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Lease GAP Insurance
Lease
You’re leasing a car worth £25,000, but halfway through your lease you write off a car in an accident. Your standard insurance pays out the current market value of £18,000, but you still owe £22,000 on your lease. This is where Lease GAP insurance becomes essential.
Lease GAP insurance covers the shortfall between your insurance pay out and the amount you owe on your lease agreement. In our scenario, this insurance would cover the £4,000 difference, so that you don’t have to pay out of pocket to settle the lease.
This type of cover is ideal for those leasing vehicles because it takes care of any remaining lease payments or termination fees if your car is declared a total loss. Without it, you might end up having to pay a significant amount to close out your lease.
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