Contract Lease/Hire GAP offers the same protection as Finance GAP and is payable to the lease or contract company, resolving any outstanding payments over and above the amount of payout of the vehicle. For example, if a vehicle is on a lease for three years at a cost of £500 per month, then that is an £18,000 agreed contract.
If, after six months, the van is written off and the insurer only pays out a claim of £12,000, only £3,000 of the debt has been paid. This leaves a further £3,000 still outstanding. This amount is covered by this product. This policy also includes:
- No mileage limits
- Low monthly instalments
- UK-based call centre to manage all claims and enquires
- Fully transferable cover in the event of changing your vehicle
Plus, our GAP policies are valid for 3 years, which offers protection against the fast depreciation of vehicles in the current economic climate.
