GAP Cover

Guaranteed Asset Protection for financed vehicles

The reality is, the value of your vehicle depreciates as soon as you buy it.

Guaranteed Asset Protection (GAP) cover will protect you if your vehicle is written off or stolen and the standard insurance payout is less than the amount still owing on your loan.

We will cover up to a $10,000 shortfall so you won't be left paying off a loan for a vehicle you no longer have!*

Choose from 3 different cover levels:

  • Basic: covers the shortfall
  • Silver: covers the shortfall plus an additional $1,000
  • Gold: covers the shortfall plus an additional $2,500

You simply pay a one-off premium at the commencement date of the policy which covers the duration set out in your original loan agreement (up to a maximum of 5 years).

*Refer to the GAP Policy wording for full terms, conditions and exclusions.

If you are financing your vehicle with First Credit Union, ask us about GAP cover and how the premium can be included in your vehicle loan.


To find out more visit one of our branches, phone our insurance team on 07 834 4810 or email


GAP Cover is underwritten by Co-op Insurance NZ.
Co-op Insurance NZ is the trading name of Credit Union Insurance Limited, an insurer licensed by The Reserve Bank of New Zealand under the Insurance (Prudential Supervision) Act 2010.