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Lets say you finance a Truck by way of a Contract Hire / Lease Agreement for £59,995, but two years later, the vehicle is written off and your Motor Insurance company offer you only £30,000.00, whilst the settlement figure on the Contract Hire/Lease Agreement is £35,000.
If this happened, Truck Contract Hire GAP Insurance would pay the £5,000 difference between your Motor Insurance payout (£30,000) and the amount required to settle the Contract Hire / Lease Agreement (£35,000).
(* - Subject to the overall policy claims limit that you select when you take the policy out) |