Gap Insurance, private lease car
Discussion
Just worth double checking with your insurance the ruling on the replacing a car like for like.
My parents took a lease car through my work for the first time a few months ago, and a lot of companies did replace a new for new in the first year for people who were the registered & legal owner. For some strange reason, many wouldn't if it was a lease car. Not sure why it makes a difference. They now use AXA who were happy to do it.
But worth speaking to someone and getting a definitive.
Otherwise, yeah just get a GAP in the second year if possible. Some companies will not take you on through GAP insurance though if you've owned the car for so long. Most state you have to take it out within the first 180 days of ownership.
My parents took a lease car through my work for the first time a few months ago, and a lot of companies did replace a new for new in the first year for people who were the registered & legal owner. For some strange reason, many wouldn't if it was a lease car. Not sure why it makes a difference. They now use AXA who were happy to do it.
But worth speaking to someone and getting a definitive.
Otherwise, yeah just get a GAP in the second year if possible. Some companies will not take you on through GAP insurance though if you've owned the car for so long. Most state you have to take it out within the first 180 days of ownership.
Well they do reckon they'd replace it with a new one in the first 12 months from new. Presumably it's slightly more complicated as there is a 3rd party involved (the lease co i mean), and maybe they'd rather just copper-up and write a cheque.
I'm just finding it really difficult to determine whether I need Gap - either just for the 2nd year or whatever. My insurer says "do whatever", the lease co says "do whatever", but some people have said that if you've got a lease you can be uber-f
ked if the car gets written off, far worse than if it was just a PCP. If it was that much of a massive thing, why do lease cos and tons of others not try and sell you it??
I'm just finding it really difficult to determine whether I need Gap - either just for the 2nd year or whatever. My insurer says "do whatever", the lease co says "do whatever", but some people have said that if you've got a lease you can be uber-f
ked if the car gets written off, far worse than if it was just a PCP. If it was that much of a massive thing, why do lease cos and tons of others not try and sell you it??Aviz said:
what does the lease co say? some are crafty and expect you to pay off all the remaining payments, and expect the market value of the car in the event of total loss/theft.
some just halt the lease, and then accept market value. insurance should pay market value.
ok that's prob my next port of call then! I just assumed they always wanted the same thing, but if it varies between contracts and lease cos then i'd better check. Cheerssome just halt the lease, and then accept market value. insurance should pay market value.
I am thinking about taking out a Golf R on a lease deal along with gap insurance but I am just confused if say I took out a lease for one and the golf was stolen and not recovered in the first year? How would it work out with Gap Insurnance/insurance co & lease co?
Would I get another replacement, payout? what happens to the second year of the lease?
Would I get another replacement, payout? what happens to the second year of the lease?
Just remember also that you are effectively insuring your finance (accounting for interest) rather than the vehicle itself with gap - don't ever buy it from a dealer though, they grossly over price it as a money making initiative, a couple of dealers I have used over the years have had the decency to even explain this to me and advised going else where for it.
In a private lease at the moment. My plan (should this happen- touch wood it won't) is to get the insurance co to pay market value. Then buy an exact replacement and get the lease go to accept this car as the return at the end of the lease. My lease allows for this, can't remember the exact wording though.
talksthetorque said:
In a private lease at the moment. My plan (should this happen- touch wood it won't) is to get the insurance co to pay market value. Then buy an exact replacement and get the lease go to accept this car as the return at the end of the lease. My lease allows for this, can't remember the exact wording though.
well it's an important point, because the contract you sign is designed to stitch you up anytime you step of the 'happy path' even if it's not your fault. Worth checking, as I'd be surprised if they just allowed it without some kind of penalty.Gassing Station | General Gassing | Top of Page | What's New | My Stuff