purchase price protection |
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what is it?
In the event of your vehicle being declared a write-off by your insurance company because of theft or an accident, there may be a shortfall between the vehicle's current market value and the original purchase price. This is PPP (Purchase Price Protection) Gap Insurance.
The shortfall could be a significant sum depending on the rate of depreciation of your vehicle. PPP will bridge this Gap. |
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who is it for?
Customers obtaining vehicles by any method where they have the option to take ownership of the vehicle, such as those customers financing the purchase of their vehicle using Hire Purchase, Lease Purchase, PCP or Cash. Designed for customers wishing to retain as much equity as possible in the event of a valid claim. |
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example
A customer buys a BMW 3-Series Saloon for £19,226, with a deposit of £1,200 and finances the remainder.
18 months later the car is involved in an accident and is written off.
The insurance company settles £12,700, but the customer still owes the Finance Company £13,831.
The GAP Insurance plan will pay the £6,528 shortfall between the Insurance Company Payout and the original invoice value less any extra items. |
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important
This Purchase Price Protection Gap Insurance is provided by Lloyd Latchford Schemes Limited, 16 Bell Street, Princes Risborough, Buckinghamshire. HP27 OAD. Lloyd Latchford Schemes Limited is authorised and regulated by the Financial Services Authority |
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why Concept Vehicle Leasing?
- Established, Experienced Leasing Provider with a reputation for impartial advice and Service Excellence
- All Makes & Models (Cars and Commercials)
- Direct funding from major Banks and Leasing Companies, assuring you of the Best rates
- Dedicated Account Management
- UK Nationwide Service Provision
- BVRLA Accredited Member
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