Lease GAP Insurance
In the unfortunate event of your vehicle being declared a total loss, due to theft or accident, there is a possibility that there will be a shortfall between the market value of the vehicle and the amount required by the finance / leasing company to settle the agreement.
Depending on the type of vehicle, rate of depreciation and length of agreement remaining, this amount could be significant.
GAP (Guaranteed Asset Protection) Insurance is an insurance product that covers you for any shortfall, which you are liable for, and will pay off any shortfall on your behalf, giving you peace of mind that you will not be left paying for a vehicle you no longer have use of.
A one off premium covers you for the entire lease term.
GAP Insurance is available for all Cars and Light Commercial Vehicles up to 3.5 tonnes gross vehicle weight.
A choice of periods available from 24 to 60 months, cover is available to match the term of your agreement.
GAP Insurance is offered by a number of suppliers, and is sometimes included as part of your motor insurance policy.
For a free and impartial view and further information regarding GAP Insurance, please refer to the Government backed Money Advice Service by clicking here.