Finance GAP Insurance (Standard)

...Reducing financial impact in the event your vehicle is ‘Written Off’

Vehicles tend to depreciate quickly in their first year of life, then more slowly as they get older. As a result, in the event that your vehicle is declared a ‘write off’ by your road risk insurer, there is a risk that you will owe more to your finance/lease company than your road risk insurer will pay out.

Our standard GAP Insurance will pay the difference, up to a maximum of £5,000, between your road risk insurer payout and the amount you owe your finance/lease company.

Am I eligible?

Vehicles of up to 6 years of age	Yes
Vehicles invoiced up to £50,000	Yes
Commercial Vehicles up to 3.5 cwt	Yes
Any hire, purchase or leasing agreement secured on the vehicle	Yes

How Much does it cost?

For a simple, one-off payment of £195, you can have GAP insurance for the duration of your contract of up to 5 years.

Are there any "Significant or Unusual Exclusions" I should know?

• You must be insured under a Comprehensive UK Motor Insurance Policy. This Insurance will not cover Finance included in the Net Invoice Selling Price of Your vehicle for any warranty charges, insurance premiums, road fund licence and dealer fitted extras and accessories unless specified on the relevant manufacturer’s price list.
• The total benefit payable under this policy shall not exceed £5000
• Your insured vehicle is less than or equal to 6 years old
• The purchase price of your vehicle does not exceed £50,000
• Your Total Loss is covered when it occurs within Great Britain, Northern Ireland, Ireland, Isle of Man, Channel Islands and member countries of the European Community.
• You will not be covered in respect of any excess deducted under Your Comprehensive Motor Insurance Policy.
• You shall not be entitled to any refund of premium after the lapse of Your Statutory Right to cancel the Policy as detailed under Your right of Cancellation section of the Certificate of Insurance
• Use of vehicle for Hire or Reward, or vehicle being driven illegally or under the influence of drugs or alcohol
• If vehicle is unattended and the keys have not been removed, all doors locked and any immobilizer and/or alarm activated

Concept Vehicle Leasing are authorised and regulated by the Financial Services Authority. Full details of the policy terms and conditions are available upon request.

Finance GAP Insurance (Prestige)

Our Prestige Finance Gap policy is ideal for vehicles with an invoice value of up to £75,000. This policy operates in a similar way to that of our standard GAP policy, but pays up to £10,000 in the event of a claim.

For a simple one-off payment of £295, you can have Prestige GAP for the duration of your contract of up to 5 years. Alternatively, as with Standard GAP, we may include the cost of Prestige GAP within your lease agreement for a fixed regular payment.

All of our GAP Insurance polices may be taken in addition to one of our lease//finance packages, or as a stand-alone product.

Document downloads:

Concept Vehicle Leasing - Brochure (919KB)