Guaranteed Asset Protection

Make a Claim - Guaranteed Asset Protection

If you have a car loan and your car is stolen or a total loss in an accident, and your car insurance claim payment isn’t as much as the amount you still owe on your loan, we're here to make sure your claim is as easy and stress-free as possible.

3 Simple Steps to Making a Claim (based on your claim being accepted)

1. Once your car insurance claim is settled, give us all the relevant information about that claim along with written statements, certificates, evidence of ownership and any other supporting information that we may require.

2. We’ll contact you within 24 hours of receiving your information to discuss it or give you your claim number.

3. We’ll manage the process and payments with your finance company, and keep you updated on progress.

We’re here to help, so please feel free to call us on 0800 674 678 or email us at newclaims@dplinsurance.co.nz with any questions.


FAQs

Q  What is GAP Insurance?
A  GAP stands for Guaranteed Asset Protection (Insurance). GAP Insurance is to protect you against financial loss (shortfall), in conjunction with your comprehensive motor insurance policy, if your vehicle is written off or stolen.

Q  What is a ‘total loss’ in relation to GAP Insurance?
A  Total loss means the insurer of the comprehensive motor vehicle insurance has declared that the vehicle is uneconomic to repair, or is stolen and remains unrecovered.

Q  Is my motor insurance excess covered?
A  Yes. If we accept your GAP claim we will also reimburse the excess you paid, up to maximum of $1,000.


Ashley’s Story

Last year I took out a loan to buy my car, but six months later it was stolen. 
 
Not having my car was so frustrating - I need it every day to get to work and drive my kids around. I always thought that the amount I paid for it is what I’d get if it was stolen. But it turns out that my car insurance policy was for market value (as most are in NZ it seems), and that’s the amount it was worth when it was stolen, not what I originally paid.

DPL Insurance were really helpful. They took the time to explain everything to me and settled my claim really fast. But, even though they paid out a lump sum to my finance company quickly, it wasn’t as much as I still owed on my loan. So I still owed $5,000 to my finance company.

This was awful! I hadn’t done anything wrong, but I now had no car, debt on the car I didn’t have, and I needed to take out a new loan for a new car.
 
I’m just so thankful that the car dealer had told me about Guaranteed Asset Protection (GAP) Insurance, as I hadn’t even heard of it before I bought this car. Luckily my GAP policy was also with DPL insurance and they paid the $5,000 shortfall quickly, so that I could get things sorted.
 
I now have a new car, a new car loan, and insurance (including another GAP policy), so my family and I don’t need to worry about this ever happening again.


Here’s how the figures look

 $10,000  Loan outstanding balance
-$ 5,000   Car insurance claim payment (less excess $300)
 $ 5,000   Balance still owning on loan / shortfall
-$ 4,700   Mainstream GAP claim payment
-$    300   Mainstream GAP additional benefit (for excess)
 $        0   Loan outstanding balance


* This is based on a true story, but the name and some of the details have been changed to protect our customer’s privacy.