AMS GAP Cover

AMS GAP Cover

AMS

Combined Full Pay-out GAP - Finance Shortfall / RTI -Return to Invoice

This is our most popular GAP product with dealers throughout the UK and accounts for some 80% of all GAP products sold as it provides the most flexible and comprehensive cover available meting the requirements of both cash and finance customers.

Combined

GAP - Finance Shortfall / RTI -Return to Invoice

Pays the difference between the customers' write-off insurance settlement and the vehicle's original invoiced cost - or outstanding finance on any type of agreement including contract hire, whichever is the greater.

Max. vehicle age: 10 years, no mileage limit.

Max. value: £125,000

Motor Excess Included: up to £250

Terms: 1 to 4 years

Choice of benefit: £5K, £10K, £15K or £25K

Vehicle Types: Cars, vans, motorcycles, motor scooters

12 Month Extendable Cover Available

Claim Examples

RTI
Return to Invoice Claim Example

A Invoice Price £20,000
B Less Motor Insurance settlement £12,000
C Outstanding Finance £6,000
D RTI GAP Claim 'A - B =' £8,000
E Market Valuse Glass's Guide Retail N/A
F RTI GAP Settlement 'C' £8,000

 

As 'A' is greater then 'C' this is an RTI claim, i.e. the difference between 'A' the invoice price £20K and 'B' the motor insurance settlement £12K = 'D' £8K. AMS will also pay-off 'C' the outstanding finance of £6K direct to the finance company and the balance, i.e. 'D' - 'C' of £2,000 to the customer

GAP Finance
Shortfall Claim Example

A Invoice Price £20,000
B Less Motor Insurance settlement £12,000
C Outstanding Finance £21,000
D GAP Shortfall Claim 'C - B =' £9,000
E Market Valuse Glass's Guide Retail N/A
F GAP Shortfall Settlement 'D' £9,000

 

As 'C' is greater then 'A' this is an Finance Shortfall claim, i.e. the difference between 'C' the outstanding finance of £21K and 'B' the motor insurance settlement £12K = 'D' £9K.