Cover financial shortfall in the event of a total loss claim
Lease GAP Insurance
You can’t stop a car depreciating in value, but you can protect yourself against financial loss if it is written off and your insurer’s payment fails to cover the outstanding balance on your lease.
What is Lease GAP Insurance?
Lease GAP Insurance is an option which can provide important financial protection as well as peace of mind during the period of your car lease contract. If your vehicle is declared a total loss because of an accident, theft, fire or flood, there is a risk that your motor insurance company won’t pay the full amount owed on the vehicle necessary to settle the lease contract. If you’ve chosen to take out Lease Gap Insurance however, this financial burden is removed.
That's why we've partnered with MotorEasy
Voted the UK’s best GAP insurer by Auto Express Magazine, MotorEasy Lease GAP cover will pay-off the shortfall between your main insurer’s payout and the outstanding balance still owed on your lease agreement, meaning you’re free to get a like-for-like replacement.
Why we recommend MotorEasy GAP Insurance:
- Voted the UK’s Best Buy GAP insurance by Auto Express 2023
- Covers total loss claims due to an accident, theft, fire or flood
- Claims settled within 24 hours of an insurance pay-out
- Provides £500 for additional insurance excess fees
- As well as up to £3000 towards your initial rental
- Five-star Defaqto rated
So, what does GAP insurance cover?
Theft
Accident
Fire damage
Water damage
Why buy GAP Insurance?
A write-off is stressful enough, and having to pay-off money still owed on a vehicle you can’t drive adds insult to injury. With Lease GAP insurance, your GAP insurer will pay-off the difference between your motor insurer’s payment and the outstanding balance still owed on your lease agreement.
Why might there be an outstanding balance?
In the unfortunate event of an accident, theft or fire, your main insurer will only pay-out the value of the vehicle at the time, which will have fallen rapidly since the beginning of the lease due to depreciation. GAP Insurance covers that difference, putting extra cash in your pocket so you’re free to pay off the outstanding balance and get a like-for-like replacement.
