Our Premium Vehicle Replacement Insurance policies are different.
Our 'Premium' Vehicle Replacement Insurance policies include extra features as standard which may be extra cost or not available at all elsewhere. There are crucial differences in cover from all providers, despite them 'appearing' to be described as the same. Be cautious when shopping for your policy. This look for list should help you;
It's crazy to buy gap without these features -
at any price.
- We do not exclude theft of vehicle with use of keys, a regular form of theft now, dont buy gap without it !
- All gap insurances end when you make a claim, but we will provide a FREE new policy for the remaining period !
- Our policies pay out up to 110% of Glasses Guide value at time of purchase, see terms and conditions,
- We will transfer your policy FREE within 90 days of vehicle delivery if you need to exchange your vehicle,
- We offer an interest FREE monthly payment plan for this product,
These are just a few of the differences we have found whilst browsing, you may find more.
Do please read the policy terms and conditions carefully before buying anywhere.
" Our Premium Gap Insurance products are of such high quality and are so comprehensive, prestige franchises such as BMW, Mercedes and Audi choose to sell them - albeit at substantially higher prices!. As you would expect those dealerships and their customers insist on the best. "
Now you know why our policies are different - how does the policy work?
In the event of an insurance 'write off' due to accident, fire or theft, Premium Vehicle Replacement Insurance will pay the difference between what your motor insurer agrees to pay you and what you need to spend to replace your vehicle - even if vehicle prices have increased!!. If the worst should happen and your vehicle model has been discontinued, Vehicle Replacement Insurance will make sure you have sufficient funds to purchase the nearest equivalent specification. This policy also pays what your finance company require to end your agreement if the settlement figure is higher than the original vehicle purchase price. The amount Premium Vehicle Replacement Insurance will pay will depend upon what level of cover you have chosen.
Premium Vehicle Replacement insurance can provide valuable cover for new and used car owners. Cover may be purchased within 90 days from date of vehicle invoice and is available for vehicles with an invoice price of £50,000 or less. Your vehicle must be less than 3 years old and have travelled less than 30,000 miles at time of purchasing the policy.
Our Premium Vehicle Replacement Insurance is available for 1 to 3 year periods and a choice of claim limits;
- £5,000.00,
- £10,000.00,
- £15,000.00,
- £25,000.00.
Vehicle Replacement Insurance products are popular for those who;
- Negotiated a high vehicle discount which they may not enjoy next time,
- Understand that vehicle prices (especially new) may increase and create a higher cost of replacement,
- Do not wish to pay to supplement an insurance payout to have the same or equivalent vehicle,
- Travel high mileages,
- Purchase using cash, loan or motor finance plans
Why Is It Popular For Those Categories?
Negotiated a high vehicle purchase discount?
Vehicle prices are always fluid. This is mainly driven by the 'deals' the dealers are able to offer at the time of purchase. Generally, in times of plentiful supply or uncertain economic climates - dealers are more willing to offer higher discounts and manufacturer bonuses or incentives. It's great to take advantage of those - but if your vehicle is written off, the supply situation and economic climate may then be in the dealer or manufacturer's favour and those same discounts and deals may not be available to the same extent. In those cases, even if you were smart enough to protect yourself with Return To Invoice Gap Insurance, you may still need to find considerably more cash to replace your vehicle. Vehicle Replacement Insurance will take care of that situation and pay not only what Return To Invoice Gap Insurance would have paid - but the extra you need to buy under the deals available at that time.
Vehicle prices may increase
Manufacturers generally review and often increase their prices annually to reflect increases in material and labour costs and worldwide monetary exchange rates. This alone can create an unexpected financial burden on motorists who assume they are able to purchase an equivalent vehicle for no outlay if their vehicle is unexpectedly written off.
Vehicle manufacturers also periodically replace models with a revised or new model and often take that opportunity to increase the price accordingly, causing another potential cost to those who need to make an unplanned replacement.
Vehicle Replacement Insurance will take care of both of those scenario's or indeed a combination of reasons for an increase in replacement costs.
Paying more to replace with the same model ?
Motorists who have experienced the trauma and hidden financial costs of having a vehicle written off will be happy to know that with Vehicle Replacement Insurance they will not be required to pay a supplement to have the same or nearest equivalent vehicle as a replacement. When they have endured the cost of car hire, lost possessions, motor insurance excess etc, the last thing they want to hear is that a few thousand pounds more is needed to enjoy the same car again.
High Mileage
It will come as no surprise to hear that high mileage cars depreciate much faster and to a greater degree than low or average mileage cars. What may come as a surprise is just how low an insurance assessor will value your high mileage car, if you are unfortunate enough to have it stolen or written off in an accident or theft. The sting is that high mileage suggests you may be more dependent upon a reliable car than most drivers, and yet your financial shortfall may be substantial.
Purchased using a loan or motor finance agreement ?
Regardless of where you borrow, most agreements have interest 'front loaded'. That means your monthly payments may not be reducing the loan in line with your cars depreciation. In the event of a write off, you could find that your insurer may not pay you enough to re-pay your lender.
PCP & Balloon Payment Agreements
PCP and balloon payment schemes 'defer' a lump sum payment to the lender until the end of the agreement. In these agreements, interest will almost certainly be 'front loaded', and unless you pay a substantial deposit, the combination of front loaded interest and a deferred lump sum will create a very high probability of a financial shortfall if your car is written off. This product meets the demands and needs of those who wish to ensure that they are covered for the financial loss they might incur in the event of a write off due to Accident, Fire or Theft.