Contract Hire Gap Insurance
Why Should you buy Contract Hire Gap Insurance? 
Lets be honest the whole idea of contract hire is that it is low commitment, low cost and low initial outlay. The vehicle can never be yours so why should you care if your vehicle joins the estimated 600,000 other vehicles written off in the UK alone each year?
This is because simply put if your vehicle is written off then it is not simply the end of your agreement instead you are still financially liable.
Simply pick the type of vehicle you want a contract hire gap insurance quote for and our automated system will walk you through.
If you have a Car or Van, motor bike or taxi on a lease or contract hire ( operational lease ) agreement then you can protect yourself with an EasyGap Contract Hire Gap policy.
Remember if your vehicle is on a Contract Hire or Lease agreement, and is written off, then the leasing company can ask for a settlement figure that is far higher than the vehicle market value at that time. As the hirer, you are liable to pay the difference.
Why EasyGap.co.uk for Contract Hire Gap Insurance?
EasyGap Contract Hire Gap policies are designed to protect you should you face a shortfall between the vehicle market value, and the outstanding settlement on the lease.
Remember with lease agreements, like Contract Hire, your obligations are to the amount outstanding on the finance agreement, as you cannot own the vehicle with contract hire. Therefore styles of Gap Insurance like Return to Invoice and Vehicle Replacement Insurance are of little relevance.
If you need help, have any contract hire gap insurance questions or would like to contract hire gap insurance cover by telephone simply call us on our free phone number 0800 195 4926, we will be only to happy to help. We promise to answer all of your question in plain English, simple and Easy!
Please remember that even though EasyGap Contract Hire Gap policies come with market leading premium prices, this does not mean a dilution of cover, security , peace of mind or back up it just simply means better value for money ! The policies are underwritten by UK General Insurance on behalf of Ageas Insurance, and covered by the Financial Services Compensation Scheme.
Why Contract Hire Gap Insurance from EasyGap?
If you are comparing an EasyGap Contract Hire Gap Insurance policy against your motor dealer, or leasing company policy, you may notice one thing right away, the difference in price!
By looking to EasyGap cover for your lease or contract hie vehicle, you could save up to 80% against your motor dealer policy.
How can this be? Is there anything different between the levels of cover? We have never come across a Lease Gap Policy that has significant policy features to ours. As for the price, well there are several reasons why a dealer gap insurance policy could never be the same price as ours.
For your peace of mind you will be pleased to know that
- all of our Contract Hire Gap Insurance policies are underwritten Ageas UK
- all of our gap insurance policies are all fully FSA Regulated
- all of our gap insurance polices are backed by the financial services compensation scheme.
Contract hire or Lease companies differ in their stances on what happens when a contract hire vehicle is written off and most of the general public think that if the vehicle is written off that their insurance company will pay a settlement and that is an end to it.
Sadly this is not always the case. Some contract hire companies can charge 50%, 60% or the highest we have heard of 90% of the rentals outstanding when the vehicle is written off. Your insurance company will at best have valued the vehicle at the market value when it is written off.
Your lease company will have been charging you a rental based upon what they predicted the vehicle to be worth at the end of the contract. So what happens to the bit in the middle ? What happens to the Gap ? Hence to try and recoup their costs they can charge up to 90% of the rentals.
Why you may want to get Contract Hire Gap Insurance
Please let me try and explain
- You buy a vehicle on contract hire for 245.98 per month & vat.
- Your contract is for 36 months
- You have new for old fully comprehensive insurance.
- Month 13 your vehicle joins the other 600,000 cars written off each year in the UK.
- You are now left with bill for up to £5091.79 & vat.
Lease Gap Insurance could pay the difference between the vehicles value at the time of it being written off and the amount of finance / rentals outstanding. Gap Insurance for Contract Hire starts from as little as £39 based on a £5,000 claim limit.
Remember the you set the claim limit which is the maximum that the insurance company will pay out over and above the vehicles valuation at the time of it being written off. A top tip is to check how much it will cost to increase the clam limit as in most cases the cost is negligible and in some cases it is the same. If you need any help or assistance or any any questions why not call us on 0800 195 4926 during office hours where we will be only to happy to help.
You can click or call 0800 195 4926 for an instant contract hire gap insurance quotation for many vehicle including cars, vans and motorbikes.
Remember we are a broker, and if you are looking for an alternative contract hire gap insurance quote, the why not try our sister site, GapInsurance123.co.uk.
- Contract Hire Gap Insurance?
- Show Me An Example
- Contract Hire Gap Features
- Contract Hire Video
- Who is Covered On Your Policy
- The Easy Gap advantage
How does Contract Hire Gap Insurance work, what does it do?There seams to be some confusion over exactly what contract hire gap insurance does, some explanations talk about settlements, some amount outstanding rentals so which is right?
Well in essence both, please let us explain.
If you have a contract hire vehicle and it is written off during your agreement your contract hire company is within their rights to ask for a contribution of the outstanding rentals. Don't forget that your monthly payment will have been based not only on what you are paying each month but also how much your contract hire company envisaged being able to dispose your your vehicle for at the end of the contract.
The vehicle has been written off and your own insurance company will settlement that valuation however you are still liable for the shortfall between this valuation and your finance companies settlement.
Settlement, outstanding rentals they are effectively one and the same, however you want to think of it essentially it is the amount that you still owe the contract hire company.
Contract Hire gap Insurance pays the difference between your own motor insurance companies valuation and simply clears your outstanding financial liability - Easy!
For illustration purposes lets say that you have just bought a new Audi Q7 on contract Hire.
You paid an advanced payment of 3 rentals and then have a three year agreement for £398.99 & vat per month. The Q7 is an amazing car and you are enjoying it until one day 15 months later it is stolen. It is no-ones fault. No one is hurt, it is unfortunately just a symptom of the society we live in.
Your insurance company pay your finance company your finance company the value of your Audi on the day it was written.
Your contract hire company contact you and then as per their contract duly send you an invoice for a £4189.29 & vat. In this example we have aired on the side of caution and only allowed for a 50 % contribution but depending upon your finance company they can ask for a lot more.
You are now in the terrible position of having no car, and a large invoice to settle and that is before you consider where the advanced rentals for the new vehicle are coming from.
Yes you could use savings or business cash flow to settle the invoice but why?
This is exactly where contract hire gap insurance can help in that it would pay the difference between your Audi's valuation and the amount outstanding on finance. Yes you would still have no vehicle but at least you would not have the added financial burden of the settlement invoice.
With one years contract hire protection from as little as £39.00 do you really want to take the risk, so why not click or call and explore your contract hire gap insurance options.
From all of our policies being fully FSA Regulated to coming with free accident management so you will be pleased to know
We pay £250 towards your own motor insurance excessAll contract Hire gap insurance policies are underwritten by Ageas UKAll policies come with free accident managementPolicies cover the cost of all factory fitted optionsPolicies cover the cost of up to £1500 worth of dealer fitted optionsContract Hire Gap Insurance with a 30 day cooling off periodPolicies are cancelable with a pro rata refundWritten into each finance gap insurance policy terms is a commitment to pay within 14 days of your own motor insurance company there are all many many more features so why not click or call for an instant contract hire gap insurance quote.
So when your vehicle is deemed a 'total loss' by your motor insurer, the leasing company will require a financial settlement from you. This is likely to be comprised of the vehicle market value at the time, and a proportion of the outstanding lease payments or rentals. Your own motor insurance will cover the market valu aspect, the Contract Hire Gap Insurance is designed to make up the shortfall on the lease payments.
Actually Yes we think there are!
Although Contract Hire Gap is quite a simple level of Gap Insurance, there are still some features of the Easy Gap cover that may not be
matched elsewhere.Take Contract Hire Gap Insurance at any time - Unlike many other policies in the market you are not restricted to buying an Easy Gap policy within 180 days of your vehicle purchase. An Easy Gap policy can be bought at any point of your lease agreement, meaning if you never knew about this form of financial protection or you simply forgot to take it out originally, then you can still get cover with us.
We contribute up to £250 towards your motor insurance excess - if you have an excess on your motor insurance policy then we will contribute the first £250 if the vehicle is written off. Some policies do not have this and some even charge you an excess, this can make the policy settlement hundreds of pounds different.
Policy cancellation with a refund - Any insurance policy should feature a 'cooling off' period during which time you can cancel and the policy is refunded in full. However, outside this period, which is 30 days with an Easy Gap policy, then some policies do not offer a refund of any kind if you cancel. With Easy Gap it is a different story, if you cancel the policy at any point then there is a pro rata refund paid to you direct from the insurer, of any unused premium still remaining. There is an administration fee charged to do so, but this means you can expect some money back if you do not require the cover for the original policy period.
A policy underwritten by one of the biggest insurers around - The policy is underwritten by Ageas Insurance, one of the biggest insurers in the UK today. Ageas underwrite insurance policies for some of the biggest brands in the UK. If you take a look at your household insurance, motor insurance, travel insurance or alike there is a very good chance that you already have protection underwritten by this huge company already.
Easy Gap policies are underwritten by a company of heritage and pedigree. The roots of Ageas Insurance can be traced back over 100 years, they employ over 5,000 staff in the UK today, and underwrite insurance premiums of over £1 billion annually. This is the reason we chose Ageas Insurance to underwrite our commitment to you. In uncertain financial times we feel it is prudent to offer an insurance policy for a multiple number of years, with a 'rock solid' base. We feel Ageas Insurance provide that security with the Easy Gap brand.
So when you compare an Easy Gap policy to the rest how do they measure up?
We would always want all of our many happy customers and 
So please feel free to browse our Website or call a member of the team on 0800 195 4926. Our lines our open Monday to Friday 9am-7pm and Saturday 10am - 4pm.
No matter if you want to buy gap insurance for your company car, your business van or your motor home or motor bike we are here to help every step of the way from the purchase of your policy to claim we are only ever a click or a call away.
