GAP insurance is a fairly rare product on the Russian market, which does not negate its relevance and benefits for the Russian consumer of auto insurance services.

Suppose you bought a new car on credit for a period of five years. And two years later he was kidnapped or an insured event occurred at the risk of “complete death”. Despite the fact that you have made regular payments on the loan and insured your car for two years, the insurance company will not pay you the full cost of the car. Because every year, the current value of your car has fallen due to the percentage of wear and tear on the car. Let's say that in the first year the price of a car fell by 18%, the second year - by another 15%, in total for two years - by more than a third of its original cost - the cost at which you bought the car and at which the bank calculated the amount your loan.

Since the hull insurance payment takes into account the degree of wear and tear, the amount received from the insurance company may not even be enough to fully cover your debt to creditors, not to mention buying a similar car. This "gap" is specifically designed to compensate for GAP insurance.

What is GAP?

GAP, or Guaranteed Asset Protection, in the language of policyholders means "Guarantee to save the value of the car", and in translation - "gap", "discrepancy", "interval". GAP allows you to receive compensation for the difference between the actual (market) value of the car, minus depreciation and its value at the time of insurance. GAP insurance is purchased together with the hull policy immediately upon purchase of a car, but is valid only if the insured event has frowned on the risks of theft (theft) and the complete death of the car.

The purpose of the GAP is to use it to fully cover (in the first year) or significantly reduce the difference (in the second and subsequent years) between the Casco payment and the original cost of acquiring a lost car.

Why do you need GAP insurance?

Of course, in the case of a loan, the GAP insurance option can be especially relevant, as it allows you to worry less about whether your car will be stolen or whether you can pay off the bank in this case? However, before you decide to purchase GAP insurance, you need to contact your creditor bank and clarify whether the bank accepts it - after all, the bank is most often appointed as the beneficiary under an insurance contract for a credit car.

However, GAP is equally applicable to an ordinary, non-credit car, because the Casco compensation, both in the first and second cases, will be made taking into account the wear and tear of your car. It is worth paying attention to this possibility also because a new car, leaving the doors of a car dealership, automatically loses up to 20% of its value. And if it happens that already at the next traffic light the car is overtaken by an insured event, then the payment will be made taking into account this percentage of depreciation.

It is worth considering that GAP-insurance is bought only together with the policy. For the second year and beyond, you can purchase GAP only if you bought it with Casco and for the first year of insurance - in this case, the insurance company evaluates the car, sets its cost and tariff according to GAP.

Depending on the insurance company, the cost of an additional GAP insurance service can range from 0.5% to 1.5% of the value of your Casco policy. This fixed amount does not depend on the performance of the car itself, nor on the characteristics of its insured. Some Insurance companies limit GAP only for new cars of foreign production, and the service itself is still not widespread in all insurance companies in Russia.

Comparison.ru advice: If you do not agree with the amount of compensation for Casco, then you can always challenge it through the courts.

May be due to various motives. However, the main purpose of such a policy is the same: to protect the insured's budget as much as possible from the consequences of various force majeure situations on the road. And what could be more costly for a car owner than stealing a car or its constructive death (“total”)?

As you know, CASCO only partially compensates for the damage received during the "total" or theft. The fact is that in the Russian market, most insurance policies involve taking into account the wear and tear of the car when calculating the amount of compensation. Wear and tear reduces the insurance premium, and the money received is often not enough to buy a new car to replace the lost one. For clarity, consider table 1. It shows the calculations of possible payments under the CASCO policy in the case of a “total” (a car worth 500,000 rubles):

Table 1. Influence of wear and tear on the amount of compensation for CASCO.

The table shows that even in the first year of operation of the car, wear can be about 15%. For this reason, in the event of a “total” or theft, the insured may “miss out” 75,000 rubles from the total cost of the car. This situation is intended to be corrected by an additional GAP insurance policy. Let's talk about the pros and cons of this rare product on the Russian market in more detail.

Some terminology and facts

Let's start with a short definition.

GAP (Guaranteed Asset Protection)– a guarantee of maintaining the value of the car. A type of insurance that allows you to significantly reduce or completely eliminate the difference between the insurance payment and the market value of the car.

In other words, GAP insurance pays out only in the event of a constructive loss or theft of the car. It is quite obvious that the GAP policy in the vast majority of cases is purchased for a car being financed. This insurance allows the policyholder to pay the remaining payments on the car loan without having to pay out of pocket. At the same time, it is important to remember that not all insurers provide GAP insurance services. That is why it is important that the creditor bank cooperates with one of the companies involved in this insurance segment.

Recall that the constructive death of the car does not mean the impossibility of its restoration. This term only characterizes the situation when the repair of the machine is not economically feasible.

Different insurance companies set their own “damage limits” for a car when determining the “total”. Usually it is about 70-75% of the market value of the car.

Important: in case of “theft” or “theft”, payment under GAP insurance is made only if the car is insured “under full CASCO”. Recall that when insuring against the risk of “hijacking”, many insurers require the installation of a satellite or other anti-theft system. Of course, this aspect can significantly increase the overall cost of car insurance.

Nuances of GAP-Insurance

GAP-insurance can be obtained only in the first year of using the car. In subsequent years, the policy can only be renewed. In this case, it is not at all necessary that the insured car be new. It is only important that its real owner take out insurance immediately after buying a car. If the policyholder did not take out GAP insurance in the first year of car operation, it will no longer be possible to buy insurance from the second or subsequent years.

However, the limitations of GAP-insurance concern not only the timing of the conclusion of the contract. Insurance companies impose limits on the age and mileage of the car, as well as on the maximum amount of insurance payments for such insurance. That is why, when insuring older cars, CASCO + GAP insurance often does not compensate the policyholder for damages in full. Usually, the policy fully reimburses the difference between the CASCO insurance payment and the car's market value only in the first year of the car's operation. In subsequent years, car wear affects the amount of compensation for car hull, and GAP insurance has its own liability limit.

Thus, the total payment under two policies often does not cover the insured's damage in full.

The vast majority of insurance companies set a payout limit on GAP policies. To better understand this nuance, take a look at the already familiar, but slightly modified table 1.1. In this example, the liability limit for GAP insurance is 100,000 rubles:

Table 1.1. The amount of compensation under the CASCO and GAP policies.

Table 1.1 shows that the total compensation for CASCO and GAP insurance is equal to the market value of the car only in the first year of its operation. If an insured event occurs in the second or third year, the difference between the CASCO compensation and the market value of the car exceeds the liability limit under the GAP policy. Thus, the total payment for two insurances does not allow compensating the damage of the insured in full.

In the example, a car worth 500,000 rubles was considered. When insuring more expensive cars, the difference can be even more noticeable. So, for a three-year-old car worth 7,000,000 rubles, the maximum compensation for CASCO + GAP will be:

• CASCO payment, taking into account depreciation (30%) - 4,900,000 rubles;
• Payment under GAP insurance - 1,000,000 rubles;
• Total payment (CASCO + GAP) - 5,900,000 rubles.

Rare guest in Russia

Calculate the cost voluntary insurance you can use the CASCO calculator, but there are no similar online services for calculating GAP insurance. Typically, rates for such policies vary between 0.5% -1.5% of the market value of the car.

The final price of GAP-insurance is determined by the brand of the car and its place in the “theft” rating of a particular insurance company.

In the Russian market, GAP-insurance is a rather rare product. The leader of the segment is the company Cardif, accredited by many leading banks in the country. This service is also provided by Ingosstrakh, RESO-Garantia, Merchant and some other companies. Experts name two main factors behind the low popularity of GAP-insurance in Russia.

1. Low insurance premium for this product.
2. Additional burden on the company's employees in the form of a significant document flow.

GAP insurance

GAP insurance

gap(Guaranteed Asset Protection) insurance vehicle”) is a program that expands the range of insurance coverage related to the operation of a vehicle that is the subject of a pledge.

GAP insurance - what is it?

A new car won't always stay that way. Insurance companies take into account depreciation when paying for CASCO. And in case of car theft or its death, the amount paid may not be enough for early repayment of the loan or the purchase of a similar car.

Service GAP insurance allows the client to receive a refund of the difference between the initial cost of the car and the amount of compensation for CASCO in case of its loss.

How it works:

1. GAP insurance comes into force in the event of total loss of the car or its theft.
2. The client receives a CASCO payment. In this case, the insurer will take into account depreciation, therefore, the amount will be much less than the initial cost of the car.
3. An additional GAP payment will offset this difference.
4. The client can use the reimbursement amount to fully repay the loan or as a down payment on a new car.

The term "GAP insurance" is not familiar to everyone today.

However, the relevance of this insurance product is undeniable, because it allows you to significantly raise the amount of compensation in case of loss of the car as a result of an accident or theft.

What is GAP insurance?

The very concept of GAP insurance (Guaranteed Asset Protection) is translated as "guarantee of maintaining the value of the car."

Compensation for such insurance is the difference between the cost at which the car was purchased and the market value at the time of its loss, taking into account wear and tear.

In fact, this type of protection allows you to receive the amount of money that is missing to buy a car of the same price category after paying a CASCO refund.

GAP and CASCO

GAP insurance is inextricably linked with CASCO. And this connection is as follows.

When calculating the amount of insurance payment for CASCO, any insurance company must take into account the depreciation of the car.

During the first year of operation, it loses 20% of its original price, in the second - another 10-15%. Then every year the cost of the car will inevitably decline on 10 %.

Thus, in the event of the death of the car and the payment of full compensation under CASCO, the owner will still not be able to receive an amount equal to initial cost.

It is in order to cover or minimize this difference between the price of a new car and the amount of insurance payment that GAP insurance exists.

Let's consider a simple example. Suppose someone purchased a new car for 1,000,000 rubles and issued a CASCO policy. After a while, a big nuisance happens - the car dies in an accident or is stolen.

The insurance company pays compensation under the CASCO policy, taking into account depreciation, in the amount of 800,000 rubles. However, if the owner entered into a GAP insurance contract when purchasing the vehicle, then the difference in the amount of 200,000 rubles will also be reimbursed to him.

At the same time, it must be understood that depreciation actually begins be taken into account as soon as the vehicle leaves the dealership doors.

That is, even if the car is stolen a few hours after purchase, the CASCO payment will be only 80% of initial car cost.

It is worth noting that the concept of "death of a car" means not only that it cannot be restored in the event of an accident, but also that its restoration is possible, but impractical for financial reasons.

There are 2 types of GAP insurance:

• financial. This type of insurance applies if the car was bought on credit. In this case, the owner will receive an amount equal to the difference between the payments to be made under the CASCO agreement and the amount of the remaining debt to the bank;
• invoice. The owner receives an amount equal to the difference between the CASCO payment and the cost of another car of the same model.

Thus, with the simultaneous execution of a CASCO policy and GAP insurance in the event of a loss of a car, the owner will receive its full cost without depreciation. Most often, such an insurance product is used by those who buy a car on credit.

Such additional a measure of protection will help stabilize the financial condition in case of damage and cover the debt to the bank.

However, before purchasing the product, it is worth clarifying whether the credit institution accepts it. The cost of insurance of this type will cost from 0.5 to 1.5 percent of the cost of CASCO.

This value insurance premium is set by the insurance company and depends on the brand of the car and its place in the “theft” rating. Driving experience, age and other characteristics of the insured do not affect this amount.

Necessary conditions for obtaining GAP insurance

The GAP insurance contract can be issued only in the first year when buying a car at the same time as the CASCO policy or within certain period established by a particular insurance company.

Then the contract can be extended, but only during the validity period of the voluntary insurance policy.

But it is important to understand that when extending the CASCO contract, it will no longer be possible to purchase GAP insurance.

Some companies also limit the period in which you can purchase a GAP policy: often the offer is valid only for the first three months after buying a car.

At the same time, insurance companies offer to issue a GAP for used cars that meet certain conditions. For example, cars not older than 5 years, with a mileage of up to 100,000 km, costing up to 6,000,000 rubles, etc. can be accepted for insurance.

But even in this case, the fundamental point is the execution of GAP-insurance only simultaneously with CASCO or within a certain time after.

This measure is due to the fact that original cost vehicle, which is accepted for calculation, is determined by the cost of the car specified in the policy of voluntary insurance.

Summarizing the above, there are several options for purchasing GAP insurance:

• GAP is purchased simultaneously with CASCO at the time of purchase of a new or used car;
• GAP insurance is issued during the first year of operation of the car (new or used), for which CASCO was purchased when buying it.

Nuances of GAP insurance

Despite the fact that many insurance companies position GAP as a product, it is completely covering the difference between the purchase price of a car and its market value at the time of the insured event, this may not be entirely true.

The fact is that the vast majority of companies offering such a product set a limit on payments under GAP insurance policies.

The situation when the damage from the loss of the car is fully compensated is valid only for the first year of operation of the car after its purchase.

Consider the following example. Suppose an insurance company sets a GAP limit of 200,000 rubles. Then the amount of CASCO and GAP insurance payments for a car worth 1,000,000 rubles for the first, second and third years of operation will be as follows:

The table shows that with each subsequent year the total amount of compensation steadily declining, since when the CASCO payment is reduced, the GAP limit remains unchanged. And the higher the cost of the car, the more significant this difference can be.

In the event of a car theft, obtaining GAP compensation prerequisite is the presence of "full CASCO".

And when insuring against the risk of theft of a vehicle, many insurers require mandatory installation anti-theft system.

GAP in Russia

To date, GAP insurance has not yet received widespread in Russia. Some insurance companies limit the offer of this product only to foreign-made cars, and many insurers, especially in remote regions of Russia, do not offer it at all. do not provide.

The main document regulating the relationship between the insurer and the policyholder in relation to GAP insurance is a voluntary insurance contract, which sets out the rights and obligations of the parties, possible amounts of payments, the procedure and terms for indemnification.

The provisions of the contract must not contradict the provisions of the Civil Code of the Russian Federation, as well as the Law of the Russian Federation of November 27, 1992 N 4015-1 " On the organization of insurance business in Russian Federation ”, which is fundamental for all insurance activities in Russia.

Briefly about the main

• A GAP product can only be purchased in the first year of a vehicle (new or used) with current CASCO issued when buying a car;
• if you plan to insure a car, bought on credit, then you should check with the bank whether it accepts GAP insurance;
• such insurance, in combination with CASCO, will cover the damage in 100% if the insured event occurs in the first year after the purchase of the car. The total amount of compensation in subsequent years depends on whether the insurance company sets limits on GAP payments and on their size;
• the GAP agreement may be concluded at a time for several years, or it may annual renewal;
• in order to receive a GAP payment in case of car theft, you must have a “full CASCO” covering the risk of theft;
• the cost of the product will be 0.5–1.5% of the cost of CASCO.

GAP - a guarantee of maintaining the value of the car, such insurance is purchased as additional service along with the CASCO policy. Respectively, insurance payments according to GAP, vehicle owners receive after payments for CASCO insurance. You can buy these two policies from different insurers.

Guaranteed Asset Protection, or GAP - a guarantee of maintaining the value of the car, such insurance is purchased as an additional service along with the CASCO policy. Accordingly, the owners of the vehicle receive insurance payments under the GAP after payments under the CASCO insurance. You can buy these two policies from different insurers.

It is this type of insurance that is of great importance so that the owner of the vehicle in the event of theft or complete destruction of the car receives not only compensation for its value, taking into account depreciation, but also the difference with the price of the car at the time of conclusion of the insurance contract. That is, the owner of the car, thanks to the timely measures taken, receives two different compensations and has more opportunities to purchase a new car.

Without GAP insurance in the event of insured event the owner of a stolen or destroyed car loses from 20% of its value due to wear and tear (after all, from the first day the car is no longer considered new). The amount of uncovered loss increases for a more expensive car.

An important point: GAP should be issued during the first year of operation of the vehicle, only this will make it possible to issue such insurance in the future. The GAP invoice allows you to cover the difference between the insurer's payment in case of total damage or theft and the amount paid when purchasing the vehicle.

It is worth paying maximum attention to the issue of such insurance if the car was purchased on credit. In the bank that provides the loan, it is necessary to clarify whether it cooperates with the insurance company of your choice, so that later unforeseen situations do not arise. Financial GAP in case of theft, total damage will cover the difference between the insurer's payment and the remaining amount of the loan debt - within the existing limit (about 25 thousand euros).

GAP insurance, the cost of which may vary for different insurers, is provided for cars of categories B, D up to 3.5 tons. Insurance companies set the highest rates for cars that are more prone to theft. Some insurance companies conclude such contracts only with owners of new foreign cars.