gap insurance
what is it?
In the event of your vehicle being declared a write-off by your insurance company because of theft or an accident, there may be a shortfall between the vehicle's current market value and the value required by the lease/finance company to settle the lease/finance agreement. The shortfall could be a significant sum depending on the rate of depreciation of your vehicle and the remaining period of the lease/finance agreement. You will be held liable for the shortfall by the lease/finance company, however GAP Insurance protects you by paying the lease/finance company on your behalf.
who is it for?
Customers using Contract Hire or Finance Lease to obtain a vehicle, where their requirement is simply getting out of the agreement without financial penalty should a valid claim be made.
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why Concept Vehicle Leasing/ |
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A customer buys a BMW 3-Series Saloon for £19,226, with a deposit of £1,200 and finances the remainder.
18 months later the car is involved in an accident and is written off.
The insurance company settles £12,700, but the customer still owes the Finance Company £13,831.
The GAP Insurance plan will pay the £1,131 shortfall between the Insurance Company Payout and the amount due to the finance company in settlement.
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- Established, Experienced Leasing Provider with a reputation for impartial advice and Service Excellence
- All Makes & Models (Cars and Commercials)
- Direct funding from major Banks and Leasing Companies, assuring you of the Best rates
- Dedicated Account Management
- UK Nationwide Service Provision
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BVRLA Accredited Member
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Download Factsheet – GAP Insurance
important
This Purchase Price Protection Gap Insurance is provided by Lloyd Latchford Schemes Limited, 16 Bell Street, Princes Risborough, Buckinghamshire. HP27 OAD. Lloyd Latchford Schemes Limited is authorised and regulated by the Financial Services Authority
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get in touch
To find out more about how Concept Vehicle Leasing can help you or your business, please get in touch:
t. 0800 043 2050
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