So you have just taken you fab new contract hire vehicle.
You got a good deal and all is well with the world.
Contract Hire Gap Insurance well OK you know the risks but really I mean what are the chances?
The chances are higher than you think, and you may be storing up a ticking time bomb.
Do you know anyone who has had the house broken into? Mmm me too.
Did you know that you are almost as likely to have your house broken into as you are to have your vehicle written off! In fact an estimated 600,000 vehicles are written off in the UK each year.
With the cost of repairs rising this figure is set to rise.
After all no -one in ther right mind would not insure their home with buildings and contents insurance so why not their vehicle with motor insurance and gap insurance?
So what happens if your contract hire vehicle is written off after all you never own the vehicle so why should it matter to you?
Your own motor insurance company will only pay you the vehicles valuation on the day it was written off.
Your contract hire company will then send you a settlement letter. Bear in mind that your contract hire company will have based your rentals not only on how much you are paying monthly over the period but also how much they can dispose of your vehicle for at the end of the contract. So the settlement letter they send you can be thousands and thousands of pounds more than the vehicles valuation. In fact depending upon the contract hire company they are within their rights to ask for up to 90% of all outstanding rentals onto of the valuation.
Not nice. No vehicle to use. No deposit and a huge invoice!
Contract hire gap insurance can protect you from this and with prices for specialist suppliers from as little as £39.00 for one years cover and the average 3 year policy well under £100 can you really afford not to protect yourself?
So why not get a contract hire gap insurance quotation and make your own choice, after all it is you who will have to pay the invoice otherwise!