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.
For an additional premium you can now also protect the initial rental/deposit you paid at the start of your agreement, up to a maximum of £3,000. This means that if your vehicle is declared a total loss, as well as clearing your outstanding payments with the finance company you receive an additional settlement for the upfront payment.
The answer to this is yes, if you want to:
The answer to this is yes if:
Any Commercial Vehicle over 3500kg, Motorcycle, Motor Scooter or Moped. Any left hand drive vehicle and a vehicle which does not meet UK or EC approval or is not commercially available in the UK direct from a manufacturer or its authorised importer or dealer. Any taxi, mini cab, driving tuition vehicle, courier or delivery vehicle of any type or any private or public rental vehicle or any rally, competition or off-road vehicle of any type.
Contract Hire GAP Insurance Cover Example:
|Your vehicle purchase price:||£20,000|
|Your comprehensive market value insurance payout:||£10,000|
|The amount owed to the contact hire finance company to end the finance agreement:||£18,000|
|Our Contract Hire Plus payout:||£8,000|
|Comprehensive insurance payout + ALA GAP Insurance payout =||£18,000|
|(Leaving you clear of any owed finance on your vehicle)|