LEXUS GAP INSURANCE

Lexus GAP Insurance is a great way to protect your investment in the unfortunate event that your car is written off. It’s simple to arrange and should you need to claim, could provide a valuable benefit to you or your business.

LEXUS GAP INSURANCE

Introduction

If your car is declared a write off by your insurance company as a result of an accident, fire or flood damage or stolen and unrecovered, your motor insurance company may only pay out the current market value of your vehicle.

The current market value is likely to be less than the amount you paid for the vehicle and if you have finance it could be less than any outstanding finance settlement.

Potentially, this could leave you with the problem of having to find extra funds to get you back into the driving seat of a new Lexus or to pay off your finance agreement.

To help avoid this situation, Lexus can offer you Lexus GAP Insurance to protect you for up to 36 months from the start date of the policy.

Lexus GAP Insurance helps you cover the shortfall in funds to cover the cost of a new Lexus or settle any outstanding finance if your car is written off.

Benefits

Lexus GAP Insurance may enable you to purchase a similarly priced vehicle or alternatively pay off the amount outstanding on your finance agreement.

What’s more, even if the finance settlement amount is greater than the Net Invoice Price, you don’t need to worry, as Lexus GAP Insurance will cover this additional amount.

For more information, please download the Lexus GAP Insurance brochure or speak to your local Lexus Retailer.

What Lexus GAP Insurance can do for you?

Lexus can offer you Lexus GAP Insurance to protect you for up to 36 months from the start date of the policy.

Lexus GAP Insurance helps you cover the shortfall in funds to cover the costs of a new Lexus or settle any outstanding finance if your car is written off.

An example of how Lexus GAP Insurance works

Net Invoice Price €50,000
This is the vehicle cost. The amount that you have paid, as it relates to the vehicle itself, it does not include non-dealer fitted options and extras such as the road tax, insurance premiums or negative equity.

Typical Market Value €24,000
This is the value of the insured vehicle (excluding contents) at the date of loss as assessed by the motor insurer.

Shortfall €26,000
This is the amount your Lexus GAP Insurance policy could pay to help you replace your car. What's more, Lexus GAP Insurance could contribute up to €500 to your motor insurance excess payment in the event of a successful claim.

If your finance settlement figure is greater than the Net Invoice Price, your claim payment will be calculated as the difference between the finance settlement figure and the market value of your car. This means you could receive a greater amount in order to settle your finance agreement.

The insurer for this policy is Aioi Nissay Dowa Insurance Company of Europe SE Registered in Luxembourg (Company Number: B232302) at 4, rue Lou Hemmer, L-1748 Senningerberg, Luxembourg and is authorised by the Commissariat aux Assurances in Luxembourg and is regulated by the Central Bank of Ireland for conduct of business rules.

This policy is administered by MAPFRE ASISTENCIA Compania Internacional De Seguros Y Reaseguros, S.A., trading as MAPFRE ASSISTANCE Agency Ireland is authorised by Direccion General de Seguros y Fondos de Pensiones del Ministerio de Economia y Hacienda in Spain and is regulated by the Central Bank of Ireland for conduct of business rules.

For details of the commission dealers receive please refer to the Commission SummaryOpens in new window.

For full details on terms and conditions, please ask your Lexus Retailer.

LEXUS GAP INSURANCE BROCHURE

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