Vehicle Asset Protection Products
IF YOUR CAR IS INVOLVED IN AN ACCIDENT, STOLEN OR WRITTEN OFF, HOW MUCH WOULD YOUR CURRENT INSURANCE COVER PAY YOU?
Would that be enough to replace your car? For the majority of car owners the answer to that question is that question is No.
RETURN TO INVOICE INSURANCE (RTI)
Imagine the scenario where your car is declared a write-off due to an accident, fire or theft
Now imagine you discover that your insurance company pay-out will not match the original price they paid for your car.
This is a scenario faced by many motorists today. Even if they are not liable, they are almost certain to find a shortfall between the amount they receive from their motor insurance provider and the price they originally paid. The shortfall could be a significant sum depending on the rate of depreciation of your customer’s vehicle.
Who will protect you against this financial loss?
Who will ensure you get back to the amount they originally paid for the car?
For peace of mind and for the protection your customer’s vehicle needs, consider the cover RTI can offer.
HOW RTI WORKS:
Let's say you paid £18,500 for your car and it is unfortunately stolen and not recovered. Your insurance company then declares your car as a total loss and they value it at £12,000 using current market conditions. The RTI insurance may payout £6,500 to ensure you receive the total amount originally paid for the car - it's as simple as that!
Benefits of our RTI cover include:
- Designed to protect the purchase price of your vehicle for up to 36 months.
- Provides financial protection if the customer has paid for their vehicle outright.
- May pay the difference between the amount paid out by the insurance company and the invoice price of the vehicle.
- Meets the ABI code of practice.
- Transferable.
- Cancellable.
GUARANTEED ASSET PROTECTION (GAP)
What if your car is declared a write-off due to an accident, fire or theft and you purchased it with the help of a finance agreement?
Now imagine the insurance company informs you the pay-out will not match the outstanding finance amount (i.e. the settlement figure).
Again this is a scenario many motorists face every day. Even if you are not liable, you are almost certain to find there is a shortfall between the amount you receive from your insurance company and the outstanding finance. This shortfall could be a significant sum depending on the rate of depreciation of the vehicle.
In that event who will protect you against this financial loss?
For peace of mind and for the protection your customer’s vehicle needs, consider the cover Finance GAP can offer.
HOW GAP WORKS:
Imagine you have paid £20,000 for your new car and it is unfortunately involved in an accident resulting in your insurer declaring it a total loss. Using current market conditions the insurer values the car at the time of the accident as £12,000. However, they you still owe the Finance Company £15,000. The GAP insurance may payout the £3,000 difference, giving you the piece of mind that you are not without warning going to be expected to find this amount to settle your finance agreement.
Benefits of our GAP cover include:
- Designed to provide financial protection if they have taken out a finance agreement to fund the purchase of their car.
- Provides financial protection if the customer has used finance to purchase their vehicle
- Finance GAP policy may pay the difference between the amount paid out by the motor insurance provider and any outstanding finance on their car.
- Meets the ABI code of practice.
- Transferable.
- Cancellable.
COMBINED GAP AND RTI (CGAP)
The un-imanageable situation occurs where due to accident, fire or theft your insurance company declares the car irrepairable and the vehicle a write-off?
What’s more its depreciation in value leads them to pay out far less than the vehicle was originally worth.
What if you had used a finance agreement to buy a vehicle that’s been declared a write-off, before the agreement has all been settled ? You may then find yourself in a position where you have to continue making monthly payments on a vehicle you no longer own.
With Combined Guaranteed Asset Protection whether you paid outright, or made a finance agreement, to purchase the car, you will be completely covered!
HOW CGAP WORKS:
If your customer bought their vehicle outright and paid £26,500 for their car and their motor insurance payout is £14,000, RTI can pay up to the difference of £12,500 to top it up to the original £26,500.
If they financed their vehicle and paid £26,500 and their motor insurance pay out is £14,000, and their outstanding finance payment was £17,500 Finance GAP insurance may payout up to £3,500.
Combined Guaranteed Asset Protection will payout the greater of the Finance GAP or RTI amount. It’s that simple!
Benefits of our CGAP cover include:
- Incorporates Return to Invoice Cover (RTI) and Guaranteed Asset Protection (or GAP).
- RTI Cover could reimburse any difference between the road risk insurance settlement and original vehicle price.
- GAP is suited to customers taking out a finance agreement and may pay the difference between the road risk insurance settlement and the amount your customer still owes.
- Combined GAP and RTI insurance could pay out the greater of either the RTI or GAP pay-out, protecting your customer whatever their circumstance.
- Meets the ABI code of practice.
- Transferable.
- Cancellable.
