Featured within the Which? Report on Gap Insurance.
Protected by the Financial Services Compensation Scheme.
What is Contract Hire/Lease Hire Gap Insurance?
If your vehicle is declared a total loss (i.e fire, theft, flood or accidental etc.) Contract Hire/Lease Hire Gap Insurance will pay the difference between your motor insurance settlement and the amount outstanding on the contract hire/lease hire agreement (i.e any outstanding rentals or difference in valuations).
In the event of a total loss, your own motor insurance company would only ever pay out the value of the vehicle at that point, your lease company would then receive this figure and issue you with an outstanding settlement figure. Contract Hire/Lease Hire Gap Insurance would then simply clear the amount owing on the agreement and you walk away with no financial liability.
A NEW! feature added to the Contract Hire/Lease Hire Gap Insurance policy is the ability to protect upto £3,000 of any initial rental/deposit you may have put towards the vehicle. This can be added when going through the quotation process, simply click to select the initial deposit protection. Once selected, the policy will then do exactly as described previously, however, rather than you walk away with no outstanding liability and no cash to put towards a new vehicle, instead you now walk away with no liability and your initial rental/deposit is back with you to do with as you wish.
Is Contract Hire/Lease Hire Gap Insurance suitable for you?
If you have taken a car/van on a form of Lease/Contract Hire agreement where you have no option to own the vehicle at the end of the agreement, this policy has been specifically designed for your circumstance. As you have no option to own the vehicle at the end, your only liability is what you would owe to the finance company and therefore you don't have the ability to protect either the invoice price or the replacement cost.
If you do have the option to own the vehicle at the end of the agreement, you may be eligible for different types of Gap Insurance. However, if you have the option to own the vehicle once the agreement has ended, either through a third party or even purchase it yourself, as it is not officially within the initial agreement, effectively you don't have the option to own and therefore this policy is still the most suitable for you.
Key Benefits - Contract Hire/Lease Hire Gap Insurance - TotalLossGap
No Maximum Claim Limit - This policy is not limited to a set maximum payout.
Upto £3,000 Deposit Protection - If selected, this policy will also cover upto £3,000 deposit.
2 - 4 Years Cover - Depending on the length of your agreement, you can choose upto 4 years cover.
Best Price Guarantee - Find a better price for the same policy, simply let us know and we will beat it!
Contract Hire | Lease Hire Gap Insurance Example
Original P11D Value: £35,000
Motor Insurance Settlement: £25,000
Amount owing to the Contract Hire/Lease Hire Company: £28,500
Contract Hire | Lease Hire Gap Insurance Settlement: £3,500
Your policy is fully FCA regulated and backed by the Financial Services Compensation Scheme.
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