How Lease Gap Insurance works
Lease Gap Insurance provides financial protection should your vehicle be declared a total loss by your motor insurance.
In the event of a valid claim, AGP Cover Lease Gap Insurance will cover the shortfall between what your motor insurer will pay, which is the market value of the vehicle at the time of loss, and the outstanding balance on your finance account. Plus, you’ll get up to £2,500 towards your first three monthly payments on your new agreement, as well as up to £250 towards your motor insurance excess, subject to your policy terms.
Can you give me an example?
If you leased your car with a purchase value of £21,500, and a year or so later when it’s written off the outstanding finance is £22,000. Your insurer will pay out the market value, which could be as little as £11,200, leaving you with a shortfall of as much as £7,600. If you have Gap Insurance however, this will be covered in full, subject to your policy terms.
Plus, you’ll get up to £2,500 towards your first three monthly payments on your replacement lease agreement, as well as an additional £250 towards your motor insurance excess.
Get a quote
To get a quote for cover now, and to claim your discount please click here.
Remember to claim your discount using this code: QVAFW0120
Here’s what you can expect from AGP Cover Gap Insurance
30 days to make up your mind, with no risk
If you decide within 30 days that you don’t need to cover any shortfall from your motor insurer, APG Cover will return your premium to you in full as long as you haven’t made a claim.
There’s no mileage limit once your cover starts
No mileage limits apply once your cover has started, so you can drive as far as you need to and continue to benefit from complete protection.
There are no hidden charges
If you need to amend your policy, there will be no charges at all for this during its lifetime. Just give AGP Cover a call and they’ll update it for you.
A quick and easy claims process
The professional, UK-based claims advisors will ensure you’ll have no hassles with your claim, and they’ll pay it out directly to you within days!
You can make free-of-charge policy amendments
There’s no charge for any amendments you need to make to your policy. A simple call is all it takes, and they’ll happily help you out.
You can cancel without obligation
You can cancel more than 30 days after your cover’s started, with no questions asked. You’ll get a pro-rata refund, less a small administration fee, as long as you haven’t claimed.
There are some exclusions to be aware of
Here are some exclusions to be aware of:
- If the vehicle is more than seven years old, or does not appear in Glass’s Guide, or your monthly rental payment is more than £2,000 per month, it will not be eligible for cover.
- Commercial vehicle, vehicles over 3,500kg, or vehicles designed to carry more than eight people are not eligible for cover.
- If the vehicle is not covered by a comprehensive motor insurance policy, or the driver of the vehicle at the time of the loss is not listed as a named driver on the comprehensive motor insurance policy, any claim made will not be valid.
- The policy will not provide cover if the driver of the vehicle at the time of loss does not hold a valid driving license, or is intoxicated, or is under the influence of non-prescription drugs.
