Home » Contract Hire / Lease Gap Insurance
Contract Hire / Lease 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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ALA Insurance Brokers LLP is authorised and regulated by the Financial Services Authority.
FSA Firm Reference No 502910.
If we are unable to settle your complaint with us, you may be able to refer your complaint to the Financial Ombudsman Service.
Further information is available at www.financial-ombudsman.org.uk
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