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The Gap Insurance market has seen enormous changes in the last few years, no doubt influenced by a a strong independent marketplace. This means that new policy features can become necessary as a need is identified for consumers, and we have already tried to maintain a position at the forefront of the market.
With this in mind we have introduced two new features to our GapInsurance123 policies.
1 - Deposit Cover - we have seen a huge increase in personal contract hire agreements in the UK. These allow for a fixed term rental with the vehicle then being returned to the leasing company. They may also require a a sizeable advanced rental to be paid at the start of the agreement. With the option we now provide for 'deposit cover', you can cover up to £2000 of any advanced payment for a one off additional cost.
The Deposit cover can also be used for hire purchase agreements, but we would urge you to look at a Combined RTI policy if you have the option to own the vehicle.
2 - Negative Equity Cover - this again is a new additional option, and is designed to cover 'negative equity' when it is brought over from a previous finance agreement. For example, if you buy a new car for £15,000 and you part exchange an old vehicle worth £5000 with £6500 owing on finance, then you have £1500 negative equity. If the dealer adds the negative equity to the finance for the new car, then you could end up with a loan for £16500.
With the new option for 'Negative Equity' we provide the opportunity for cover up to £2000 of negative equity carried over from the previous finance agreement.
Both these policies are most suitable for a Finance and Contract Hire Gap policy. Please feel free to contact our Customer Services Team to discuss in more detail.