Lease GAP Insurance is a GAP Insurance product that ensures you’re not left short in the event of a write-off with a leased vehicle.
What is Lease GAP Insurance?
Leasing a car is a fantastic way to drive a brand new car, however, in the event your vehicle is written off, you may be left out of pocket due to the depreciating value of your car and high leasing fees.
Lease GAP Insurance, sometimes known as Contract Hire GAP Insurance, tops up an insurer’s payout in the event of a write-off, providing the extra funds to cover up to 100% of the outstanding monthly rental payments for the car including any shortfall in the market value settlement provided by your car insurer. Get a quote today for ultimate peace of mind.
Lease GAP Insurance features & benefits
- You’re covered for the shortfall between your insurance payout and the current value of your lease vehicle as well as any settlement charges
- Up to £1000 insurance excess cover
- Flexible coverage to suit you
- 30-day European travel included
- Access to a free MotorEasy account full of unique offers and discounts
- Savings on MotorEasy maintenance and repairs
How does Lease GAP Insurance work?
It’s designed to cover you for the difference between the payout from your insurer in the event of a write-off and the value of your vehicle at the time of the incident as well as for settling your outstanding leasing contract and paying off any additional fees.
What does Lease GAP Insurance cover?
- New or used cars purchased on a lease or contract hire agreement
- Cover available for all cars up to 8 years old and 70,000 miles
- Write-offs due to theft, accidental damage, fire damage and water damage
- This GAP Insurance policy pays the difference between the vehicle insurance settlement and the early settlement amount
- Up to £1000 of your vehicle insurance policy excess
- European road trips for up to 30 days
Why choose MotorEasy for Lease GAP Insurance?
MotorEasy provides expert advice on Lease GAP Insurance tailored to suit you and your motoring needs. We offer some of the most competitive prices on the market with flexibility over the policy terms. We’re fully regulated by the FCA and will cover up to £1000 towards your insurance excess. We also have an Excellent rating on Trustpilot thanks to our satisfied customers.
Lease GAP Insurance FAQs
What is Contract Hire GAP Insurance?
Contract Hire GAP is just another name for Lease GAP Insurance.
Who is eligible for Lease GAP Insurance?
You can take out a Lease GAP Insurance policy on all leased vehicles up to 8 years old and with less than 80,00 miles.
How much is a Lease GAP Insurance policy?
The price of your Lease GAP policy varies depending on the make and model of your vehicle as well as your contract and lease particulars, however, policies start from as little as £4.12 a month (based on a 24 month plan). For the most competitive price, get a quote from MotorEasy today.
Why would Lease GAP Insurance not pay out?
For your Lease GAP to pay out, you must have fully comprehensive car insurance and use your car within “normal” use. Your car must also be considered a write off by your insurance company.
How do I claim on my Lease GAP Insurance?
As soon as you think your car is going to be considered a write-off, you should log onto your MotorEasy account and start the claims process using the details found in your policy document. This should be done before accepting any offers from your insurance company.
Is Lease GAP Insurance monthly or annually?
MotorEasy offers flexible payment options for Lease GAP Insurance with monthly and annual options available.
What does Lease GAP Insurance mean?
Lease GAP is Guaranteed Asset Protection specifically for a lease vehicle.
Do I need GAP Insurance on a leased car?
Yes, GAP cover is particularly important on lease vehicles as not only do vehicles depreciate in value quickly, typically up to 60% in the first three years which is the usual length of a leasing contract but you can also be left with hefty charges if your vehicle is written off and you can’t complete your lease agreement.