Neva Consultants Leeds Vehicle Leasing Car Leasing and Contract Hire Special Offers and Great Service in one Place

If your vehicle is written off or stolen there is a risk that the insurance settlement may not be sufficient to cover the outstanding finance owing on the vehicle. This is because vehicles tend to deprciate more quickly in the first year and then at a slower rate as they get older.

Finance GAP pays the difference between the market value or the insurance company settlement (which ever is the greatest), and the outstanding finance on the vehicle up to a maximum of £5,000 or £10,000 (subject to eligibility).

Should your vehicle be written off as a 'total loss' by your insurance company, typically they will only pay the current market value of the vehicle at the time of the loss, and not what you originally paid for it.

Return to Invoice (RTI) GAP can soften the blow, and will pay the difference of up to a maximum of either £10,000 or £20,000 (subject to eligibility), between the market value of the vehicle and the original invoice price you paid for it. If the amount required to settle the outstanding finance is greater than the original invoice price, RTI GAP will cover the higher figure, allowing you to end the finance agreement.

Neva Consultants Leeds Vehicle Leasing have range of providers available for quotations for single vehicles through to large corporate fleet cover. Offering a speedy and professional service with our portfolio of insurance providers - please contact us to arrange a quotation.
For online quotes from A-Plan Insurance please click on the relevant link below - alternatively we can provide 'offline' quotations from a number of other partners.

Selecting the correct insurance for your lease vehicle

Vehicle leasing, whether for a van or a car, has many benefits and offers hassle-free motoring. Many leasing companies make life easy for customers with fixed monthly payment plans, and often even maintenance and tax costs included for you or your business. However, one factor that someone wishing to lease a vehicle cannot overlook is insurance.

How does car or van insurance work for lease vehicles?

With insurance for a leased car or van it is necessary for drivers to have comprehensive cover because they are effectively driving someone else`s vehicle. Third party and third party fire and theft policies are not acceptable for lease vehicles.

Generally vehicle insurance for leasing works in the same way as it does for buying vehicles outright. However, there are a number of key policy features that are important to look out for:

For personal car/van leasing:

- In the event that the car is damaged and the damage is covered by a car insurance policy, is there a
guarantee on repairs in case the lease company finds issues when you return the vehicle?
- Will you receive a courtesy car if your vehicle is sidelined?
- Are you covered for commuting as well as social, domestic and pleasure use?
- Does the policy include windscreen cover?
- Are breakdown and roadside repairs covered?

For business car/van leasing:

- Are multiple drivers covered on one policy?
- Are drivers covered for business use as well as social, domestic, pleasure use and commuting?
- How are total loss claims settled?
- Are the vehicles covered for European use if they are used overseas?
- Are breakdown and roadside repairs covered?

Why is it important to compare providers?

When leasing your insurance options are more limited making it important to compare the policies that are available. Many insurance companies only cover vehicles if you are the registered owner ? however, in the case of lease vehicles, the leasing company is the registered owner of the vehicle while you are the registered keeper.

This can make finding competitive car insurance complicated. However, by using a comparison website you can enter your details and those of the vehicle you are leasing or plan to lease and find quotes from a whole range of insurance companies. This can give you the peace of mind that you`re finding a competitive deal and could potentially save you £100s.

The gulf between the cheapest and most expensive deals can be high. For example, a 40-year-old male driver in Churchdown, Gloucester, with five-years no claims looking to lease a 2009 Mercedes S 500L could pick up a policy with premiums as cheap as £489.75 a year through the cheapest insurance provider. However, the same driver could pay as much as £1,240.24 with the most expensive provider ? more than twice as much.

How do lease vehicle drivers make claims?

You only know how good an insurer is when it is time to make a claim. However, there are steps you can take to make the claims process run smoothly:

- Keep the insurance policy up to date as discrepancies can invalidate a claim.
- Gather information from third parties. It is your responsibility to file the insurance claim, not the lease company.
- Keep the lease company informed. Make sure you contact them if an accident occurs as its information
may be needed.
- Be prepared to pay the outstanding amount on total loss claims i.e. where the market value is less than the
balance outstanding you will be responsible for the outstanding amount unless you have gap insurance.

Remember when shopping for car insurance to get the right level of cover as well as a competitive price.