OVL Lease Blog

All about electric cars

All about electric cars This blog shares some key facts about electric cars - we've got some fantastic offers on leasing electric cars right now, including Tesla, Pole... Read More

Don't panic - we can supply VWs and other electric/hybrid vehicles

Don You may have seen some headlines over the past few days that indicate a dire situation in the supply of new, electric vehicles but our message to y... Read More

The benefits of leasing a car through your business

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OVL Group Fundraiser for Ukraine

OVL Group Fundraiser for Ukraine I am sure you have, like me, watched the unfolding crisis in Ukraine with a mix of anger, sadness and horror. It is reported that over 2.5 million ... Read More

The OVL Review of the Polestar 2 Fastback

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Salary sacrifice - BIK tax just 1% on all electric cars

Salary sacrifice - BIK tax just 1% on all electric cars Rarely has there been a better time to take advantage of a salary sacrifice scheme. An electric vehicle isn’t taxed based on the salary that ... Read More

OVL working with Premia Solutions to offer GAP insurance. 

OVL working with Premia Solutions to offer GAP insurance.  GAP insurance….do you know what it is? Do you know if you need it? Never fear, we’ll explain all. When you lease a new car... Read More

The EMTEC Polish Rally - news from an OVL partner company

The EMTEC Polish Rally - news from an OVL partner company EMTEC has become an accredited supplier for the soon to be compulsory Polish E-TOLL system. In order to achieve accreditation EMTEC participated in... Read More

Devon Wildlife Trust makes fleet emission data actionable! News from OVL partner company

Devon Wildlife Trust makes fleet emission data actionable! News from OVL partner company The Devon Wildlife Trust safeguards Devon’s unique natural environment. Devon is the third largest county in England and the Trust ... Read More

New electric cars for 2022

New electric cars for 2022 2022 looks set to be a year of exciting electric vehicle launches from many of the major manufacturers. Some of the models we are most ex... Read More

OVL working with Premia Solutions to offer GAP insurance. 

17/01/2022

OVL working with Premia Solutions to offer GAP insurance. 

GAP insurance….do you know what it is? Do you know if you need it? Never fear, we’ll explain all.

When you lease a new car, it begins to depreciate in value the second it is loaded onto the trailer for delivery to you. 

Depreciation of brand-new cars, most lose 20% of their value before they reach a year old, is a fact of life and one of the reasons why leasing is such a good option (you can read more about that here) and GAP insurance exists to protect your investment.

Standard car insurance that we all have, covers the depreciated value of a car; so if you have to make a claim within say 9 months of receiving your new lease car, your insurance will cover the market value of the car on that day. 

Due to depreciation this amount could be thousands less than the brand-new value of your vehicle. 

GAP insurance covers the difference between what a vehicle is currently worth (which your standard insurance will pay) and the amount you owe on it. Depreciation on a car doesn’t go in a straight line, for example it will lose more in year 1 than year 2, however your standard insurance won’t take these fluctuations into account, this is where GAP insurance comes in, covering the difference.

Prices vary but generally speaking GAP insurance offers a very affordable peace of mind. 

We work in partnership with Premia Solutions to ensure we can offer our customers the best service when it comes to organising GAP insurance. The team at Premia Solutions will contact each of our customers to explain the protection that GAP insurance provides and provide quick quotes and policy set up for anyone wishing to go ahead. 

If you have any questions please contact one of our team who can point you in the right direction.