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Around a year ago GapInsurance123 was the first of the notable independent Gap Insurance providers to add 'Deposit Protection' to our Finance and Contract Hire Gap Insurance. This allowed purchasers to protect the initial rental deposit (ie 9+35) on a lease agreement. This would not be able to be recovered from a claim on a standard Contract Hire Gap policy.
Such has the popularity been with this feature that we have not only seen terrific uptake and feedback from our customers but we have also seen some of our competitors add this feature to their equivalent product. Imitation is the sincerest form of flattery.
Never one to rest on our laurels we have been working with our insurance partners to see if we cannot tweak and change to provide even better insurance options.
New Contract Hire/Lease Gap Insurance from Total Loss Gap
We are pleased to announce that we now have an alternative Contract Hire Gap Insurance product available with our sister website Totallossgap.co.uk that could, for certain customers, offer even better cover than the product on GapInsurance123.
So why is the Total Loss Lease Gap Insurance policy different. There are three reasons:
the premium you pay is calculated not on the purchase value of the vehicle but just on the monthly rental and duration of the lease
there is no upper 'claim limit' on the policy
you can protect up to £3000 of an initial deposit rental
where you have put a larger deposit into the lease to reduce your monthly rentals. Where the premium is calculated using the vehicle value you may end up paying a higher premium than you would with Total Loss
where you have put a large initial deposit rental down you can now recover this if that option is taken
where you may not be sure of what claim limit you may need to cover your lease. With Total Loss Lease Gap there is no claim limit