GAP Insurance (Ring 01952 222720)

What is the cost?

Unlike many of our competitors you don't need to get a quotewe have a very competitive fixed rate for ALL customers as outlined in the tables below.

Finance GAP Insurance
Amount of 
10 Monthly 

£10k £199.00 £19.90 Only applicable for cars in price band £0 to £37,500
£15k £299.00 £29.90 Only applicable for cars in price band £37,501 to £75,000

(The above rentals will cover you for the full term of your rental up to a maximum of 5 years)

Eligible Vehicles:

  • Vehicles up to £75,000 invoice price
  • Cars and commercial vehicles up to 3.5 cwt
  • Cover is valid for up to 5 years
  • Cars and commercial vehicles up to 6 years old
  • Covers write off's from fire, theft and accidents

What is Finance GAP Insurance?
Finance GAP Insurance is designed to lessen the financial impact of having your finance vehicle 'written-off'. In the event that your car insurer declares your vehicle a 'total loss', there is a possibility that the amount they pay out in settlement of your claim will be less than the outstanding amount you owe the finance company.

GAP Insurance pays the difference between the market value of your vehicle and the finance settlement figure up to a maximum benefit of either £10k or £15k.

The level of GAP Insurance cover depends on the value of your vehicle. 

If you take out a lease vehicle and your contract is terminated early becuase your car was declared a TOTAL LOSS by your insurer then the finance company that purchased the vehicle on your behalf (remember they are the registered owners, the customer is merely the registered keeper of the car) will arrange a settlement figure which will include the following:

a)  The market value of the vehicle

b)  Outstanding future monthly rentals - what a lot of customers don't realise is that you will be terminating your contract early (afterall, its not the finance companies fault that your car has been declared a total loss) so you will be charged an early termination sum which can be anything from 50%-100% (dependent on the finance company) of the total outstanding monthly rentals which will be reflected in the settlement figure.  

SO WHY TAKE GAP Insurance?  Well the settlement figure that you receive from your insurance company may not be enough to cover the finance companies settlement figure (a+b above); this is the GAP, the financial shortfall in essence.  GAP Insurance will bridge any shortfall (dependant on the amount of cover taken e.g. £10k, £15k or £20k).

So which cover is best for me?
GAP Insurance - is for any individual or business that is leasing or contract hiring a vehicle e.g. CH or PCH

Major Exclusions:
  • A vehicle written off whilst driving illegally or under the influence of drugs or alcohol
  • A vehicle not covered by a fully comprehensive road risk motor policy
  • A vehicle used for hire or reward
  • If the vehicle is left unattended when the keys have not been removed, the doors are unlocked and any immobiliser and / or the alarm is not activated.


How do I pay for GAP Insurance?
You can make one single rental by credit or debit card, by BACS or cheque.  Alternatively you can pay over 10 months by direct debit.

What vehicles are not covered by GAP Insurance?
The following makes of vehicle are excluded: Hummer, Kit Cars, Lamborghini, Ferrari, Aston Martin, Bentley, Rolls Royce, grey import (any vehicle not officially imported or distributed by the relevant manufacturer), any left hand drive vehicle, and any American make of vehicle unless manufactured as right hand drive.  Also excluded are any emergency vehicle, taxi, bus, truck, HGV, motorcycle, invalid carrier, and vehicles used for the purpose of driving schools, or any vehicle not mentioned in Glass's Guide.

Can I take out GAP/RTI Insurance after I buy or lease a vehicle?
You have up to 30 days to take out GAP/RTI Insurance after buying your vehicle or taking delivery of your lease vehicle.

If I cancel my GAP policy will I get my money back?
You have a statutory right to cancel the Policy within 14 days starting on the later date you enter into the contract, or, if different the date you receive the Policy documentation.  On receipt of your notice of cancellation you will be refunded any premiums you have already paid, unless you have already made a claim under your policy.  If after this period has lapsed you wish to terminate cover you will not be entitled to any refund of premium.

Whose name must be on the motor insurance of the vehicle for which you require GAP Insurance?
The registered keeper, owner or hirer of the insured vehicle must be the insured person and named as the policyholder in the Motor Insurance Policy for the Insured Vehicle.

What is the claim limits?
We offer between £10,000 to £15,000 dependant on the level of GAP cover taken.

Whose General Insurance do we offer?
Central (UK) Vehicle Leasing Limited offer Guaranteed Asset Protection (GAP) Insurance from a single provider.  The insurer's details are available on request.