GAP & New-for-old on a lease

[mzaalam]

Hey all.

I'm about to take out a 2 year lease on a car and wondering what I need to sort out. I'm covered with admiral multi-car at the moment and assume I'll need to let them know the new car is owned by the lease company blah blah.

However a few questions as literature is a little confusing:

1) Do admiral do the whole new for old in the first year of a new car?
2) Do I need finance shortfall GAP or return to invoice GAP? Some places say you can get RTI if you are 'able' to purchase the car at the end of the term, but others (e.g. parkers) say you aren't able to do RTI on any lease or contract hire.
3) if admiral do the 1st year new for old, do I only need GAP for the second year?

Help appreciated

[Hair Flick]

Speak to your dealer about their GAP products but shop around too.

I was about to recommend Surf and Protect but they appear to have ceased trading. Always good to shop around and it depends on your approach to risk. Bought a new car back in 09, took out a return to invoice or replacement, cannot remember which, and it cost me approx. £200 which was worth it should I have required.

[Craikeybaby]

You will need to let your insurer know it is a lease car, I got gap insurance for the second year of my lease, but not from the lease company as it was about 5x the price.

[mzaalam]

Craikeybaby said:

You will need to let your insurer know it is a lease car, I got gap insurance for the second year of my lease, but not from the lease company as it was about 5x the price.

Yeah I found quotes at least 1/2 the price but for the whole term - declined the lease company's kind offer. How do I find out which insurance companies do new for old in year 1?

[maxell10]

Also in the same position but so far I have been unable to find anything, surprised this is common knowledge since it must occur pretty often.

[mzaalam]

Craikeybaby said:

You will need to let your insurer know it is a lease car, I got gap insurance for the second year of my lease, but not from the lease company as it was about 5x the price.

hey btw- who was your insurer?

[Tom H]

Speak to a broker or ask Admiral about New Car Replacement. Cheap insurance may mean lower cover but not necessarily.

Read policy wordings is my suggestion

[Craikeybaby]

First year I used Direct Line as the lease company had told me that they would be OK with this and I didn't have time to ring around different companies (but obviously I did check with them on the phone AND on the paper work when I got the policy). This year I used Adrian Flux and again told them the exact situation and they went to their panel of insurers and got me a cheaper quote than my renewal.