If your car is written off or stolen, your comprehensive insurer will pay out its market value — but if you still owe more than that on your loan, you're left covering the difference yourself. That's the gap GAP insurance is designed to close.

Guaranteed Asset Protection (GAP) insurance covers the shortfall between what your comprehensive vehicle insurer pays out if your car is declared a total loss, and what you still owe on your car loan. Simplify offers GAP insurance underwritten by Autosure.

• Trigger: Your vehicle is declared a total loss (written off or stolen) under a comprehensive insurance policy

• Payout gap: Your comprehensive insurer pays out the vehicle's market value, which may be less than your remaining loan balance

• GAP payment: GAP insurance can cover that shortfall, so you're not left paying off a loan for a car you no longer have

• When it can be purchased: Generally only at the time of the vehicle sale, alongside your credit contract

GAP insurance tends to be most valuable if you:

• Made a small deposit or financed close to the full purchase price

• Have a longer loan term, where the loan balance stays higher for longer relative to the car's depreciating value

• Are financing a new or near-new vehicle, which typically depreciates fastest in the first few years

• Want peace of mind that a total loss won't leave you financing a car you can no longer drive

• Mechanical or electrical breakdowns — that's what Mechanical Breakdown Insurance is for

• Everyday accidental damage, theft, or fire to the vehicle itself — that's covered by your comprehensive vehicle insurance policy

• Loan repayments if you simply can't work — that's the role of Payment Protection Insurance

GAP is designed to work alongside these other covers, not replace them.

👉 View Insurance Options & PDS Documents

GAP insurance is generally only available at the time of the vehicle sale and credit contract — it's worth discussing with your Loan Expert when you first apply for finance.

No. GAP insurance works alongside comprehensive insurance — comprehensive covers the vehicle, GAP covers the shortfall between that payout and your loan.

Simplify's GAP insurance is underwritten by Autosure. Full terms, exclusions, and benefit limits are set out in the current Product Disclosure Statement.

No — it's optional. Whether it's worth it depends on your deposit size, loan term, and how quickly your vehicle is likely to depreciate.

Want to know if GAP insurance makes sense for your loan? 👉 Contact a Loan Expert

This article is general information only and isn't personalised advice. Cover, benefits, and exclusions depend on the current Autosure Product Disclosure Statement — always read the PDS before purchasing.