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Contract Hire GAP Insurance
Eligibility – contract Hire, Personal Contract Hire, Lease Hire, Finance Lease
Contract Hire/Lease GAP is available for vehicles arrangement only and is available to companies and private individuals. We can cover cars that are up to 5 years old for a maximum period of 5 years – effectively meaning the car could be 10 years old on its return.
Contract Hire/Lease GAP is available for the period of cover you require, you may have already leased the car for up to 3 months into a 4 year lease - you only pay for the remaining cover.
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
Protect your investment and avoid financial worry... Buy Contract Hire GAP Insurance online today
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FSA Firm Reference No 502910.
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