What is GAP insurance? GAP insurance is made against the risk of fraudulent theft of movable goods from the owner or holder. In this type of insurance, the insurer undertakes to pay all the damages incurred by the goods and belongings in the place written in the policy due to theft or attempted theft.
The subject of GAP insurance is only the goods and belongings of the insured and the goods and belongings of his family or employees living with him. In order for things such as cash, valuable papers and precious metals to be covered by insurance, they must be clearly written in the policy, their costs must be shown and they must be kept under lock and key.
What are the Types of GAP Insurance?
Theft events are different from each other, so not all theft events can be collected in one type of policy. Due to the variety of theft cases, there are different types of GAP insurance.
Safe GAP Insurance
With this type of GAP insurance, the risk of stealing money and other assets kept in the safe is secured. The form of theft covered by the insurance is as in the general GAP insurance; Theft using a safe key or entering a password is not covered. Safe GAP insurance, making a detailed list showing the contents of the safe in house safes; It can be done in case of keeping an official book showing the cash movements in the commercial cash registers.
It is a type of insurance made against thefts committed by persons who are responsible for protecting the goods and assets subject to insurance and carrying out transactions related to them. The breach of trust insurance is separate from the GAP insurance. With this insurance, businesses such as banks, jewelers, exchange offices are insured against the malicious behavior of their own personnel.
Money Transfer Insurance
Risks of robbery, accident or loss that may occur during the transportation of money and similar assets are covered by money transport insurance. Risks covered by money transport insurance:
- Extortion and theft by third parties by threat of a weapon or using force,
- Damages and thefts caused by the accident of the transported vehicle,
- Losses due to compulsory reasons during transportation,
- Theft, looting and destruction made during strikes, lockouts, public movements and intervention to these social events or by taking advantage of events such as natural disasters and fires.
Circumstances Excluded From The Guarantee
- Damages arising from theft, looting and attempts to commit these crimes by making use of war, invasion, enemy movements, civil war, revolution, uprising and military actions,
- Ionizing radiation or radio-active contamination arising from any nuclear fuel or nuclear residues as a result of the combustion of nuclear fuel or the causes attributed to them, or theft, plundering and destruction made by using the military and disciplinary measures required by these (The term combustion in this paragraph is self-sustaining. any nuclear decomposition event).
- Damages caused by theft, looting or attempting to commit these crimes by making use of the savings to be made on the insured things by the public authority,
- Theft and destruction by people living or living with the insured,
- Fire, explosion and internal water damage caused by thieves,
- Inventory gaps.
What is GAP insurance for cars?
One of the things you can do to protect your car against theft is to get GAP insurance for your car. You must keep your vehicle in a safe environment and locked. Apart from this, you can have a vehicle GAP insurance policy against other theft cases that may occur, and in case of theft, you can request that the damage you encounter be compensated by the insurance company, so that your loss is covered without facing high costs.
Auto GAP Insurance Assurance
Car insurance value insurance, which has a different coverage than GAP insurance for cars, ensures that your vehicle is insured against the risk of theft as well as in traffic accidents. When you have automobile insurance for your vehicle, you can ensure that the damages that occur in your vehicle in traffic accidents, natural disasters and many more are covered by the insurance company. However, in cases of theft, you can get the partial or full amount of the vehicle from the insurance company, depending on the scope of the motor insurance policy you have made.
What is the Risk?
Not all risks are covered by GAP insurance. The insurer is obliged to indemnify the damages caused by the theft event as stipulated in the insurance contract, general conditions or policy. Risks covered by the general terms of GAP insurance:
- Theft by breaking, piercing, demolishing, knocking down, forcing, climbing or crossing with tools, equipment or physical agility,
- Theft by entering with the original key that is lost, stolen or wrongfully obtained, or by making up a key or by unlocking with the help of other tools or passwords,
- Theft by sneaking in and hiding in the insured places,
- In the event of killing, injury, use of force and violence or theft with threats, material losses and damages that occur directly in the insured assets are covered.