| Through one of our partner companies we are pleased to be able to offer the reassurance of GAP cover. Should you be interested in this competitively priced and extremely valuable product, please let us know and we will ask a representative to contact you. For an explanation of what the cover offers, please see below.
Contract Hire GAP Insurance
Contract Hire/Lease GAP is available for vehicles financed under a contract hire agreement or other lease type arrangement only and is available to companies and private individuals.
If the vehicle is written off during the contract hire/lease agreement, you will be personally liable for any financial shortfall remaining if the contract hire company require more than your motor insurer is willing to pay in settlement.
Example:
Original Cost of your car: £20,000
Deposit: £2,000
Amount of loan: £18,000
One year later the car is stolen or is in an accident and declared a total loss.
Amount still owing to your finance company: £12,000
The insurance company pays you only: £9,000
So what will you have to do?
Simple! The Vehicle owner has to pay the GAP
Contract Hire GAP Insurance will pay the £3,000 still owing to the Finance / Contract Hire Company
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