It is widely recognised that GAP Insurance is industry standard when it comes to finance shortfall insurance, and with Car leasing on the increase in both personal and commercial market sectors, it seems unlikely that things will change. With this in mind, Its worth looking at the benefits of GAP and what to look out for in leasing companies offering such services.
If a vehicle on finance is written off, GAP insurance is designed to cover the difference between the Insurance Payout / Market Value and the amount of outstanding finance. (Subject to eligibility, and to a maximum of 5,000 or 10,000).
The insurance industry is regulated by the FSA Financial Services Authority, and as such the consumer is safe in the knowledge that the product being offered is being done so by an authorised body, and that if they have any concerns there is a governing body protecting their interests. That said, you should expect to receive the following information:
Keyfacts Or policy summary, always read the Significant Features and Benefits and the Significant and Unusual Exclusions or Limitations Quotation Demands and Needs A summary of the information you have provided to enable the quotation to be created. Initial Disclosure Document Information about the company that has quoted you and what they can and cannot do. There are a wide variety of providers of GAP, from a leasing company, finance company and internet websites. Make sure in your mind that the policy covers what you need it to, and if you have any doubts ask the provider to go through the policy in more detail.
In an industry where depreciation in the first year is so high that the vehicle tends to be worth a lot less that the amount owing on finance, an investment is in GAP will give you peace of mind. Please visit http://www.leden.co.uk/
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