Features of Gap Insurance with GapInsurance123Much is made of the policy features of any Gap Insurance policy. Indeed, at GapInsurance123, we often emphasise the fact that we have cover packed with useful features to ensure you get the very best protection. This has been achieved with attention to detail in the building of bespoke policies in conjunction with the product providers.
In order to explain why our policies are built this way, and what detail we have included, perhaps it is best to explain the 'pedigree' of the product providers, and the ethos we employ to produce the terms.
Gap Insurance features with GapInsurance123
Firstly, GapInsurance123 is owned by Aequitas Automotive Ltd, a specialist product provider direct to the public, and to motor dealers and insurance intermediaries. We have experience of such products through their development over the years and listen to the feedback both from customers and product providers.
Aequitas Automotive Ltd will only provide products underwritten by major insurers in this field. These insurers will underwrite products for other brands also, and we are happy with this arrangement as we feel it is essential to have the backup of well-established companies for our products. Our policies are administered by well-established companies also, providing our customers with the very best service standards would they need to make a claim on their cover.
When we develop a product, we want the policy features to be clear about what they will and will not do. We ensure our policy terms and conditions are written in plain English, that is easy to understand.
Next is what we feel is a key point, we will only promote features that are written into the policy terms and conditions.
This is a company ethos first and foremost, but we think it is a point that should be expanded upon. Why? Simply because if the 'feature' promised is not in the terms and conditions what happens if you want to make a claim or act on that feature?
For example, some of our policies allow you to transfer your cover onto a new vehicle if you change during the policy period.
We do understand that some brokers have offered 'free' transfer of your cover in the past. However upon inspection we believe that the 'transfer' evolves you buying a new policy, receiving a discount for your 'transfer' and paying the difference to the broker. Is this really a 'free transfer'? In our opinion, it is not.
Also, if the 'free transfer' terms are not written into the policy terms and conditions, where do you stand with the insurer if the broker is no longer around? One of the companies who offered 'free transfer' is no longer trading, and although the policy terms and conditions are still covered by the insurer, the lack of any 'transfer' option, free or not, in the policy terms and conditions could well leave the policyholder with no options if they sell the vehicle.
We are not casting any aspersions on other brokers who make these offers in good faith, but these are features offered by the broker and not the underwriting insurer. We feel that we prefer to stick to the policy terms.
The bottom line is that the policy features we promote with a GapInsurance123 policy are stated, in black and white, in the policy terms and conditions. This way there can be no arguments, misunderstandings or issues should you wish to act or claim on our policy features.
Progressive Gap Insurance features with GapInsurance123
We take into account the car and insurance industry in 2012. For example, let us explore what you can cover with a GapInsurance123 policy that you can't with many others in the market.
The cost of Paint and Fabric Protection is often excluded from Gap Insurance cover, yet it is one of the most popular 'accessories' purchased by car buyers today. This can cost between £300-£400, and is often assumed to be covered but it is rarely. However, your GapInsurance123 policy will cover the cost of this within your £1500 dealer fitted options to cover.
Many new cars will be covered for their replacement in the first 12 months, by a motor insurance policy. However, after 12 months you are exposed and may want the peace of mind of Gap Insurance at that point. You have a window to buy a Return to Invoice or Vehicle Replacement policy with GapInsurance123 of 180 days from your vehicle purchase, so how can you avoid 'double cover' if your motor insurer covers you too?
Well, we allow you to defer the start date of an RTI or VRI policy by up to 12 months, so you could buy a 2-year GapInsurance123 policy and defer the start date for a year, giving you three years cover in total. What is more, we do not charge you any extra to defer your start date, so you buy a 2-year policy for the same price, even if you defer it.
Our GapInsurance123 Finance and Contract Hire policy can be taken at any point of your finance agreement, and you are not restricted to a policy purchase within 180 days of buying your vehicle. This means that if you had taken a contract hire vehicle 2 years ago, for example, and you still had 2 years left on the lease then you could still get Finance and Contract Hire Gap to protect the shortfall.
These are just a few of the Gap Insurance policy features you can expect from your GapInsurance123 cover.