Ask a Question

What GAP insurance would you recommend for a van on contract hire?

What GAP insurance would you recommend for a van on contract hire?

Asked on by

If a van is on a long term contract hire agreement then GAP insurance will cover any potential gap between the insurance payout and the sum you owe the finance company in the event of a total loss (write-off). The best policy will very much depend on the type of financial agreement you have take out. Generally, there are three types of GAP insurance - Vehicle Replacement, Return to Invoice and Finance GAP. Finance GAP is the traditionally the cheapest and covers the gap between your insurer’s payout and the amount of any outstanding finance left on your van. Vehicle Replacement is usually the most expensive but provides added protection against any potential price rises that may have been introduced for your model of van. Return to Invoice (as the name implies) covers the gap up to the invoice price of the van.

For our complete and in-depth guide on GAP insurance, see:
Similar questions
My stepson had a fairly low speed accident on a roundabout, where the third-party hit him on the nearside front, while in the wrong lane for his chosen exit. The accident was not his fault and his insurance...
I have been offered 'shortfall' GAP insurance for car at £449 for three years. If the car is a total loss due to accident/theft, then the value would be made up to the original buying price (£22250) by...
I bought a pre-registered car with 10 miles on the clock recently. However, as it's classified as a demo model, the Mazda dealer tells me they must keep the V5 for 90 days. When trying to purchase Gap...

Ask Honest John

Value my van