Gap from Planet Leasing
What Is Gap Insurance?
Finance GAP is available for a vehicle financed under a Finance Agreement other than Contract Hire. Finance GAP insurance is available to companies and private individuals on vehicles up to 10 years of age for a maximum cover period of 10 years, bought within the last 45 days – with Finance GAP you pay for the period of cover you require.
If the vehicle is written off during the period of the Finance Agreement, without taking out Finance GAP you will be liable for any financial shortfall when settling the Finance Agreement if not fully covered by your general motor insurance policy.
Your motor insurance provider will pay out the market value of your car. If the finance settlement from your finance provider is in excess of the insurer’s offer you will be personally liable for the financial shortfall.
Simply Protect Yourself
A vehicle leased on a 36 month contract paying 3 months in advance leaving 35 rentals to pay at a monthly rental of £300 + VAT.
Assume the vehicle is declared a Total Loss in month 4 leaving 31 rentals due.
Total rentals due: £9,300
Leasing companies can charge up to 100% of outstanding rentals, without GAP Insurance this may well be payable by you as it is unlikely to be covered under your Fully Comprehensive policy.
Benefits
- Pays-off Outstanding Rentals
- Maximum term 4 years
- Pays the first £250 of your insurance excess
- All named drivers on the Fully Comprehensive insurance policy
- Maximum payout 105% of Glass’s Guide retail price
- Maximum level of GAP cover available is £10,000
- Available for business and personal lease arrangements
- Doesn’t cover arrears or maintenance shortfall
- Available for cars and vans up to 3.5 tons (unladden)
- Personal Contract Hire and Business Contract Hire agreements
- Free transfer for the remaining balance of the GAP policy if you change your vehicle before the insurance end date
- We cover under 18's with a full driving licence.
- If your primary insurer replaces your vehicle new for old in the first and or second year, we will transfer the whole policy to your replacement vehicle FREE of charge.
- Any amendment you wish to make to your existing policy, for example; change of address or registration number can also be made, again FREE of charge.