Lease Gap Insurance
Don’t be left out of pocket following an insurance write-off. Protect yourself from unexpected financial shortfalls with Lease GAP Insurance.
Protect yourself from unexpected financial shortfalls with Lease GAP Insurance.
In the unfortunate event your vehicle is written off due to accident, theft, fire, or flood, standard motor insurance will typically cover the vehicle's current market value, which may not be sufficient to settle your remaining lease balance.
Lease GAP Insurance bridges this gap, ensuring you're not left out of pocket.
Why Choose MotorEasy Lease GAP Insurance?
Our preferred provider, MotorEasy, has been recognised as the UK’s Best Buy GAP Insurance by Auto Express magazine and holds a five-star Defaqto rating. Here’s why we recommend them:
Comprehensive Protection: Covers total loss claims due to accident, theft, fire, or flood.
Financial Support: Provides up to £15,000 in cover, including up to £3,000 towards your initial rental payment.
Fast Claims Settlement: Claims are typically paid within 24 hours of your motor insurer’s settlement, reducing disruption.
Excess Contribution: Includes up to £500 to cover your motor insurance excess.
Why Might There Be a Shortfall?
Vehicle depreciation can be significant, with new cars losing between 15% and 35% of their value in the first year and up to 60% by year three.
In the event of a total loss, your motor insurer's pay-out may not cover the outstanding lease balance. Lease GAP Insurance covers this shortfall, ensuring you can settle your lease agreement with a clean slate to replace your vehicle and no financial strain.
Is Lease GAP Insurance Necessary?
While not legally required, Lease GAP Insurance provides peace of mind by protecting you from potential financial burdens if your leased vehicle is written off. It's specifically designed for lease and contract hire agreements, ensuring you're not left paying for a vehicle you can no longer use.
Costs of Lease GAP Insurance
Premiums are influenced by factors such as vehicle value and lease duration. Typical multi-year policies range between £100 and £300, offering an affordable solution for comprehensive protection.
Don't leave your financial security to chance. Drive with confidence, knowing you're fully protected.
Britannia Car Leasing has an affiliate partnership with MotorEasy. If you purchase a product via the motoreasy.com site through our links, we may receive an affiliate commission at no extra cost to you.