Common Questions
- I am confused about various views on theft with access to keys?
In the event of a vehicle being stolen where the thief gains access to the keys, ie home or office burglary etc, some Gap Insurers will not pay out. Ours WILL. Our policies do not have this exclusion specifically listed. Do not accept what you might be told by a broker, simply check the exclusions section of the policy terms and conditions. If these circumstances are excluded - you will not be covered. A broker cannot override the legal terms and conditions of the policy, so when researching cover - accept only what the policy terms and conditions state.
- Should I be tempted by 'big name' insurers ?
All UK Gap Insurers are authorised and regulated by the Financial Services Authority. As such customers are protected under the FSCS (Financial Services Compensation Scheme) in the event of any insurer failing to meet it's financial commitments. Every 6 months the FSA check the financial status of the insurer to make sure they meet their criteria. Big name insurers do not mean best cover or best service. On the contrary, as an independent broker our experience is the opposite.
- Can I pay monthly as I do with my motor insurance policy?
No. Premiums quoted are one-off payments although we do offer 4 easy ways to pay including Debit or Credit Card, Cheque, Bank Transfer or PayPal.
- Am I covered by your policies abroad?
Yes, you are covered in all member countries of the European Community and any country for which a Green Card is effective at time of loss.
- What is the difference between Premium Vehicle Replacement Insurance and Return to Invoice Price cover?
It is easier to explain and understand using an example. Mr Green buys a car for £20,000.00. Mr Green's insurer declares his car a total loss and agrees to payout £11,000.00. Mr Green talks to his local dealer and is told that the replacement cost of the same vehicle has increased to £22,000.00. Mr Green had purchased Vehicle Replacement Insurance and his policy will now pay him the £11,000 he needs to buy a replacement. Had he chosen Return To Invoice cover, Mr Green would been paid £9,000 to get him back to his original invoice price and he would have been required to pay an additional £2000 to buy the new replacement.
- What is the difference between your cover and the cover offered to me by my supplying dealer?
Mainly the price - achieved by a substantially reduced profit margin. We aim to be the cheapest on the internet for an equivalent policy. Our policies to cover theft with use of keys and are underwritten by a UK insurer. These are features rarely found elsewhere. To help us maintain our competitive position we carry out regular competitor price watch comparisons. We also offer a unique Price Promise under which we commit to refund the difference if a comparable product is found advertised on the internet within 28 days of purchase. We have also been able to tailor our on-line product to suit the sometimes wider needs and circumstances of our internet customers.
- Everyone expects their car to depreciate, why insure the depreciation?
Generally we all have an expectation to keep our car for a given period or until we can afford to buy another. When we do sell it or part exchange it we accept it has depreciated. However, theft or road traffic accidents cannot be planned or budgeted for and these perils impose an early forced and unexpected financial loss which we may not have funds to meet.
- I have a tracking system fitted to my car, so why do I need to worry about theft?
Professional car thieves will not necessarily be deterred by tracking systems. They have developed the means to find them, remove them and in some cases de-code them. A substantial number of car theft cases involve the theft of car keys first and in those cases most tracking systems will not trigger an alert. Often by the time owners realise their car has been stolen it is too late for an effective tracker recovery. Our Gap Policies not only pay out for write off resulting from theft, but road traffic accident and fire.
- My motor insurance provides new for old cover in the first year. Can I purchase a cover with you that starts from year two onward?
No. Cover must be purchased and effective within 180 days of purchasing your car. Our policies are designed to give motorists protection in the first year too, where there may be circumstances where your insurer may not agree to settle on a new for old basis. Some insurers also reduce claims due to high mileage use or poor condition.
- If someone else is driving my car when it is written off, will your Gap policy payout?
Yes, providing that person is a named driver on your fully comprehensive motor insurance policy.
- Can policies be transferred?
car2cover policies are currently unique in that you can transfer the policy to your next vehicle if you decide to change your vehicle during the term of your policy. Our insurer will allow one transfer per period of insurance. There is a nominal administration fee of £35 charged by the insurer for this facility.
- Is there a maximum claim limit within your policies?
Yes there is. We offer a choice of claim limits to enable you to choose what is most appropriate for your car and your budget. See details of each on our product pages and in the quote area.
- I have a protected No Claims Bonus on my motor insurance policy. If I make a claim on one of your supplementary policies, will I lose my No Claims Bonus?
No. Claims on our policies do not affect your insurance claims record for that purpose and are not taken into consideration when taking future vehicle insurances.
- I live in an area where car crime is high. Will I be accepted for cover? I certainly need it!
According to Police statistics, car crime accounts for nearly one third of all crime. Our underwriters do not discriminate against those who live in high car crime areas. You will be accepted providing your car meets the eligibility criteria.
- I am in the process of buying a new car. My last car was written off due to theft. Under these circumstances will I be accepted for a gap insurance cover?
Yes. Our underwriters have no interest in your past insurance claim record. You might think lightening is unlikely to strike twice, but we have seen it strike three times to one customer - in a two year period !
- Is Gap Insurance the same as Vehicle Replacement Insurance ? Vehicle Replacement Insurance is one form of Gap Insurance. There are many generic phrases used to refer to this cover including; Shortfall Insurance, Vehicle Replacement Protection, VRI, RTI, or simply Gap.
