Insurance and Gap cover

[Desseardo]

I’ve got my new XC90 insured by admiral after the free seven day insurance finishes tomorrow. Thing is I was told by the dealer that the insurance company must know Santander is the registered owner not me as it’s leased. Tried to explain this to the Indian call center and they kept saying it doesn’t matter. They kept saying it’s insured and all legal. Should I be worried.

Also I’ve got the gap cover sorted out by direct gap but the dealer said I should have got the return to invoice cover not the one recommended for leasing I took out. Again should I change it? Might have time still.

Cheers.

[Considered1]

I had a BMW on lease whilst insured with Admiral, as long as you’ve informed them and kept a note, you might have another chance when reviewing any important contract info documentation if doesn’t have the correct “owner”, you are the registered keeper which is what counts.

I wouldn’t trust any dealer to give correct advice on insurance, be very surprised if they sell anything other than one product and try to fit as many as possible.

Don’t Admiral pay out the full price if written off in year one anyway.

[volvocamper]

If the car is leased then you will almost certainly require finance gap insurance not return to invoice but would be good to know a few more details before responding with certainty.
My last 4 cars have all been leased and have had GAP insurance on each one (something you hope to never use of course as is case with most insurance)

Most insurers will replace in the first year but it is subsequent years where the gap insurance may be required. It is not silly expensive thankfully.

[S90D4R]

The FAQs on Admirals website is attached. They can insure personal lease cars by agreement. If it were me I would ensure I had confirmation via email or web chat transcript - the GAP policy only pays out if the insurance pays out so getting the vehicle insurance right it the key bit.

As for GAP I always have GAP123 Contract Hire or Lease Hire policies, these are fairly new and used to be based on RTI; you now have to give the monthly payment which I never remember being asked for.

TIP: buy a 4 year policy as its way cheaper than buying 2x 2 year policies (if you lease regularly), its fully transferable with no cost at GAP123 and their band of companies (easy gap / shortfall.co.uk etc)

Enjoy the Vovlo.

[Desseardo]

Thanks for all the info. I’ve only got a few weeks left with admiral but I’ll be changing to one with a uk call center at renewal time.

Cheers.

[Phil117]

Just be clear on the definition for you as insurance companies on the most part will try get of a claim if a loophole of some sort. A lease is a contract hire whereby you simply rent the car and not committed to purchase, whereby a PCP is a purchase agreement with a right to return the car. A contract hire will also included road fund licence as you're not the keeper.

To confirm:

Contract hire you are neither the registered keeper nor the legal owner - the lease company is both

If it's a PCP, you are the registered keeper but the finance company is the legal owner until an option to purchase fee is paid.