Advice on car leasing

Chadda

Novice Member
Advice please on car leasing

Which will arrive this week -- I received an email from the Lease company offering me addons and was wondering if it was worth taking out the full cover £699 ?

LEASE GAP: From as little as £249 you can have TOTAL FINANCIAL protection against the risk of a TOTAL LOSS or INSURANCE WRITE OFF due to THEFT, COLLISION, FIRE or FLOODING. Our product provider (Auto Protect) will manage the claim between your INSURER and FUNDER and pay any potential INSURANCE SHORTFALL and even reimburse a substantial amount back towards a replacement vehicle initial rental. Please be aware that 'Motor Trade' Insurance policy holders are exempt from GAP insurance. Please Note Lease GAP will only cover you for up to 4 Years depending on your Lease term


SELECT PROTECT: From only £299 ‘SMART’ mobile repairs can keep your car looking pristine and eliminate potential ‘hand back’ charges. Minor dents, chips & scratches to the bodywork repaired at your convenience and more substantial damage catered for with £250 towards a body-shop repair. Please Note Select Protect will only cover you for up to 4 Years depending on your Lease term.

ALLOY WHEEL COVER: From only £329 you can have mobile repairs to keep your alloys looking pristine and eliminate potential ‘hand back’ charges. With ALLOY WHEEL COVER you can claim for up to 10 alloy repairs, each to the value of £100 per alloy. That means for a one-off payment of just £329, you can have up to £1,000 of repair works carried out. Please note Alloy Wheel Cover will only cover you for up to 4 years depending on your lease term.

SELECT CARE PACKAGE: From only £699 combines ALL the above facilities to protect your car from risk giving you total peace of mind.
 

un1eash

Distinguished Member
Personal preference, the only one I ever consider is GAP which is usually cheaper from somewhere like ALA.
 

Chadda

Novice Member
Personal preference, the only one I ever consider is GAP which is usually cheaper from somewhere like ALA.
Thank you for your response
This is the first time I have gone for leasing a car so not very tuned in and advice is valuable i have taken out fully comprehensive insurance on this car so is that not the same ?
 

AMc

Distinguished Member
Fully comp will (usually) give you the market value of the car. The insurance company definition of market value is often trade price for a badly looked after vehicle and may not cover the value of the finance - so a GAP policy will make up the difference.

As above the "deals" offered by the lease company are unlikely to be the best deals out there so if you want the coverage above then shop around.
 

ProfPike

Standard Member
I am literally coming on to post this! Sorry for intruding on the thread, but GAP insurance covers the difference between what you insurer claims the car is worth and what the leasing company thinks the car is worth yes?

Where is the best place to go looking for GAP insurance?

Thank you!
 

oneman

Well-known Member
I am literally coming on to post this! Sorry for intruding on the thread, but GAP insurance covers the difference between what you insurer claims the car is worth and what the leasing company thinks the car is worth yes?

Where is the best place to go looking for GAP insurance?

Thank you!
If you are buying new then GAP should cover the difference between purchase price and current value.

There are plenty of places offering it, have a look on Google.
 

neilball

Well-known Member
In terms of the smart repair cover etc, then are you likely to have lots of dongs and scratches based on how you normally treat your cars? You are allowed a certain amount of fair wear and tear when you hand back the car so it does not have to be pristine. The BVLA publish a guide that most leasing companies use at the hand-back inspection.

Personally I’d only consider GAP insurance, and generally from a specialist provider as they are usually far cheaper than the policies offered by lease companies.
 

depot

Well-known Member
My car dealer offered gap insurance for £500, I bought the gap insurance from chris knott insurance for £161 , to be fair the dealers insurance was slightly better, but still massively overpriced, as posted above there are lots of companies offing it.
 

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