GAP Insurance
GAP insurance is generally used as a supplement to accident insurance. GAP insurance is offered in connection with the purchase or financing of a car.
As soon as one drives their vehicle off the forecourt of a dealership, it depreciates in value.
When the vehicle is written off due to total damage or theft, the insurance will pay out the value of the vehicle at the time of the claim. This will always be less than what was originally paid when purchasing it.
GAP Insurance, also known as Guaranteed Asset Protection Insurance, will help prevent from further financial loss by covering the difference between the amount that the insurers pay out after a write off and how much was originally paid for the vehicle.
Example of GAP Insurance
If you buy a car for 1,000,000 CZK, you might only get back 600,000 CZK from your insurers after a write off a few years later. GAP Insurance covers you for the difference of 400,000 CZK between the insurer’s value and the purchase price.
For more details on our GAP insurance and its coverage, feel free to write us on info@theaibgroup.eu.
Insured events:
Total damage of the vehicle as a result of:
- Accident (caused and uncaused)
- Theft
- Natural disaster
The insured are only those that are covered by CASCO at the date of the event.
Frequently Asked Questions
When and where can I buy GAP insurance?
GAP insurance can be arranged within 120 days of the purchase of the vehicle (from the date on the invoice / purchase contract for the vehicle) through the dealer you are buying the car from (if they have a co-operation agreement with us) or with one of our co-operating insurance brokers. If you are interested in our GAP programs, please call us on: +420 739 003 755 or send us an email via info@theaibgroup.eu.
How do I make a claim?
When you become aware of any event that could lead to a claim, please contact our claims administrator immediately on e-mail at claims@theaibgoup.eu. A claims adjuster will explain the claims procedure to you, as well as provide you with a claim report form.
We aim to make the claims process as efficient as possible. We therefore ask for your cooperation in complying with the claims process, as well as the timely delivery of any required documents as per your policy terms and conditions.
Can a claim be rejected?
Yes, in certain cases a claim can be declined and then the insured should pay for repairs from their own financial means.
The most common reasons for declining a claim include:
- The damage is not listed on the list of covered claims of the specific policy;
- The insured did not follow the claim process (e.g. the repair was conducted prior to a our Claim Adjuster’s approval);
- This is not an insured event;
- The insured vehicle is not covered by CASCO at the time of the event (in the case of GAP and XS protection).
We encourage each client to carefully read the coverage and insurance terms and conditions and, in case of any uncertainty or questions, contact us.
Can I cancel insurance?
We are convinced that our first-class products and services suit everyone. However, if you need to terminate your insurance contract for any reason, here is some helpful information.
You can cancel your insurance policy by sending us a completed and signed cancellation form by email to info@theaibgroup.eu.
When a policy is cancelled before its expiration date, a return premium may be owed to the insured. The return premium will be based on the cancellation reason, the part of the policy period that the insurance has been in effect and whether you have made a claim on the policy.
You have the right to cancel the insurance policy within 60 days of receiving your policy without giving any reason. The day of delivery of the notice begins to run an eight-day notice period which expires on expiry of the insurance.
After this period, you may cancel the insurance only for reasons stated in the Civil Code or the relevant Insurance Program conditions (for example sale, theft or total damage to the vehicle, within 3 months of the occurrence of the insured event, policyholder’s death or dissolution of a corporation and others).
For full details, please refer to the Insurance Policy of your Insurance Policy or the Civil Code.