Frustrating Car Insurance Black Hole

[Saxacat]

I have my car on a private lease, from Kinto One. I previously had my Toyota RAV4 with them and had GAP insurance cover in addition to my normal cover. I got my normal car insurance for the NX with NFU, as they offered new car replacement for 2 years in the event of a total right off or total loss due to theft; however, I have just discovered this is only for owners/buyers of cars. Since I lease my car, they will only pay the leasing company the 'market value'! This means I will be responsible for any shortfall.

I have also just discovered that the FCA have suspended all sales of GAP insurance, while they investigate the market.

Its very frustrating and I'm annoyed with NFU, as I don't see why the cover should differ; If I had the car on a PCP deal I would get their full cover, but on a personal lease I won't 😟

[Hayzee]

Edward I discovered a related issue through LV. Last year there was some confusion regarding car ownership when the car was financed via PCP and my car was 'mistakenly' stated as being a Personal Lease because that was what I was LED to believe I should state as ownership.

Renewing the policy this year I sought clarification regarding ownership and LV told me that if the PCP was in my name then I should state that I was the owner. This had the effect of adding 5% to my renewal premium, as I assume that relates to the extra cost to LV in a write off situation. I think that might explain why you have seen the difference with NFU.

Hope that makes sense 🤔

[Saxacat]

It does fit Colin.

I've rang the FCA today and found out that they have now authorised some GAP insurance sales; I managed to get a policy for a reasonable price.

I might go back to NFU next week and try and find out why the discrepancy between lease and the likes of PCP and why I wasn't made aware of it. I did look at Arriva's policy and that is the same as NFU.