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At Total Loss GAP, we are constantly looking for ways to improve the products we already offer and introduce new options where they provide customers with greater choice and flexibility.
Today, we are pleased to announce the launch of our new Contract Hire and Lease GAP Insurance options.
Key features
- Premiums based on your monthly rental rather than the P11D value of the leased vehicle
- A minimum of £1,000 initial rental protection, known as Deposit Protection*, with options to increase this to £2,000 or £3,000
- Up to £1,000 towards your motor insurance excess following a total loss
- Cover underwritten by A-rated insurers
Quotes are available across a wide range of petrol, diesel, hybrid and fully electric vehicles.
Cover is also available for prestige manufacturers including BMW, Mercedes-Benz and Audi, together with manufacturers that can sometimes be more difficult to cover, including Jaguar, Land Rover, Range Rover and Tesla.
Commenting on the launch, Total Loss GAP Director Mark Griffiths said:
“We are really pleased to add these new Contract Hire GAP options to our range.
Basing the premium on the monthly rental rather than simply the P11D value of the vehicle can provide particularly good value where a lease has a relatively low monthly rental alongside a larger initial rental payment.
With three levels of initial rental protection available, including £1,000 as standard, customers can select the level of protection that best reflects the amount they paid at the start of their lease.
The addition of up to £1,000 towards the motor insurance excess also means that, for many customers, their entire motor insurance excess could be covered following a total loss.
When you combine this with the wide range of manufacturers and models we can cover, together with policies underwritten by A-rated insurers, we think it provides a very strong option for customers looking to protect their lease.”
The new range is available for vehicles leased within the last 180 days and with a P11D value between £5,000 and £100,000.
Options are also available for higher-value vehicles with a P11D value between £100,000 and £150,000.
Quotes for the new Lease GAP Insurance range are available now from the Total Loss GAP website.
*Deposit Protection is an additional feature that can reimburse your initial rental payment, up to the limit selected under your policy, following an eligible total loss claim.
For example, if your lease has a monthly rental of £300 and requires an initial rental equivalent to six monthly payments, you would pay £1,800 at the start of the agreement. If you selected £2,000 of Deposit Protection, the policy could reimburse the full £1,800 initial rental following an eligible total loss claim, subject to the policy terms and conditions.