are claiming for by reference to Glass’s Guide. We reserve the right to have an independent valuation undertaken should the specification not be available within Glass’s Guide or it is suspected that the condition of the vehicle is such that this would affect the guide value. 

 

Motor Insurance Policy 

A comprehensive motor insurance policy issued by an authorised United Kingdom motor insurer which insures against fire, theft and accidental damage to your vehicle throughout the period of insurance. Please note: Motor trade insurance policies of any type are excluded. 

 

Motor Insurance Settlement 

The money you receive from the motor insurance policy or from a third party through an accident management company following a total loss claim of your vehicle. 

 

Negative Equity 

Any finance carried over from a previous vehicle or finance agreement. 

 

Net Sales Invoice 

The invoice for your vehicle provided by an entity registered for VAT for the purpose of providing motor vehicles. 

 

Period of Insurance 

The period of time between the start date of this policy and the earliest of the following dates: 

• The period as shown on your schedule; 

• The date on which your vehicle is repossessed by the finance company; 

• The date your vehicle is declared a total loss; 

• The date your vehicle is sold or transferred to a new owner. 

 

Proposal 

The document or declaration that records the information you gave us when you bought your policy and which your contract with us is based on. 

 

Purchase Price 

The cost of your vehicle as confirmed in the net sales invoice, less any discount given for your vehicle, any government grants, finance deposit allowances and/or dealer contributions. The net sales invoice will include factory fitted accessories, delivery for a new vehicle and up to a maximum of £1,500 for dealer fitted accessories, but excludes warranty charges, insurance premiums, new vehicle registration fees, number plates, fuel, service plans, paintwork protection applications, road fund licence fee, arrears or negative equity transferred from a previous finance agreement. In respect of vehicles used for mobility we will cover up to an additional £300 towards the modification. 

 

Salvage Value 

The amount deducted by the insurer of the motor insurance policy from a motor insurance settlement, to enable you to keep ownership of your vehicle. 

 

Schedule 

The document that names you as the policyholder and sets out what this policy covers you for. We will replace your schedule whenever you make any changes to the policy while your insurance applies. 

 

Start Date 

The date the insurance cover commences as shown on your schedule. 

 

Sum Insured (Claim Limit) 

The maximum amount that can be claimed in total during the period of insurance as stated in the schedule. 

 

Termination Charge 

The amount due to your finance company at the date of the total loss, less any rebates, refunds, arrears, maintenance charges, warranty charges, insurance premiums, road fund licence fee, number plates, fuel, paintwork protection applications, excess mileage charges, administration fees, loss of profits or recoverable VAT. 

 

Territorial Limits 

England, Scotland, Wales, Northern Ireland, the Isle of Man, the Channel Islands, any country that is a member of the E.U. and any other country shown on an International Motor Insurance Card (“Green Card”) indicating that cover is in force on the date of an incident that results in a total loss. 

 

Total Loss 

You have claimed under the motor insurance policy or through an accident management company for your vehicle as a result of accidental damage, fire or theft, where your vehicle is beyond economic repair resulting in a motor insurance settlement. 

 

United Kingdom 

England, Scotland, Wales, Northern Ireland, the Isle of Man and the Channel Islands. 

 

Your Vehicle 

The car that is shown on your schedule.