Extension of gap insurance with ALA

Noahnewby

Hello, 

I'm currently in my 3rd year of leasing a Ford Focus ST Line and would have been due to return the car in early December but have, for reasons financial too complicated  to go into, agreed to extend the lease until the end of August next year. 

I'm happy with the deal offered by the finance Company and have made arrangements with the Leasing Company I previously used to start a new lease next year, mainly due to the excellent service received so far. 

I have been offered the chance to extend my gap insurance with ALA but, as far as I'm aware, most of the depreciation occurs within the first three years and I was happy to pay what I considered a reasonable premium to cover those years, particularly after reading the general consensus on this forum 3 years ago. This is the first vehicle I've ever leased and did not expect to be in this situation but hey, you've got to deal with what is not what you expect.

My question is whether it is worth even considering extending the gap insurance or should I just rely on my vehicle insurer ? If there's anybody out there who has had a similar experience and/or has the knowledge to provide some useful information regarding this matter. I will, of course, be very grateful for any information that could help me make what I realise is ultimately going to be my decision. 

400ixl

What type of gap insurance is it as there are different types. Some just cover the gap to current retail value, others to the original invoice value. The latter have far more of a gap to cover and therefore value than the former.

Noahnewby

Thanks for replying and sorry it's taken me so long to get back to you. Unfortunately, life has been a bit stressful recently with problems cropping up in various aspects of my life that, thankfully, have for the most part been resolved. I can now get round to trying to sort this dilemma out.

The original Schedule of Insurance states Type of Policy: Contract Hire GAP + 3K Deposit Cover and Maximum Benefit: £15,000 (+ £3000 Deposit)   Does this information help to clarify the type of gap insurance I currently have and whether, if possible, it's worth extending. Any information you can supply would be helpful.