Lease4Less are well aware of the need to instil confidence in prospective and existing customers. As a result, we are now members of BVRLA as well as being FSA regulated. FSA regulations state that we have a legal obligation to make our customers aware of certain insurance policies that will protect them during the course of the lease agreement that they take from us. If you require any clarification then please ask one of our fully compliant Leasing Consultants.
What is Gap Insurance?
Finance Gap Insurance is a policy designed to protect the customer should their vehicle be declared a total loss during the course of the lease agreement. If your insurance company valuation and offer does not meet the finance companies settlement, you will be liable to pay the shortfall. Gap Insurance bridges this shortfall and ensures that you do not have this concern.
Why would I be interested in Gap Insurance?
Because vehicles tend to depreciate quickly in the first year, then more slowly as they get older, there is a risk that you will owe more to the finance company than the market value if the vehicle is written off or stolen.
With Finance Gap Insurance the policy will pay the difference, up to a maximum of either £5,000 or £10,000 (Subject to eligibility) between the market value of your vehicle and the amount that you owe to the Finance company.
How do I qualify for Gap Insurance?
Most vehicle's purchased for up to £75,000 invoice price (some exclusions)
Cars and Commercial vehicle's up to 3.5cwt
Cover is valid for up to 5 Years in line with the finance agreement.
Applies to all finance agreements including Contract Hire and Finance Lease
Your vehicle must be covered by a fully comprehensive Road Risk motor policy
What isn't covered, and what would nullify my policy?
Certain make and models (e.g. Aston Martin) would not be covered.
If the vehicle is written off whilst driving illegally or under the influence of drink or drugs.
Vehicle used for Hire and reward are not covered. (E.g. Taxis and daily rental vehicles)
If the vehicle is left unattended and the keys have not been removed, the doors haven't been locked and the alarm or immobiliser hasn't been activated.
Are used vehicles covered?
Yes, as long as the vehicle is no older than 6 years at the start of the agreement.
If I pay cash for a vehicle can I take a Gap Insurance Policy?
Yes, as long as the vehicle is no older than 6 years, and you fall within the eligible criteria.
Are the Gap Policies Transferable?
No, the policy is for that vehicle alone and is not transferable should you sell or change your vehicle.
Can I have Gap insurance even if I haven't taken a vehicle with you?
Yes, as long as you have had your vehicle less than 3 months, and can provide a copy of your finance documents then we can supply you with Gap Insurance.
Do Lease4Less offer Motor insurance?
At present Lease4Less do not offer motor insurance as a package, but we do work closely with an insurance company who we can ask to contact you directly.