What is Contract Hire Gap Insurance?
More importantly if you have a vehicle on contract hire what can it do for you?
Did you know that if your vehicle joins the estimated 600,000 vehicles written off in the UK each year your motor insurer will only reimburse your contract hire company with the amount of money your car is valued at on the day it is written off or stolen.
So this should be the end of the matter insurance paid and no more vehicle?
No sorry your contract hire company while being very understanding will unfortunately still have to be paid!
If you have a Contract Hire vehicle for either personal or business use, then you will unfortunately have to find the remaining amount of money you still owe to your finance company if you have an accident/car is stolen, by yourself, unless you have Gap Insurance. Gap Insurance literally tots up the amount that you still owe to your finance company, after your motor insurer has rewarded you that valuated amount.