How Lease Asset Protection Works Lease Asset Protection (LAP) is designed for people who have a contract hire or lease agreement on a vehicle. If your vehicle is written off, LAP pays the difference between the insurance payout made by your insurer and any early settlement payment to the contract hire or operating lease company, up to the purchase price of the vehicle. It will also contribute towards three rental payments on a vehicle under a new agreement, up to a maximum of £2500. However, there are specific exclusions (please see below).
Can you give me an example? You pay £500 per month for your vehicle. Your vehicle is written off. Your motor insurance company payout is £6,000. The contract hire or leasing company will require an early settlement payment of £8,500. LAP will top up the insurance payout to the early settlement amount. PLUS you will receive a contribution equal to three months payments as a deposit on a new lease agreement (max £2,500).
Policy duration:Cover is available for varying durations, depending on your requirements and according to the terms of your finance agreement. Cover ends earlier in the event of a paid claim or if the vehicle is no longer in your possession.
Claim:A range of claim limits are available depending on the premium paid and the purchase price of your vehicle.
Warranty and Road Fund Licence contributions:The cost of any warranty purchased is covered, along with up to £100 towards your road fund licence.
Vehicle accessories covered:As long as accessories are fitted by the dealer and are manufacturer approved, we will cover up to £1,500 of extras. Manufacturer fitted accessories are covered.
Simple to arrange:Your sales consultant will be happy to answer any questions you may have and confirm your eligibility for Combined Guaranteed Asset Protection.
Transferable:If during the first year of cover, the vehicle is written off and you get a replacement vehicle on a "new for old" basis, you can transfer the remaining duration of the policy to your replacement vehicle free of charge. You may then subsequently, at any time, transfer any remaining period of insurance on the policy due to a further change of vehicle, on payment of an administration fee of £35, as long as the replacement vehicle falls within the price range specified in your policy schedule.
Cancellable:If, for any reason, you wish to cancel your policy and you do so within 30 days, and no claim has been registered with AutoProtect during this time, we’ll give you a full refund. After that, you may still cancel at any point, subject to a £35 administration fee. You may receive a pro-rata refund which will reflect the length of the term remaining.
Vehicle Exclusions:We are unable to cover all vehicle types. You will be excluded from the benefits of this policy if: The vehicle has been modified in any way from the manufacturer’s specification. The vehicle is used for hire or reward, i.e. taxis or courier vehicles. Alternative products may be available from your supplying dealership that can provide cover for these vehicles. Please ask your supplying dealership for further information. The vehicle will be used for a competitive event. The vehicle is heavier than 3500kg gross weight. The vehicle is listed in the specifically excluded list; some prestige vehicles and sports cars are excluded:Including, but not limited to, Aston Martin, Bentley, Honda NSX models, Lamborghini, Rolls Royce, and kit cars.
General Exclusions: Any total loss due to your negligence or deliberate action. Any total loss as a result of an accident where the driver of the vehicle is under the influence of alcohol, drugs not prescribed by a registered medical practitioner, or drugs prescribed by a registered medical practitioner where a warning against driving has been given.
Additional Costs:Additional costs within the finance settlement for anything other than the purchase of the vehicle. This includes but is not limited to; administration charges, option to purchase charges, late payment charges and arrears, early settlement charges.
Negative Equity:Which means any sum outstanding from a previous finance agreement, transferred to the new vehicle finance agreement.
*You should note that there are certain limitations in terms of the maximum amount you may claim. For full benefits and exclusions, please refer to sections titled ‘What is covered?’ IMPORTANT: Financial Conduct Authority regulations require us to provide you with a separate Lease Asset Protection Key Information document. You are unable to purchase this facility until one day has passed, following receipt of the information outlined in that document. We will contact you on the 4th day to discuss the facility further, however, should you require more immediate cover, you have the right to conclude purchase on day 2 or day 3 by contacting your Sales Consultant. Lease Asset Protection is an OPTIONAL facility available from this dealership. Our sales consultants will be happy to answer your questions or clarify the policy benefits and exclusions. You should be aware that similar products may be available elsewhere to purchase directly. However, as with any insurance policy, you should confirm that the cover levels of alternative facilities are suitable for your needs. All information correct at time of publication Platinum_LAP_03/17