Contract Hire Gap Insurance

Why Should you buy Contract Hire Gap Insurance? 

The whole idea of contract hire is that it is low commitment, low cost and low initial outlay. However if the vehicle can never be yours why should you care if your vehicle is written off. Surely, if your vehicle is no longer in existance then it must mean the end of your contract?

Sorry no! This is because it may not mean the end of your agreement, instead you are still financially liable for any shortfall between your insurance companies settlement. Simply, pick the type of vehicle you want a contract hire gap insurance quote for and our automated system will walk you through.

How does Contract Hire Gap Insurance work, what does it do?

If you are searching the internet, there can be some confusion over exactly what contract hire gap insurance does, some explanations talk about settlements, some amount outstanding rentals, which is right?

In essence both as they are exactly one and the same. In the eyes of your contract hire company your vehicle is not the new shiny car parked outside, instead for them it is simply a financial amount. If your vehicle is written off during your contract they will simply require this amount to be paid. They may call it payment contributions, settlements, early termination fees, but it is simply the amount of money that they expect you to pay, to be able to walk away from your contract. Contract hire gap insurance therefore pays the difference between your insurance companies settlement and your outstanding financial liability.
Lets look at how Contract Hire Gap Insurance can Help to protect you? 

For illustration purposes, lets say that you have just bought a new Audi Q7 on contract Hire. You've 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. 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. 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. 
We work really hard to make sure that all our of contract Hire policies are feature rich and offer the service, back up and support that you would expect from Easy Gap.

Our policies have been designed to be as easy to understand as possible and are all written in plain English with the least amount of industry jargon possible. Instead of pages and pages of small print our policies have one major clause.

Simply put whatever the reason your vehicle is written, off, how ever is driving and however your vehicle is stolen our main criteria is that your own insurance company have to be happy to settle. It they are happy to settle then we are.

We would however point out that if for what ever reason your insurance company do not settle then our hands our tied and we will not be able to settle any claim.
Are Easy Gap Contract Hire Gap Insurance policies different than the rest? Are there any advantages on an Easy Gap policy when compared to others in the market?

Actually Yes we think there are!  

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. After this time there is often no redemtion. With an Easy Gap finance and contract hire gap insuarcne policy, you can cancel the at any point with a pro rata refund paid to you direct from the insurer.

Is Contract Hire Gap Insurance best for you?

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