Your journey doesn’t end when you get your new car keys.
We know that hiccups can – and do – happen during your lease.
But whether a careless driver scratches the paint or your car is declared a total loss, there are a range of products on offer that will make sure you’re not left out of pocket.
What is GAP insurance?
Sometimes, through no fault of our own, we end up with the worst-case scenario: a total vehicle write-off.
If your insurance company declares your car a total loss, they’ll only pay out for the market value of your vehicle at that time. If this payment is less than the outstanding finance on your lease, there’s a serious risk that the shortfall will affect your finances.
Rather than dip into your savings or take out a loan to cover the difference, you can purchase an additional form of insurance known as GAP (General Asset Protection), which will cover the ‘gap’ between your insurance settlement and the outstanding finance on your lease.
Smart name, right?
Some providers will also cover a portion of your initial rental and provide a courtesy car, which could leave you with some spare cash and time to take out a new lease agreement.
The last thing we want you to be worrying about is paying it off and having to replace a vehicle that’s no longer fit to be on the road. We hope you don’t need it, but it’ll be a lifeline if you do!