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GAP Insurance protects the vehicle owner obtaining a valid motor hull insurance from financial loss arising out of TOTAL LOSS or THEFT.

EuroGAP (return-to-invoice insurance) covers the original PURCHASE PRICE of the vehicle, while LeaseGAP (linked to an operating lease) covers the difference between the current market value of the vehicle at the time of loss and the current book value registered at the vehicle finance company in case of total loss or theft.

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EuroGAP

EuroGAP

The EuroGAP insurance provides maximum protection not only in case of theft, but also in case of total loss of the vehicle or damage caused by force of nature.

Motor hull insurance (casco) provides coverage for the current market value of the vehicle at the time of loss, however the insurer reduces its payment by the amount of the deductible.

In virtue of EuroGAP Insurance, the insurer pays the difference between the PURCHASE PRICE and the current market value of the vehicle which is out of the scope of the motor hull insurance (casco).

In virtue of EuroGAP Plus Insurance, the insurer pays the amount of the deductible specified by the motor hull insurance as well (up to 10% but maximum HUF 1,000,000).

EuroGAP Plusz Insurance provides 100% protection for a period of maximum 4 years. Thus, in case of a possible theft or total loss you will have sufficient financial resources to buy a new vehicle.

In case of vehicles which are financed through loan, GAP Insurance will protect you from owing an outstanding debt to the bank or the finance company.

Insured Perils

The total destruction of the vehicle in case of the occurrence of the following events:

  • Theft
  • Total loss
  • Total loss caused by force of nature

All insured perils are linked to the insured perils stipulated by the motor hull insurance (casco).

The insurance policy may be taken out:

  • Within 90 days of the date of invoice or purchase contract
  • To cover new and used vehicles with a unladen mass of maximum 3,500 kg
  • For a period ending when the vehicle reaches the age of 6 the latest calculated from the date of the first entry into service
  • If the purchase price of the vehicle does not exceed HUF 25,000,000 (in case of personal vehicles – VAT is included, in case of commercial vehicles – VAT is not included)
  • If the vehicle obtains a valid motor hull insurance (casco)
  • If the vehicle obtains a valid Hungarian vehicle registration number and valid Hungarian registration certificate
  • In virtue of the EuroGAP Insurance, the maximum amount of compensation is HUF 10,000,000 HUF
  • The limit of liability payable with respect to the deductible of the motor hull insurance (casco) is 10%, but maximum HUF 1,000,000

EuroGAP compensation is paid within 15 days after completing the claims settlement procedure and submitting the necessary documents!

LeaseGAP

LeaseGAP Insurance is a perfect solution for those clients who have bought their vehicle with the assistance of leasing companies or banks (by entering into an operating lease).

In virtue of LeaseGAP Insurance, the insurer pays the difference between the current book value registered at the vehicle finance company and the current market value of the vehicle at the time of loss.

In virtue of LeaseGAP Plus Insurance, the insurer pays the amount of the deductible specified by the motor hull insurance (casco) as well (up to 10% but maximum HUF 1,000,000).

In case of vehicles which are financed through loan, GAP Insurance will protect you from owing an outstanding debt to a vehicle finance company.

Insured Perils

The total destruction of the vehicle in case of the occurrence of the following events:

  • Theft
  • Total loss
  • Total loss caused by force of nature

All insured perils are linked to the insured perils stipulated in the motor hull insurance (casco).

The insurance policy may be taken out:

  • To cover new and used vehicles with an unladen mass of maximum 16,000 kg
  • For a period which ends at the time the vehicle reaches the age of 6 the latest, calculated from the date of the first entry into service
  • If the purchase price of the vehicle does not exceed HUF 40,000,000 (in case of personal vehicles – VAT is included, in case of commercial vehicles – VAT is not included)
  • If the vehicle obtains a valid motor hull insurance (casco)
  • If the vehicle obtains a valid Hungarian vehicle registration number and valid Hungarian registration certificate
  • In virtue of the LeaseGAP Insurance, the maximum amount of compensation is HUF 10,000,000 HUF
  • The limit of liabiity payable with respect to the deductible of the motor hull insurance (casco) is 10%, but maximum HUF 1,000,000

LeaseGAP compensation is paid within 15 days after completing the claims settlement procedure and submitting the necessary documents!

LeaseGAP
excessGap

ExcessGAP

In virtue of the ExcessGAP (DeductibleGAP) product, in case of the occurrence of a TOTAL LOSS or THEFT, the insurer pays the amount of the deductible specified by the motor hull insurance (casco) which shall be borne by the client in any and all cases.

In virtue of the ExcessGAP, the insurer provides 10%, but maximum HUF 1,000,000 motor hull insurance (casco) deductible coverage.

The insurance policy may be taken out:

  • To cover new and used vehicles with a unladen mass of maximum 3,500 kg
  • For a duration ending when the vehicle reaches the age of 6 the latest calculated from the date of the first entry into service
  • If the purchase price of the vehicle does not exceed HUF 25,000,000 (in case of personal vehicles – VAT is included, in case of commercial vehicles – VAT is not included)
  • If the vehicle obtains a valid motor hull insurance (casco)
  • If the vehicle obtains a valid Hungarian vehicle registration number and valid Hungarian registration certificate
  • In virtue of ExcessGAP, the limit of the compensation payable with respect to the deductible of the motor hull insurance (casco) is 10%, but maximum HUF 1,000,000

ExcessGAP compensation is paid within 15 days of completing the claims settlement procedure and submitting the necessary documents!

Claims Settlement

If you would like to report a claim, please follow the following steps:

  • Contact us via phone at +36 1 460 1401 or via e-mail on vagyonkar@colonnade.hu within 5 days of the occurrence of the insured event.
  • Our insurance claim adjuster colleague will send you the “Claim reporting form” and the list of any other necessary documents
  • You may download the “Claim reporting form” from here: Claim reporting form
  • Fill in all data requested
  • Submit the claim reporting form and all other documents