Qover Return to Invoice GAP Insurance enables you to get back (in the event of a total loss and up to the claim limit you set) the difference between your Comprehensive Motor Insurance settlement and the initial invoice price of your vehicle.
Let us take the following example:
- You buy a new vehicle for 30,000€ in January 2017
- You cover it with a Full Comprehensive Motor Insurance (Full-Casco)
- You have a total loss in December 2020, when you are still covered by your Full-Casco insurance.
Your motor insurer might not pay you back the original purchase price, but will probably calculate the indemnity by applying a monthly depreciation rate on the original purchase price, for example -1.5% per month.
Your motor insurer might only pay you back 17,411€. Hence you might suffer a financial shortfall and not be able to rebuy a vehicle of the same category! In this example, you are missing 12,589€. Qover GAP could protect you against this financial shortfall.
Qover pays you, up to the claim limit you set, the difference between the initial invoice price of your vehicle and your Full Comprehensive Motor Insurance settlement. The claim limit is always rounded to a multiple of 2,500€ above the potential financial shortfall.
For example, if you had chosen a Qover GAP insurance with a claim limit of 15,000€, we will pay you back the financial shortfall up to a maximum of 15,000€.
 This illustrative residual value has been calculated as follow: 30.000 x (1 – 1,5%)36