VEHICLE FINANCE SHORTFALL COVER

There are two types of financial shortfall cover. Both may provide protection against a financial shortfall if a passenger car or light commercial vehicle becomes a total loss due to fire, theft or accident.

• Return to Value - makes up the difference between the insurance payout and the cost of replacing the vehicle.
• GAP Protection - makes up the difference between the insurance payout and the money you owe under the finance agreement.

How to make a claim?

Telephone TWG Services Limited on 0844 871 8573 and ask for a Claim Form to be sent. Fill in the Claim Form and send it within 120 days of the incident to the Creditor Claims Department, TWG Services Limited, The Aspen Building, Floor 2, Vantage Point Business Village, Mitcheldean, Gloucestershire GL17 0AF. Calls may be recorded.

Return to Value cover

Return to Value cover pays the difference between the fully comprehensive road risks motor policy settlement (or the market value at the date of loss, whichever the insurer considers appropriate) and the cost of replacement. It's available for cars and light commercial vehicles, up to 3.5 tons.

The replacement cost is the current list price (for vehicles purchased as new) or the original purchase price (for vehicles purchased as used).

Any additional finance shortfall between the replacement cost and the early settlement figure on your finance agreement will also be paid.

• £15,000 cover limit - including any motor insurer's policy excess up to £250
• Three years cover - from the date of application (the vehicle must be less than five years old at the policy start date)
• Cash or finance purchase - Return to Value cover is available for vehicles acquired by any funding method (including cash purchase)
• No cancellation penalty or fees

Find out more

Return to Value Cover Summary (PDF, 192Kb, opens in a new window)

GAP Protection

GAP Protection pays the difference between the settlement from your fully comprehensive road risk insurer and the early settlement figure on your finance agreement (excluding arrears).

• £7,500 cover limit for passenger cars and light commercial vehicles up to 3.5 tons - including any motor insurer's policy excess up to £250.
• £15,000 cover limit for heavy goods and public service vehicles up to 44 tons - including any motor insurer's policy excess up to £250.
• Up to five years cover - from the date of the finance agreement. The vehicle must be less than five years old at the policy start date.
• No cancellation penalty or fees.

All valid claim payments are made direct to the finance company supplying the funds for the vehicle. Your business must contribute the settlement received from your fully comprehensive road risk insurer towards the finance settlement.

Find out more

GAP Financial Shortfall cover summary (PDF, 60Kb, opens in a new window)

Who is eligible for Return to Value or GAP Protection?

	YES	NO
If you've answered "yes" to all of the above questions, you're eligible to take advantage of Lombard Return to Value or GAP Protection. Contact your nearest Lombard office to discuss your individual requirements and arrange cover.
Are you over the age of 18?
Do you reside in the UK (includes Channel Islands and Isle of Man)?
Will your vehicle be covered by Comprehensive Motor Insurance?
Is your vehicle less than 5 years old?