Insurance broker / GAP insurance in Germany (for leased and financed cars) / Policy wording archive GAP insurance
Leasys Services: the policy wording in full
GAP-Versicherung zum Kilometerleasing bei Leasys, Anbieter Stellantis Insurance Limited: schließt bei Diebstahl oder Totalschaden die Lücke zwischen Zeitwert und Restforderung der Leasinggesellschaft bis 10.000 Euro, für Fahrzeuge bis 3,5 Tonnen und 300.000 Euro Neuwert.
German market: tariffs for people living in Germany.
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Everything about this policy
What the policy covers: 70 points, each with its clause
Quotes are shortened.
The full German wording of each point is on the German page for Leasys Services.
Basics and eligible contracts
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Form of cover (module of the comprehensive policy or stand-alone contract) | yes | „Eine GAP-Versicherung (Guaranteed Asset Protection) schließt diese Lücke zwischen …“ | Kundeninformation, page 1 |
| GAP cover included in the comprehensive policy at no extra premium | no | „Einfacher Abschluss, der Monatsbeitrag wird mit der Leasingrate eingezogen“ | Ihre Vorteile, page 1 |
| Fully comprehensive cover is a precondition | not addressed | ||
| Partial cover is sufficient (theft, fire, natural hazards) | not addressed | ||
| Comprehensive policy must be held with the same insurer or intermediary | not addressed | ||
| Leased vehicles covered | yes | „Eine GAP-Versicherung (Guaranteed Asset Protection) schließt diese Lücke zwischen …“ | Kundeninformation, page 1 |
| Loan financed vehicles covered | not addressed | ||
| Financing with balloon payment covered | not addressed | ||
| Cash purchase insurable (purchase price protection without financing) | not addressed | ||
| Eligible vehicle types (cars, motorcycles, motorhomes, vans) | yes | „Kraftfahrzeuge mit einem Gesamtgewicht von bis zu 3,5 Tonnen“ | Produktmerkmale, page 1 |
| Used vehicles insurable | not addressed | ||
| Maximum vehicle age at inception | not addressed | ||
| Maximum insurable purchase price or vehicle value | yes, up to EUR 300,000 | „Maximaler Neuwert 300.000 Euro“ | Produktmerkmale, page 1 |
| Leased or rented traction battery included | not addressed |
Insured event
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Total loss (destruction) as insured event | yes | „Ihr Fahrzeug wurde gestohlen, Sie hatten einen Unfall mit Totalschaden?“ | Kundeninformation, page 1 |
| Constructive total loss (repair costs above replacement value or a fixed percentage) | yes | „Wirtsch. Totalschaden Reparaturkosten > 60 % Marktwert“ | Produktmerkmale, page 1 |
| Theft or loss of the whole vehicle | yes | „Ihr Fahrzeug wurde gestohlen, Sie hatten einen Unfall mit Totalschaden?“ | Kundeninformation, page 1 |
| Waiting period after theft before payment | not addressed | ||
| Benefit only if the comprehensive insurer settles the claim | not addressed | ||
| Benefit also when a third party liability insurer pays the total loss | not addressed | ||
| Benefit for repairable damage (no total loss) | not addressed |
Benefit and calculation
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Basis for leasing: settlement value under the lease contract | yes | „Eine GAP-Versicherung (Guaranteed Asset Protection) schließt diese Lücke zwischen …“ | Kundeninformation, page 1 |
| Basis for loans: outstanding balance on the date of loss | not addressed | ||
| Payment of the difference to replacement value or to the comprehensive settlement | yes, up to EUR 10,000 | „Eine GAP-Versicherung (Guaranteed Asset Protection) schließt diese Lücke zwischen …“ | Kundeninformation, page 1 |
| Payment of the difference to purchase or list price (return to invoice, new for old) | not addressed | ||
| Duration of purchase price or new value indemnity | not addressed | ||
| Maximum benefit of the GAP cover | yes, up to EUR 10,000 | „Maximaler Betrag 10.000 Euro“ | Produktmerkmale, page 1 |
| Cap at a percentage of replacement value, purchase price or list price | not addressed | ||
| VAT is reimbursed | not addressed | ||
| Deductible of the comprehensive policy is reimbursed | not addressed | ||
| Separate deductible within the GAP cover | not addressed | ||
| Salvage value is deducted | not addressed | ||
| Initial lease payment or deposit is taken into account | not addressed | ||
| Extra benefit for replacement (registration, delivery, allowance) | not addressed | ||
| Payment made directly to lessor or lender | not addressed |
What reduces the benefit
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Arrears and default interest not covered | not addressed | ||
| Excess mileage and wear charges not covered | not addressed | ||
| Early termination and administration fees not covered | not addressed | ||
| Financed extras (insurance premiums, warranty, servicing) not covered | not addressed | ||
| Deduction for unrepaired previous damage | not addressed | ||
| Reductions of the comprehensive settlement not made up | not addressed | ||
| Limited to customary lease or loan terms | not addressed | ||
| Reduction if the comprehensive policy does not pay full replacement value | not addressed |
Exclusions
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Waiver of the gross negligence defence | not addressed | ||
| Intent excluded | not addressed | ||
| Driving under the influence excluded | not addressed | ||
| Unlicensed or unauthorised driver excluded | not addressed | ||
| Racing and track driving excluded | not addressed | ||
| Taxi, hire car, driving school and rental use excluded | not addressed | ||
| Embezzlement and fraud excluded | not addressed | ||
| War, civil unrest and nuclear energy excluded | not addressed | ||
| Subsidiary to other insurance | not addressed |
Duties after a loss
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Deadline for notifying a claim | none | „Schadenmeldung immer unverzüglich vom versicherten Kunden an Leasys“ | Gut zu wissen, page 1 |
| Documents to submit (lease or loan contract, settlement statement, casco settlement) | not addressed | ||
| Police report required after theft | not addressed | ||
| Insurer's consent before disposal or sale of the wreck | not addressed | ||
| Payment period after assessment | not addressed |
Term and contract
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Term linked to the lease or loan contract | not addressed | ||
| Maximum term of the GAP cover | not addressed | ||
| Ends on redemption, end of contract or transfer of ownership | not addressed | ||
| Premium refund on early termination (single premium) | not addressed | ||
| Premium payment (single, financed, ongoing with the casco premium) | yes | „Einfacher Abschluss, der Monatsbeitrag wird mit der Leasingrate eingezogen“ | Ihre Vorteile, page 1 |
| Ordinary cancellation of the module or contract | not addressed | ||
| Vehicle change or transfer to a successor vehicle | not addressed | ||
| GAP cover continues after a change of comprehensive insurer | not addressed | ||
| Territorial scope (Europe, green card countries) | yes | „Deutschland sowie in allen Ländern mit „grüner Versicherungskarte““ | Produktmerkmale, page 1 |
Spain specifics
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Indemnity at new value (valor a nuevo): years from first registration | not addressed | ||
| Enhanced market value after the new value period (valor venal mejorado) | not addressed | ||
| New value only for the first owner | not addressed | ||
| Clause in favour of the lender (loss payee, retention of title) | not addressed |
Evaluated by NAMMERT from published policy wordings.
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legally only the wording of your own contract in the edition stated there applies.
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Policy wordings and provider
- Legal entity
- Distribution
- not known
- Leasys Services GAP-Versicherung (Kundeninformation 2024) Edition: ohne Datum im Text Copy hosted by an intermediary, not by the insurer
Full text of the wording
The full text exists only in German.
It is printed on the German page for Leasys Services and available as plain text.
Volltext Leasys Services GAP-Versicherung · As text (Markdown) Leasys Services GAP insurance