Guaranteed Asset Protection (GAP) is a policy that offers cover when the payout on the loan contract exceeds the payout of your comprehensive insurance policy. GAP Insurance pays the difference between the two.

To apply for GAP Insurance, your vehicle must:

• Be subject to a loan contract, and
• Have comprehensive motor vehicle insurance

Loan Settlement Cover

If a total loss payment is made in relation to your vehicle by the your comprehensive insurer we will pay your financier the difference between the total loss payment and the loan settlement amount subject to the cover chosen by you.

Extra Cover

If a total loss payment is made by an insurer in relation to your vehicle, we will also pay you for the following extra expenses incurred on your replacement vehicle:

• Policy Excess (motor vehicle)
• Delivery charges
• Registration costs
• Compulsory third party insurance
• Stamp duty
• Up to 10 days car hire up to a maximum of $70.00 per day, but only if the car hire has been arranged by or approved by us.

The maximum aggregate amount we will pay under Extra Cover will be the amount shown against "Extras" for the Option Listed on your schedule.

Policy Limitations apply – for full details, please read the GAP Insurance Product Disclosure Statement.

Need more information?

If you would like to learn more about GAP Insurance, please call our Customer Service Centre on 1300 887 967 or submit your question using our enquiry form and a member of the Madison Team will contact you to answer any questions.

Once you've heard what we can offer in terms of our range of competitive products and specific contract details, you'll have the confidence to know you've made the right decision.