"So, my name is Simon England from ALA Insurance Brokers.
Now, how much GAP Insurance do you need? That is going to vary from the different types of GAP Insurances that are available - I'll be brief but I'll try and give you as much detail as I can.
With Contract Hire GAP, one of the exposures that you'll have is that you'll be responsible for either somewhere between 50-100% of the outstanding rentals at the time that the car would be written off, irrespective of what the insurance company may pay to the leasing company. So you need to ask the question of the leasing company, what is your exposure in the event that your car gets written off.
Secondly, Back To Invoice (or Back To Invoice Plus that we sell) - in that scenario you've got to imagine how much your car maybe worth at any time over 1-4 years time, however long the policy you buy, and the difference between that and the market valuation that your comprehensive insurance will pay you in getting you back to your invoice price or in clearing the finance.
A typical example could be that an average mileage car over 3 years will probably lose half its value - but it's worth doing a little research on that, or call us, we’ll give you the best advice we can
Vehicle Replacement Insurance probably requires a little bit more than you would for Back To Invoice insurance because this policy is actually going to pay you back or supply you with a replacement car - whether this is new or used depends on the car you originally insured with us for GAP Insurance.
Agreed Value GAP - this may be if you bought the car over 40 days ago, privately. This is done slightly differently in that we use the GLASS's guide retail price to set the value of your car unless of course you paid less for it, then it would be valued at that, then we pay the difference between that and market value."