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BMW 3-Series (E90 E92) Forum
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Contract Hire & GAP insurance
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02-09-2011, 11:24 AM | #1 |
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Contract Hire & GAP insurance
Quick question for those running vehicles via contract hire with GAP insurance;
Who is underwriting your GAP insurance policy and what is the claim limit? Our cover, up until now, has been pegged at £10k However, we have some cars on the fleet that, if written off on day one of contract start, represent a £30k liability from an outstanding rentals point of view. Obviously I need to address this to ensure those with long terms & high monthly rentals are sufficiently covered, so I need to shop around. Any advice (along with premium cost) would be greatly appreciated. Si
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02-09-2011, 11:26 AM | #2 |
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Can vary depending on how much you want to pay/risk, On my last carI looked at £25k GAP cover but decided on back to invoice.
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02-09-2011, 12:14 PM | #3 | |
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Quote:
Merc C63 with a few bells and whistles. Invoice value of car circa £62k Monthly rentals of £750+VAT/month If car is a total loss Mercedes corporate (funder) want market value of car + 100% of oustanding monthly rentals. Market value of car is covered by our AIG fleet insurance, so no issues there. The risk is the total value of the outstanding rentals. If car is written off on day one the potential bill is 35*£750+VAT Back to invoice doesn't help us until the outstanding rentals total less than the difference between market value and original invoice, surely?
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325i M Sport (E92), Black Sapphire, Coral Red Dakota, 19" 225's, Seat Heating, 6FL and de-badge Replaced by 6.2 litres of AMG powered C class. |
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02-09-2011, 02:13 PM | #4 |
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I have used Surf and Protect on many occasions, they have an online chat function where you often get to talk to someone senior and often they give prices lower than the quotes on the website. Well worth a try in my opinion. I pay about £150 for 3 years cover with 20k limit.
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02-09-2011, 04:39 PM | #5 | |
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Quote:
As you may recall, a few months ago my business partner leased an SLK Mercedes through the business for his missus. To cut a long story short, she left it running on the drive and it got nicked. He notified his insurance and also Mercedes Corporate Finance. They immediately sent a settlement value for the car which was pretty well the full sale price as the car was only 3 weeks old! The wording said that all rentals are due to be paid in full until settlement is received. They expect settlement within 90 days so you should have 3 months worth of payments to cover. It doesn't go on to say that these will continue and as we haven't paid for the car yet I haven't got full knowledge that the payments will stop, but all correspondance so far indicates that they will cease. Hope this helps Paul |
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