Opteven launches ‘next-level” GAP insurance with added benefits

Opteven has launched a ‘next-level’ insurance product designed to help car owners get back on the road with a similarly priced vehicle if their car is written off

The new and improved Combined GAP Insurance within its Safe&Sound range offers several new benefits, including total loss protection, insurance excess cover, and vehicle replacement cover.

Replacing Opteven’s previous Guaranteed Asset Protection (GAP) product, the new insurance provides an extra layer of financial security for vehicle owners.

In the event of a total loss due to accidental or malicious damage, fire, theft, or flood, the Combined GAP Insurance covers the difference between the insurance payout and the car's original purchase price.

This product is ideal for owners who have either purchased their vehicle outright or have an outstanding finance agreement with a term of 60 months or less.

Where a total loss has occurred, the policy will pay the higher amount among the return to invoice difference, the financial shortfall, or the amount equivalent to the policy premium.

Additionally, the new GAP Insurance includes temporary vehicle replacement cover and excess cover up to £500, even if the vehicle is not written off or declared a total loss.

Andrew Waite, retail sales & customer services director at Opteven, stated: " Not only does GAP provide customers with peace of mind that their vehicle investment is safe, but the additional cover offered by our new combined product enables customers to increase their comprehensive insurance excess to reduce their premium, knowing that the excess is covered. It’s a great additional selling point for dealers."

Opteven’s GAP Insurance is part of a broader suite of value-added products, including Tyre & Alloy, SMART Repair, SMART & Alloy Repair, and MOT Insurance.