Lease GAP Insurance provides financial protection should your vehicle be declared a total loss by your motor insurance provider and you have taken out a contract hire or lease agreement.

 

In the event of a valid claim, Lease GAP Insurance will pay the difference between the payout made by your motor insurer and any early settlement payment to the contract hire or operating lease company. Plus a contribution towards the deposit on a replacement leased vehicle. However, there are specific exclusions (please see below).

Can you give me an example?

 

Your monthly rental is £340 (inc. VAT) for your vehicle. If your vehicle is declared a total loss in year two, your motor insurance company payout (i.e. market value) is £21,000.

 

The contract hire or leasing company will require an early settlement payment of £24,000.

 

Lease GAP Insurance will top up the insurance payout (i.e. market value) to the early settlement amount, which in this example would be £3,000 PLUS you will receive a contribution equal to three months payments as a deposit on a new lease agreement, which in this example would be £1,020. (up to a maximum of £2,500).

 

This will also cover your motor insurance policy excess up to an amount of £250.

With AutoProtect’s free, easy to use app you can make a claim whenever it suits you; day or night, on the go and even if their offices are closed.

 

Enter the relevant information, upload images and submit – what could be simpler? 

 

Download AutoProtect’s claims APP by searching for ‘AutoProtect’ in your APP store.

New contract hire or lease agreement:

Cover for up to three monthly payments up to a maximum of £2,500 as a contribution towards a replacement vehicle under a new contract hire or lease agreement.

 

Policy duration:
Cover is available for varying durations, depending on your requirements and according to the terms of your finance agreement. Cover ends earlier in the event of a paid claim or if the vehicle is no longer in your possession.

 

Excess:
Provides a contribution of up to £250 towards your insurance policy excess.

Claim:
A range of claim limits are available depending on the premium paid and the purchase price of your vehicle.

Vehicle accessories covered:
As long as accessories are fitted by the dealer and are manufacturer approved, we will cover up to £1,500 of extras. Manufacturer fitted accessories are covered.

Transferable:
If during the first year of cover, the vehicle is written off and you get a replacement vehicle on a “new for old” basis, you can transfer the remaining duration of the policy to your replacement vehicle free of charge.

Cancellable:
If, for any reason, you wish to cancel your policy and you do so within 30 days, and no claim has been registered with AutoProtect during this time, we’ll give you a full refund. After that, you may still cancel at any point, subject to a £35 administration fee. You may receive a pro-rata refund which will reflect the length of the term remaining.

We are unable to cover all vehicle types. You will be excluded from the benefits of this policy if:

• The vehicle has been modified in any way from the manufacturer’s specification.
• The vehicle is used for hire or reward, i.e. taxis or courier vehicles.
• Alternative products may be available from your supplying dealership that can provide cover for these vehicles. Please ask your supplying dealership for further information.
• The vehicle will be used for a competitive event.
• The vehicle is heavier than 3500kg gross weight.
• The vehicle is listed in the specifically excluded list; some prestige vehicles and sports cars are excluded:
  Including, but not limited to, Aston Martin, Bentley, Honda NSX models, Lamborghini, Rolls Royce, and kit cars.
• The monthly rental payment should not exceed £750 plus VAT.
• Any total loss due to your negligence or deliberate action.
• Any total loss as a result of an accident where the driver of the vehicle is under the influence of alcohol, drugs not prescribed by a registered medical practitioner, or drugs prescribed by a registered medical practitioner where a warning against driving has been given.

*You should note that there are certain limitations in terms of the maximum amount you may claim. For full benefits and exclusions, please refer to sections titled ‘What is covered?’ and ‘What is
not covered?’ of the policy terms and conditions which will be provided on request.

IMPORTANT: Financial Conduct Authority regulations require us to provide you with a separate Asset Protection Key Information document. You are unable to purchase this facility until one day
has passed, following receipt of the information outlined in that document. We will contact you on the 4th day to discuss the facility further, however, should you require more immediate cover, you have the right to conclude purchase on day 2 or day 3 by contacting your Sales Consultant.

Administered by: AutoProtect (MBI) Limited.
AutoProtect (MBI) Limited is authorised and regulated by the Financial Conduct Authority.
Financial Services Register No. 312143. AutoProtect (MBI) Limited is a Credit Broker not a Lender.