Traditionally buying a new business or personal vehicle is expensive. Contract hire and lease packages had made affording a new vehicle easier than ever. The no-nonsense simplicity of the package as well as the sheer flexibility means that it is quickly becoming one of the nations favorite ways of funding a vehicle purchase.
This attraction is now not only limited to the business world, instead growing numbers of the public all keen to take advantage of the low commitment and low initial outlay that the package offers.
So is contract hire gap insurance honestly worth buying? Will it actually work and do you really need it?
The Financial Conduct Authority are keen to promote a transparent finance and insurance market. A financial market in which the public can have confidence in, safe in the knowledge that financial services will do as they expect during the life time of their policy and offer real benefits.
So will contract hire gap insurance be able to stand the test of time and live up to the expectations of the market?
Many contract hire owners are now blissfully unaware that if their vehicle was written off or declared a total loss that they could be left not only with