An example of how Finance GAP works. Let's say you paid £18,500 for your car and your car is unfortunately involved in an accident and your motor insurance provider declare it a total loss. Using current market conditions your motor insurance provider values your car at the time of the accident as £12,000. Gap Insurance from Bettersafe will help you in the unfortunate situation that your car is written-off by covering the gap between what your motor insurance pays out and the invoice price of your vehicle or the amount outstanding on your finance agreement – depending on which level of GAP cover you choose.
Our Gap Insurance is available providing cover is purchased and started within 90 days of vehicle delivery from a motor dealer, broker or leasing company. Depending on the type of Gap Insurance you need, cover can be available for vehicles up to 10 years old and less than 100,000 miles.
Gap insurance for car hire. Car hire excess cover is a policy which shares similarities with travel insurance, in that you either buy it as a single or annual policy (you may wish to consider an annual policy if you hire cars regularly or are hiring for more than 14 consecutive days). 3. Finance, Lease & Contract Hire gap insurance protects you in the event of your vehicle being declared a total loss. It is suitable for HP, PCP, Lease and Contract Hire Vehicles. This type of gap insurance will pay the difference between the outstanding finance balance and the motor insurer's settlement. GAP insurance is designed to offer car buyers extra protection, compensating you for any shortfall between the purchase price and market value if your car is written-off or stolen. But, with lots.
Invoice GAP insurance. Aims to pay the difference between your motor insurance pay-out and the higher of either:. The amount outstanding on finance at the time of claim; OR The original invoice price that you paid for the vehicle. GAP's commercial Vehicle Hire division combines years of experience and knowledge in vehicle hire to provide a “one stop shop” solution bespoke to each customers requirement. We offer the UK’s youngest fleet of vehicles for hire that can be customised to your exact specification and needs including livery, roof racks, shelving, tow bars. Car hire excess insurance may be offered by the hire car company, but its cover may be insufficient and overpriced when compared to an independent insurer If you chose not to insure with the car hire company, it could ask for a hefty deposit on a credit card to cover the amount of the excess
Contract Hire Plus GAP Insurance What is Contract Hire Plus GAP Insurance? Contract Hire GAP Insurance will, in the event of a total loss claim (accident, theft, fire or flood damage), cover up to 100% of the outstanding rental payments for the vehicle and cover any shortfall in the market value settlement provided by the insurer. GAP insurance protects you from the risk of financial loss by paying you the difference between your insurer’s settlement and the original cost of your car, all from as little as £50 Which GAP. Guaranteed Asset Protection (GAP) insurance protects you against financial loss if your vehicle is declared a total loss or write-off by your car insurance provider. For example, if you have an accident in your car and it’s written off, your comprehensive car insurance will provide a financial settlement for the loss of your vehicle.
GAP insurance cannot be purchased on the day the car is sold. Dealers must wait until the fourth day after handing over the prescribed information. However, there is nothing to stop you buying GAP insurance whenever you want, so you are free to initiative a purchase straight away. Paying for GAP insurance Our Contract Hire and Finance Lease Gap Insurance includes free cover for up to 3 of the original advance rentals, up to £250 toward your motor insurers write off excess and more. . . . * More info. Additional benefits. At Direct Gap we pride ourselves on our superb finance, lease and contract hire gap insurance, designed to protect you if your car is declared a total loss. 01422 756100 Mon-Fri 9am-6pm, Sat 10am-4pm
How GAP insurance works. You're in an accident and your now one-year-old car is written off; Your car insurance company offers to pay out the market value which is £15,000; Admiral GAP Insurance will pay the difference between your insurer's settlement figure and the price you paid originally – £5,000 – leaving you with no financial shortfall. GAP Insurance protects you if you write off your car. It covers the shortfall between what you paid for the car and the amount your insurer will pay out should it be written off. Taxi Gap Insurance from GapInsurance123. Taxi Gap Insurance is just one of a number of new Guaranteed Asset Protection policies available from GapInsurance123 today. Taxi's and Private Hire vehicles are essential 'tools' of the trade to their owners. If the vehicle was in an accident, or stolen, and written off by an insurance company, have you ever considered what that would mean to you, and.
You buy a car with a list price of £38,925.00; Your lease hire/contract hire company uses their buying power and actually pay £31,335.00. You pay an advanced rental of 3 months £238 x 3 = £714.00; Two years into your agreement your car is stolen. Your motor insurance company offer you £18,275. This is based on the current value of the vehicle. Lease gap insurance. If you leased your car rather than buying it outright, lease Gap insurance helps you pay the rest of your contract and any fees that may apply for cancelling your lending agreement early. How to claim on your Gap insurance. Once your car insurer has offered your settlement, you can make your Gap insurance claim. You can buy Contract Hire GAP insurance to cover a New or Used car that:. Is covered by a comprehensive motor insurance policy.; You are named on the lease/contract hire agreement of.; Is less than eight (8) years old at the start date of this policy.; You have NOT changed in any way from the vehicle manufacturer's standard specification, unless the vehicle has been modified for mobility purposes.
Types of GAP insurance. There are three main types of gap insurance policy: Finance GAP insurance – if you’ve taken out finance to buy your car on a contract hire basis, this will cover the amount you still owe the finance company.; Return-to-invoice GAP insurance – this covers the difference between your car insurance pay-out and the exact price you paid for your car. 'Vehicle replacement' gap insurance. This cover pays you the difference between what the insurer will pay you and what you would pay if you bought the car today brand new, or if it was a used car, how much it was when you originally bought it. 'Contract hire' gap insurance. Finance Gap Insurance from GapInsurance123 What is Finance Shortfall Gap, how does it work? Finance Gap Insurance is the oldest and some say still the best. Finance gap insurance is also very flexible as you can buy it any any time during your finance agreement and not just within 180 days that is applied to most levels of gap insurance.
After all if the car is not yours and can never be yours why do you need to think about protecting yourself with contract hire gap insurance? In the event of your contract hire vehicle being written off, your own motor insurance will pay out to the current market value at the time it was declared a total loss.