While the team at CarLease UK do hope that every customer enjoys a smooth and efficient transaction with their new car leasing deal, unfortunately we can only manage certain risks. Therefore, if you are currently going through the process of looking for a new car, you do need to consider the information below and ensure you take every step necessary to manage any foreseeable risks that could arise during the course of the agreement.

Guaranteed Asset Protection Insurance (“GAP Insurance”) is a product which CarLease UK cannot offer you directly. CarLease UK are a passive introducer for Premia Solutions Limited t/a Look After My Car https://www.lookaftermycar.co.uk/Account/Account/Login?ReturnUrl=%2F

What is GAP Insurance

GAP Insurance is designed to cover a motorist's financial shortfall in the event their vehicle is declared a total loss. There are several GAP schemes and products which are available to the customer including:

Finance GAP

Finance guaranteed asset protection provides the protection between the value of a car on the day it was stolen or written off and the outstanding finance on the vehicle.

• Available for all types of purchase finance
• Can cover any customer motor insurance company excess payment in addition to paying any Finance Company disparity
• Maximum finance term 60 months

Return to Invoice Insurance (Back to Invoice)

In the event of a vehicle being declared a total loss, this product will help the customer bridge the difference between the motor insurer pay-out and the original invoice price of the vehicle.

• Available to all cash and finance customers buying their car
• Can cover any customer motor insurance company excess payment in addition to paying any finance company disparity
• Available for periods up to 36 months

Important Information

From 1 September 2015 the Financial Conduct Authority (FCA) introduced new rules for firm distributing GAP insurance in connection with the sale of a motor vehicle (add-on GAP). This means that firms must:

• provide customers with prescribed information to help them shop around and be more engaged when making decisions about purchasing the product; and
• introduce a deferral period, which means GAP insurance cannot be introduced and sold on the same day.

For you, the customer, this means added protection to protect against point-of-sale advantage products. At CarLease UK we endeavour to treat all customers fairly and, as part of this, we have supplied key information below to help you in your decision on GAP Insurance:

• CarLease UK are not the supplier of this insurance product.
• CarLease UK are a passive introducer to Premia Solutions Limited t/a Look After My Car;
• Premia Solutions Limited t/a Look After My Car may pay a commission to CarLease UK if you elect to proceed with them;
• Before making a decision the total premium of GAP Insurance must be made available to you;
• The significant features and benefits, significant and unusual exclusions or limitations must be presented to you;
• The duration of the GAP insurance policy must be identified on the document;
• Insurance is offered by other parties and companies and you may wish to conduct due diligence before proceeding with the GAP Insurance that Premia Solutions Limited t/a Look After My Car offer to you; and
• Gap Insurance is an optional product and is NOT compulsory.

If you require any further information in relation to the above, please let us know.

Insurance for Car Leasing

CarLease UK do not offer car insurance in conjunction with any of our offers. However, it is a mandatory obligation to insure your vehicle and this is your responsibility to so. CarLease UK have discovered that there is not one particular insurance company that offers a better deal; it is very much a process of using insurance comparison websites to assist you. Please do ensure you arrange your car lease insurance before committing to your next deal.

Should you require any further information about Gap Insurance, please do speak with the team at CarLease UK today.

Contact us by calling 01942 608 606 or by emailing enquiries@carlease.uk.com