Gap insurance
cost of car 39500
deposit 10000
you owe finance 29500 - what you paid in monthly over time say 5000
Now finance 24500
car stolen or got write off after crash
as the car loses value every day the insurance pays say 20000
you still owe 4500
There two types
1. Gap pays the difference ie 4500
2. Gap pays the difference to buy a car of same age
that insurance money 20000 + gap = another PHEV of same age.
Gap insurance is only for 3 years I think, after that you buy the car or return it
All PCP owners should buy it.
Cheapest Gap Ins is 123 gap insurance in UK