Lease GAP Insurance
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.
In this situation, you may find yourself responsible for any financial ‘gap’ or shortfall between what your insurance company will pay and what the replacement cost for the lease car is. In addition, you may also find yourself without a vehicle.
If you’ve chosen to take out Lease Gap Insurance however, this financial burden is removed. Please simply contact our friendly SelectCare team at email@example.com for further information.
Key Benefits of GAP Insurance
In summary, GAP insurance offers the following benefits:
- Financial protection and peace of mind in the event of accident, theft, fire or flood relating to your vehicle
- Payment of the ‘gap’ or shortfall, to enable you to settle your lease agreement (subject to eligibility)
- Payment of up to £250 of your motor insurance excess (in the event you are found at ‘fault’)
- Payment of up to 3 months rental payments as a contribution towards a replacement lease vehicle agreement (up to a maximum of £2500 incl. VAT)*
- Vehicles with a manufacturer’s list value of up to £115,000 inc. VAT
- Vehicles weighing up to 3.5 tonnes
- Vehicles less than or equal to 6 years old
Duration of Cover
- For up to 60 months in line with the finance agreement, or
- Until the vehicle is sold, or
- Until the finance is terminated, whichever is sooner
- Any warranty charges, insurance premiums, road fund license and dealer fitted extras and accessories
- A vehicle written off whilst being driven illegally under the influence of drugs or alcohol
- Vehicles not insured under a comprehensive UK motor insurance policy throughout the term of cover
- If the vehicle is stolen by any person who has access to the keys
- If the vehicle has been modified in any way from the manufacturer's specification
- For vehicles financed on any funding agreement (excludes cash purchases) please note, the following vehicles are excluded: emergency vehicle, taxi, bus or diving school