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In the event that your car is damaged beyond repair or stolen and not recovered, the amount paid by your comprehensive insurer may be less than the amount still owed to your financier.

This difference is what we call ‘GAP’. Eric’s GAP insurance can pay to cover this shortfall, depending on the cover chosen, and in addition may pay for any incidental out of pocket expenses incurred along the way.

Key Benefits

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Term of Loan Coverage

The period of insurance is governed by the term of the loan up to a maximum of 84 months as long as the vehicle is comprehensively insured at the time of a claim.

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Private Expenses Benefit (if no Shortfall)

In the event of a total loss where there is no Shortfall, you will receive up to $2,000. Also applies where your finance contract has been paid out early.

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Private Expenses Benefit (with Shortfall)

Depending on the cover level, a benefit of up to $10,000 will be paid directly to you for private expenses incurred as a direct result of the total loss.

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No Excess

No excess is applicable on claims.

Eligibility

  • You must be at least 18 years of age at the commencement of the Period of Insurance;
  • You must be the registered owner of the Vehicle;
  • During the Period of Insurance your Vehicle must be covered by Comprehensive Vehicle Insurance;
  • You must have a liability under the Finance Contact; and
  • The Finance Contract must be for one of the following:
    • a motor vehicle (including trucks up to 22 tonnes);
    • a motorcycle;
    • a boat;
    • a caravan;
    • trailered pleasure craft;
    • campervans; or
    • any other vehicle approved by us.
  • Vehicle must not be used for excluded purposes (hire / taxis / rental vehicles / rideshare / courier / delivery, including fast food delivery)

Find Out More

The information on this page is a summary only. For full terms, conditions, exclusions and key factors that influence the cost, please refer to the Product Disclosure Statement (PDS).

Ask your dealer or broker today!

Gap Insurance is only distributed by our Authorised Representatives. Ask your dealer or broker today if they are an eric Authorised Representative.

Frequently Asked Questions

I have paid out my loan to the Financier. Can I cancel my Guaranteed Asset Protection Policy?

The policy can be cancelled with a written request and if a payout completion letter is forwarded. Any applicable rebate left on the policy will be refunded to the insured.

Can I give someone authorisation to discuss my policy or make changes on my behalf?

Any person can be authorised to amend the policy as long as they have written permission from the main insured to do so. Authorisation can be provided via e-mail to underwriting@ericinsurance.com.au quoting the policy number, or via mail to PO Box 9106 Scoresby Victoria 3179.

How do I update my direct debit details for the payment of policy premiums?

You can contact us directly via e-mail at underwriting@ericinsurance.com.au or via phone on 1800 999 977. Alternatively you can contact Victory Funding Pty Ltd on 1300 582 809 for the cost of a local call.

 

GAP Insurance is issued by Eric Insurance Limited ABN 18 009 129 793 AFSL 238279 (eric). This website may contain general financial product advice that does not take into account your personal financial circumstance.

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