Our GAP Insurance policy is called Hire and Lease GAP insurance (also known as Finance GAP) and is specifically designed for vehicles on Contract Hire and Personal Contract Hire agreements. A Hire and Lease GAP policy pays the monetary difference between the amount owed on a finance agreement (i.e. the lease) and the market value at the time of the claim. This leaves you with no liability to your old vehicle. Hire and Lease GAP offers many advantages including:
· Up to £250 towards your own motor insurance excess
· Up to £2000 in advance rentals
· Cover for dealer fitted accessories
· Cover for all named drivers comprehensively insured to drive the vehicle
GAP insurance is an optional product and is not legally required when you lease a vehicle with LV Contracts. Whether you choose to take out a GAP insurance policy is up to you however it is worth noting that you only have a limited amount of time to take out the policy. Please get in touch if you have any questions. As with every type of finance product, it is important that you fully research the benefits and features and exclusions before taking it out to ensure it is right for you.
A GAP insurance policy may not be suitable for everyone, therefore, it worth considering a few factors that may influence your decision. Hire and Lease GAP insurance may not be suitable if:
· You took delivery of your lease vehicle more than 90 days ago
· You can afford to make up for any shortfall
As with every type of finance product, it is important that you fully research the benefits, features and exclusions before taking it out to ensure it is right for you. It is also important that you ask questions on anything you do not understand or need any clarification on. GAP insurance might not cover you for as much as you’re expecting:
· It won’t cover any amount deducted by your main car insurance company. This can include any unpaid premiums, salvage value or contributory negligence that may be deducted from your payout
· GAP insurance will only cover excesses up to £250 of your claim
· It will not cover any dealer fitted accessories unless specified on the relevant manufacturer's price list
· It also does not cover road fund licence, new vehicle registration fee, delivery charge, administration fee, fuel, paintwork, and/or upholstery protection kits, insurance premiums (including this premium), warranty premiums, service plans and any previous negative equity
· Any other deductions that may be made by the main car insurance company on payout that you accept, will not be covered.
LV Contracts can offer Hire and Lease GAP insurance from as little as £199 for up to £15,000 worth of cover. This premium price provides cover for the full term, is not annually renewable and includes Insurance Premium Tax. You can choose to pay for the GAP insurance premium as one lump sum or by 10 monthly direct debit instalments. If you wish to pay for the premium in full, this is payable by debit or credit card or by BACs payment.
The term "LV Cars Limited T/A LV Contracts" or "us" or "we" refers to the owner of the website whose registered office is Dominique House, Church Road, Dudley, West Midlands, DY2 0LY. Our company registration number is 08449822. The term "you" refers to the user or viewer of our website.
* All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
T: 01384 231444
LV Cars Limited T/A LV Contracts
205-215 Halesowen Road
LV Cars Limited T/A LV Contracts are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 688891
Registered in England & Wales with company number : 08449822 | Data Protection No : Z3155063 | VAT No : 162421340 | BVRLA Membership Number: 7959
Registered Office : Dominique House, Church Road, Dudley, West Midlands, DY2 0LY
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