If you take out a Contract Hire agreement on your Mini, why may you want to consider a Contract Hire Gap Insurance policy? With this form of lease deal, you never own the vehicle at any stage, so getting the invoice price back, or replacing the vehicle are less of a concern, its not your Mini to replace is it?
Do you have any liabilities on the Mini, what would you be expected to pay if the Mini was written off by your insurers?
Contract Hire Gap Insurance for Mini
If you have a vehicle on a lease such as Contract Hire, you are not the owner as the vehicle remains the property of the leasing company. Instead you pay a monthly rental for the vehicle, and at the end of the agreement simply hand back the vehicle to the leasing company.
Sounds simple, but what happens if the vehicle is stolen or in an accident, and ‘written off’ during your period of use?
Well the leasing company will look for two aspects to be provided by you. Firstly, the ‘market value’ of the vehicle which should be perfectly provided by a good motor insurance policy.
The second aspect is a proportion of the outstanding rentals on the agreement. This means that if you still had two years to run on your lease, and those monthly rentals added up to say £7,000, then the leasing company are within their rights to ask for a proportion of those rentals to be paid.
This ‘proportion’ may vary, and could be as high as 90-100% of the outstanding settlement.
This is where a Contract Hire Gap Insurance policy for the Mini may help. This form of Gap protection can cover the outstanding rental requirement from the leasing company. This means you can pay off the lease and walk away with nothing further to pay.
Why Contract Hire Gap Insurance for Mini from EasyGap?
We believe that choosing a Contract Hire Gap Insurance for your Mini from EasyGap gives you the perfect protection for a lease agreement. The policy is underwritten by a UK based underwriter, who is ‘A’ rated financially, and the policies are also backed by the Financial Services Compensation Scheme.
Finally, we do understand that you want both a solid level of cover, at a fair price. Time and time again, EasyGap provides the very best policy premium prices for Contract Hire Gap Insurance in the UK. If you do not believe us, simply click for a quote, or call us and we are more than happy to compare the leading online retailers for price and level of cover.
Contract Hire Gap Insurance for your Mini has never been so Easy.