Contract hire car and gap insurance?

Question

I am in the process of obtaining a car on a three year contract hire. Has anybody here done this before and if so, would you recommend it. The alteranative is to spend thousands on buying a car. Getting it this way would mean I save the capital in the short term and just pay about £200 each month. Also,what about the gap insurance. What exactly is it and would this also be a good idea as I aim to obtain fully comprehensive insurance anyway...

Is there anything I should be wary of.

Any serious advice would be appreciated

Answer 1

No car advice, but I can tell you Stanley Baxter is definitely alive. My mate has tea with him now and again and he's always popping in Hampstead Heath ponds for a swim when the weather is warm enough. I'll say hello from you next time I see him... By the way I bought his Xmas shows on DVD last year and all I can do is recommend you do likewise. He's such a joy.

Answer 2

Gap insurance is when the replacement cost of the vehicle is less than the remaining value on the lease.  When your loan or lease is "up-side-down."

Answer 3

Gap ins. is to cover you if the car is written and the ins, co, offers less than you owe on the car. The gap ins makes up the difference.

Beware of mileage charges. Most contract hires allow a set mileage per year and charge per mile if you exceed it.

Answer 4

try http://www.portwood.co.uk/gap_insurance.... for info and quotes