GAP insurance with salary sacrifice

purpleparrotuk

I know gap has been stopped for the moment.  If I have a lease vehicle on salary sacrifice do I need to make up any shortfall myself if the car is written off? My employer owns the vehicle and not me so I’m a bit confused. If we can’t get GAP insurance and we need to make up any shortfall what are we supposed to do? Having a new car delivered in a few weeks. I have only got maintenance included not insurance. 

TadleyBaggie

You can still purchase GAP insurance (I recently did). What has stopped are car dealers selling GAP insurance.

DullGreyGuy

You say it's a lease car so presumably your employer doesn't own the vehicle either? 

You'd need to read your contract of employment and/or any suppiemental document in relation to the company car about what costs you may be liable for in the event of an accident. Some look to move liabilities to their employee, others retain the liability. 

Penelopa.Pitstop

TadleyBaggie said:

You can still purchase GAP insurance (I recently did). What has stopped are car dealers selling GAP insurance.

Almost every company stopped GAP, I could only find one website selling it, but not sure if they actually sell it because you have to register on their website to proceed.

born_again

https://www.thecarexpert.co.uk/can-you-buy-gap-insurance-in-2024/#:~:text=Has GAP insurance been banned,vast majority of GAP sales.

DullGreyGuy

TadleyBaggie said:

You can still purchase GAP insurance (I recently did). What has stopped are car dealers selling GAP insurance.

The FCA has asked the major GAP providers to stop sales whilst the FCA conduct enquiries... they have concerns that the product doesn't represent fair value to consumers