MotorEasy has launched a new Guaranteed Asset Protection (GAP) product for leased vehicles.
The aim is to provide financial protection in the event of a leased vehicle being declared a total loss and the insurance payout does not cover the remaining balance due.
Select Car Leasing, a leading provider of car leasing solutions, is the first MotorEasy partner to offer the product to its customers.
“The FCA GAP insurance investigation forced providers to think carefully how they could better tailor their GAP solution to reflect how the customer purchased their vehicle,” said Duncan McClure Fisher, CEO of MotorEasy’s parent company, Intelligent Motoring.
The new product covers up to £15,000 and initial rental coverage up to £3,000, covering a deposit). It also offers lease-Specific Protection.
