GAP Insurance

Or depreciation in value insurance is a vital insurance policy that covers the depreciation in the value of a vehicle after purchase, following a total loss of a vehicle.

Veritas WAGAS
GAP Insurance Coverage

We offer several variations: Return to Invoice GAP, Used Car GAP, Finance GAP, and Bonus GAP. We cover vehicles less than 5 years old with basic motor insurance.

We also offer customized terms and plans for volume producing clients. If you are interested, please contact us today about solutions we have available.

GAP Insurance or depreciation in value insurance is a vital insurance policy that covers the depreciation in the value of a vehicle after purchase, following a total loss of a vehicle.

Our Bonus GAP variation also covers extra costs that the customer may face in the case of a total loss claim with their insurance company, in the sum of an additional payment of $1.390.000 CLP.

 

Return to Invoice (RTI) GAP

Program dedicated to newly purchased vehicles new or used up to five years old. where there is a purchase of a vehicle. Policies may be purchased at the date of purchasing the vehicle or for 90 days thereafter.

Coverage

Full compensation for 100% of the depreciation that has taken place in the vehicle’s value since purchase of the vehicle for three years from the purchase date. Payment will cover the difference between the market value offered by the auto insurer in compensation for a total loss of the car and its original invoice value. Subject to a maximum claim value of 22,000,000 CLP

 

Terms

12, 24 or 36 Months
Longer terms may be available if required – up to 60 months if required.

Max Vehicle Age

Less than 5 years
at the commencement of the insurance policy’s coverage

 

GAP for Used Cars

Used car GAP insurance is dedicated for customers who did not take out GAP insurance when they purchased the car and wish to do so at renewal of their auto insurance when they may take out a policy within 90 days of renewal. 

Coverage

The value insured will be the value at the time of renewing the motor insurance policy according to the motor insurer, which could be on the first, second, or third anniversary of the sale of the vehicle. The sum insured will be fixed for the whole period of GAP from the date of sale of the policy and compensation paid based on the future depreciation from that fixed value. Date and the value on that date as set by the auto insurer.

Terms

12, 24 and 36 months

Longer terms may be available – up to 60 months if required.

Max Vehicle Age

Less than 5 years
at the commencement of the insurance policy coverage

Bonus GAP

This is our premium product and covers both depreciation and expenses incurred normally as a result of a total loss of the insured vehicle.
Both new and used vehicles can be insured for the full depreciation up to the maximum amount of depreciation of 22,000,000 CLP plus under the bonus GAP option an additional $2,000 (US dollars will be paid to cover additional costs such as, car hire, chauffeur or taxis, whilst the auto collision, theft or fire claim is dealt with, which can take up to six weeks.

Coverage

Standard Return to Invoice GAP/Used Car GAP + additional bonus to cover the extra costs to the customer of $2,000 (USD)

Terms

12, 24, 36 months
Longer terms may be available – up to 60 months if required.

Max Vehicle Age

Less than 5 years at commencement of the GAP insurance policy coverage.