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You have a bright, shiny new car, and like the many thousands of consumers these days, you have decided to buy it through contract hire.
So, if the car is not yours and can never be yours, why do you need to consider protecting yourself with contract hire gap insurance and what is gap insurance?
In the event of your contract hire vehicle being written off, your own fully comprehensive provider will pay what they consider to be what your vehicle was worth on the day it was declared a total loss. This is often called the market value.
Unfortunately, it is not the end of your finance agreement.
You are liable for any difference between the market value settlement your motor insurance offers you and the amount still outstanding on your lease or contract hire agreement.
This difference in values could depend upon how your contract hire agreement was structured, it could include a proportion of future rentals, differences in market value, and, in some cases, early termination fees.
This is exactly where your gap insurance can help.
Contract hire Gap Insurance will pay the difference between your vehicle insurance company's settlement and whatever is outstanding finance on your contract hire agreement, excluding any late payment charges or arrears.
If you have purchased your vehicle using an alternative finance package, please see the different types of Gap insurance we offer, as a level of finance gap insurance our opinion, does not offer the protection you need.
We know that some contract hire companies and even some competitors make this level of gap insurance difficult to understand. It genuinely is not. A major issue is that each lease provider calls the gap / shortfall in the middle something different.
From your perspective, it makes no difference what your motor insurance provider or lease company calls this chunk in the middle. As long as you are up to date with your contract hire payments, and there are no late payment charges, you can simply walk away with no further financial liability. If you do have any late payment charges or arrears these will be deducted from any settlement. This would not stop you from being able to make a gap insurance claim, but naturally, it would limit the amount you could claim.
We will even pay towards your own motor insurance excess; for a complete list of terms and conditions, please see your Gap Insurance policy Terms & Conditions.
If you have put in a large advance rental ( sometimes called a deposit or initial rental ), you may want to consider protecting it with a form of deposit protection.
This means that for an additional premium, in addition to walking away from your old lease vehicle with no further financial obligation ( late payment charges and arrears excluded), you would be reimbursed your initial rental as shown on your invoice up to a maximum of £3000.
The cost of your gap insurance will depend on your monthly rentals, the length of coverage you would like, and whether you want to take advantage of deposit protection. For a bespoke Contract Hire Gap insurance quotation, please contact a team member on 0151 647 7556 or click for an automated quotation. All insurance premiums shown are for the full period of time and are the full price there are no hidden extras to add.
Please see your Contract Hire Gap Insurance policy documents for full eligibility criteria and a complete list of terms and conditions.
Easy Gap Contract Hire Gap Insurance Terms Easy Gap Contract Hire Gap Insurance IPID
Easy Gap RTI gap insurance Terms Easy Gap RTI Gap insurance IPID
Please note that if you have bought your lease Gap insurance cover before March 2024, the claims team may have a different telephone number.
With Easy Gap insurance, for a fraction of the cost of a main dealership or even some competitors' quotes, why not click for an automated quote?