As with all road vehicles, if you intend to use the vehicle on UK roads, public highways and places, you must have an insurance policy in place. On a leased vehicle this must be a Fully Comprehensive Insurance.
Starting your Lease vehicle insurance
The insurance contract for your new lease vehicle has to be in place for the day of delivery, many insurance companies do this down to the hour so we would advise always starting the insurance from 12.00 midnight as this then saves any panic if the vehicle were to arrive at 8.00 in the morning. In many cases proof of a valid insurance policy has to be offered and shown prior to the delivery being completed.
For a personal contract the insurance document has to have the contract holder at least named on the policy.
For a Business contract the insurance has to be in the name of the Business or one of the directors names.
Legal Ownership of the vehicle
The legal title of the vehicle always remains with the finance company and they are the registered owner of the vehicle.
What is GAP insurance
This is an additional insurance product (Guaranteed Asset Protection) which covers the amount your insurance company may pay out in the event of an accident, theft or total loss and the shortfall which you may be liable for which would be payable to the finance company.
GAP insurance is completely optional, at this moment AMG Autolease Ltd does not offer a GAP product and we would encourage you to seek this product elsewhere.
Where should I go for Insurance
With the advent of the internet getting a competitive insurance quotation has become quite easy and commonplace. There are now many comparison sites although these sometimes do not show the best offers which are in the market. In our experience, the best site are as below;
- Go Compare
- Compare the market