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Please Read All Terms and Conditions Below Before Purchase.
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How this works
In the event of a write-off, Contract Hire and Finance Lease Gap Insurance will 'top-up' what your motor insurer agrees to pay - up to the sum required by your leasing company to end your agreement.
This policy will also pay an additional sum equal to three of your monthly payments for use as an advance rental for your replacement vehicle.
Who this might help
Contract Hire and Finance Lease Gap Insurance is available for dealer or leasing company supplied new and used vehicles, under a Contract Hire or Finance Lease scheme. Cover is available for vehicles less than 12 months old and under 10,000 miles at the start of the policy.
These are multi-year policies that cannot be renewed, extended or purchased again on expiry.
A Typical Example
When you suffer a write off in a vehicle under a Contract Hire or Finance Lease scheme, the leasing company will expect your insurer to pay them the market value and will also ask you to pay all or some of the rentals you were contracted to pay.
Your insurer may not pay what the leasing company expect and you could be left with a significant debt. Contract Hire and Finance Lease Gap will 'top up' your motor insurers payout - up to the sum required by the leasing company to clear your debt.
A write-off can be caused by theft, accident, fire or flood.
How Leased Vehicles Are Covered
Contract Hire and Finance Lease Gap does not cover Hire Purchase (HP), Personal Contract Plans (PCP) or any form of personal loan.
Contract Hire and Finance Lease plans are subject to vat and this is an easy way to identify if your vehicle is subject to one of these plans
All of the above are simple summaries and all insurances are subject to terms and conditions which can be found above.
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