HENDY GAP Leaflet

petercarter26

Hendy GAP Insurance is a market leading product.

GAP Insurance


What is GAP insurance

GAP (guaranteed asset protection)

insurance is a product designed to protect

to protect your nancial position in

the your event car is that written your off car or is declared written off a total

or loss declared through a an total accident loss through or theft. an Cars are

accident designed or to theft. protect Cars the are occupants, designed and

to include protect crumple the occupants, zones and and air include bags. This

crumple means cars zones are and declared air bags. as a This total means loss, or

cars beyond are economic declared as repair, a total by loss, insurers or with

beyond increasing economic frequency. repair, by insurers with

increasing frequency.

Importantly, Assurity Solutions GAP

Importantly, Assurity Solutions GAP

insurance will pay the difference

insurance will pay the difference between

between the current insured (usually

the current insured (usually market)

market) value of your car and the

value of your car and the original net

original invoice price (return to invoice

invoice price (return to invoice GAP), or

GAP), or between the current insured

between the current insured value and

value and the outstanding nance

amount ( nance shortfall Gap). Assurity

shortfall Gap). Assurity Solutions also

Solutions also provide GAP insurance for

provide GAP insurance for contract or

contract or lease hire, which may include

lease hire, which may include cover for

cover for advance rentals that have been

advance rentals that have been made.

made.

Eligibility

• The vehicle must have the benefit of a

comprehensive motor insurance policy

• The vehicle is less than ten years old at

the start of the policy

• The vehicle was purchased within 60

days of the GAP policy activation

What is covered:

• The nancial shortfall between the

purchase price of your vehicle and the

insured value

Or,

• The nancial shortfall between the

purchase price of your vehicle and the

early settlement amount that you owe

to your nance company

• Factory tted options

• The excess amount payable on your

motor insurance policy to a maximum

of £250.00

• The vehicle purchase price does not

exceed £50,000


£16,000

£15,000

£13,500

Could pay out

£2,500

Could pay out

£6,000

Could pay out

£9,000

Original Purchase price

of the vehicle: £15,000

Protection Benefit

£9,000

£6,000

Market Value of

your vehicle

Finance

Settlement

£0

Your motor insurer

could pay out

£13,500

Your motor insurer

could pay out

£9,000

Your motor insurer

could pay out

£6,000

1st Year 2nd Year 3rd Year

Motor Insurer’s

Settlement

Chart for illustrative purpose only, may not reflect individual’s own circumstance.

What is not covered

Key Facts

• Your vehicle if it is used for track days,

courier,delivery, taxi, or minicab use

• I f the total loss occurred after it was

taken or driven without your consent by

a family member, spouse or partner

• Fuel, paintwork protection applications,

road fund licence

• Accessories tted subsequently to the

purchase of the vehicle

• Any theft or malicious damage claim

which is not accompanied by a valid

and substantiated crime reference

number

You may cancel this insurance policy

within 30 days and receive a full refund

providing you have not and do not

intend to make a claim

Claims must be submitted within 60 90 days

of the total loss occurring

You may cancel this policy at any time

after 30 days and receive a pro rata

refund subject to a policy administration

fee

You must not accept a motor insurance

settlement without rst contacting our

claims line


Frequently Asked Questions:

What is my maximum claim limit?

You can choose the period of cover

to suit your requirements/the length of

time you are intending to keep your

vehicle. The maximum length of cover

with Assurity Solutions Limited is 48

months.

Your claim limit is unlimited up to the

maximum value of your vehicle which is

up to £50,000.

How do I make a claim?

If your car is unfortunately subject

results in your motor insurer writing

your car off, you need to follow

the instructions below to make

your claim.

Contact your Motor Insurer.

How to cancel your policy?

If you wish to cancel your policy you will

need to contact the dealership where

you purchased your vehicle whom will

ensure a refund will be issued calculated

on the proportion of the unexpired term

of the policy, provided you have not

made a successful claim. Please note:

An administration fee will be deducted

from the calculation prior to any refund

being paid as per the policy terms and

conditions.

How do I manage my policy?

If you need to change your address,

vehicle registration number or simply

reprint your policy documents, then

please visit

gap.assuritysolutions.co.uk/as

Alternatively you can contact us on

01275 891832.

your vehicle is written off and offer

Do not accept the offer, contact

the GAP claims department on

0330 111 3998 ensuring you

have your policy number to hand.

Once the insurer has received

your completed claims forms and

documents, they will process and

validate your claim. If the claim is

valid, the insurer will pay you

the difference between the

purchase price that you paid for

settlement amount.

Contact your Motor Insurer to

accept the payment they have

offered.


Key Facts: Combined Purchase Price and Finance / Contract Hire

Shortfall Protection GAP

This document is a guide to the cover we provide. It is only a summary and does not contain the full

terms and conditions of the non-investment insurance contract. The policy is based on the answers

you gave us which are shown in your policy schedule. You must tell us of any changes to the answers

you have given. For full details of your cover, please read your policy booklet.

This insurance is underwritten by Ageas Insurance Limited Registered in England and Wales No 354568.

Hampshire, SO53 3YA. Ageas Insurance Limited is authorised by the Prudential Regulation Authority

and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Financial

Services Register no 202039.

Type of Insurance and cover:

Combined Purchase Price and Finance/Contract Hire Shortfall Protection GAP is an optional

insurance policy.

• If your vehicle is declared a total loss, this policy can pay the difference between the

motor insurance settlement (Insured value) and the purchase price of your vehicle or

• If your vehicle is on Contract Hire/Lease agreement and your vehicle is declared a total

loss, this policy can pay the difference between the motor insurance settlement (Insured

also cover your initial deposit rental paid on your vehicle up to a maximum of 3 monthly

rentals.

• The cover available for Purchase Price GAP is up to a maximum of 48 months. The Finance

Shortfall and Contract Hire/lease Protection GAP cover will extend up to 60 months from

earliest).

• For policies of more than 12 months you may need to update and review your cover

periodically to ensure it meets your needs.

• This is a single premium insurance and the premium can be payable up front as a lump

sum or taken by 12 monthly direct debit payments.

Insured Value, Purchase Price, Early Settlement Amount and Termination charge are four key

event of a total loss.

• Insured Value

as assessed

by the insurer of the motor insurance policy or the accident management company at

the date of the total loss.

• Purchase Price

less any discount given for your vehicle. The net sales invoice

accessories, delivery for a new vehicle and up to a maximum of

accessories, but excludes warranty charges, insurance premiums, new vehicle registration

fees, number plates, fuel, paintwork protection applications, road fund licence, arrears or

• Early settlement amount

excluding any amount

interest charges, rebates, discounts, incentives and cash backs, arrears, title discharge

your vehicle.

• Termination charge

of the total loss, less any rebates, refunds, arrears, maintenance charges, warranty

charges, insurance premiums, road fund licence fee, number plates, fuel, paintwork

recoverable VAT.


• You are the owner or the registered keeper of the vehicle or, if a contract hire/lease

agreement named on the agreement;

• You have paid the insurance premium for this policy;

• The value of your vehicle does not exceed £50,000 at date of purchase;

• Your vehicle was under 10 years old at the start date of this policy;

• Your vehicle is covered by a comprehensive motor insurance policy for the duration of the

insurance;

• Your vehicle is registered in the United Kingdom;

• Your vehicle was not purchased via a private sale;

• Your vehicle is not used for rental purposes, as a taxi/private hire/chauffeur or for driving

school tuition;

• Your vehicle was purchased within 60 days prior to the start date of this policy.

IMPORTANT - Please do not accept a motor insurance settlement

line on 0330 111 3998.

In the event of a total loss, you must not accept any offer from the insurer of the motor insurance

policy or accident management company without our approval.

If your vehicle is replaced under the replacement as new extension of the motor insurance policy,

you can request for us to transfer this policy to your new vehicle and we will provide cover for the

replacement for the full term of the original period of insurance.

If your motor insurance policy has a new replacement vehicle provision or you are eligible for a new

replacement vehicle provision under your motor insurance policy but you choose to pursue your

claim via an accident management company and they settle your claim using the market value of

your vehicle instead of providing you with a new replacement vehicle, we will settle the claim based

on the Glass’s Guide Cost New value of your vehicle and not the insured value. Note this may result

in no sum insured being paid.

will pay any excess over the early settlement amount to you.

What Purchase Price and Finance Shortfall Protection doesn’t cover:

Like all policies of this type there are some things that Purchase Price and Finance Shortfall Protection

do not cover.

Importantly, these include:

• Your vehicle if you have not claimed under the motor insurance policy or from a third

party through an accident management company or your claim has not been settled as

a total loss.

• Your vehicle if it is insured on any type of motor trade motor insurance policy.

• Your vehicle if it is a commercial vehicle over 3.5t.

• Your vehicle if it is an Aston Martin, Bentley, BMW Alpina, Cadillac, Corvette, Ferrari,

Hummer, Lamborghini, Lotus, Maserati, Mercedes Brabus, Mitsubishi Evolution, Nissan GT-R,

Noble, Rolls Royce, Subaru Impreza, TVR.

• Your vehicle if it is used as an emergency vehicle, bus, courier, truck, heavy goods vehicle,

invalid carrier or motorcycle.

• Your vehicle if it is used for track days, road racing, rallying, pace making, speed testing or

any other competitive event or as a taxi for private hire or minicab use, for hire as a

chauffeur or for driving school tuition.

• Any amount due not relating to the market value of your vehicle at date of purchase.

• Any excess over £250 deducted from your motor insurance settlement total loss claim on

your vehicle.


Time to reconsider after you apply (“Cooling-off period”)

If this policy does not meet your needs, you have 30 days from the date you received your policy

documents or from the purchase date, whichever is later, to cancel the policy and get a full refund.

To cancel your policy within this 30 day period, please contact the administrator (We will not give

you a refund if you have successfully claimed for the total loss of your vehicle or an incident has

happened where you could have a successful claim for a total loss).

Your and our rights to cancel your policy

If you wish to cancel your policy after the 30-day “cooling-off period”, please contact the agent

who sold you your policy. The agent will provide you with a refund that is calculated on the basis of

a refund proportionate to the unexpired term of the Purchase Price Protection period of insurance

provided you have not had a successful claim. Please note: An insurer cancellation fee of £7.50 will

be deducted from the calculated amount prior to any refund being paid in addition to a £17.50

administration fee charged by the administrator.

Any instructions to cancel must be provided in writing or by calling your agent and the refund will be

calculated from the date of receipt of your request to cancel.

The Insurers reserve the right to cancel this policy by giving you seven days’ notice in writing, which

they will send by recorded delivery to the most recent address we have for you. Examples of when

we might do this includes you not paying a premium instalment when due or us discovering that your

vehicle is no longer eligible for cover.

Making a claim

If you want to make a claim, please phone 0330 111 3998 as soon as possible. Alternatively please

Shadrack, Berry Pomeroy, Totnes, Devon, TQ9 6LR.

Full details on how to claim can be found in the policy booklet under section “Making a claim”.

How to complain

We are committed to treating our customers fairly. However, we realise that there may be times when

things go wrong. If this happens, please contact the department where the problem started. Please

tell us your name and your claim number or policy number and the reason you are complaining. We

may record phone calls.

Full details on how to complain can be found in the policy document under section “Our customercare

policy”.

Service. The Financial Ombudsman Service is an independent organisation and will review your case.

Their address is:

The Financial Ombudsman Service

Exchange Tower

London

E14 9SR

Phone: 0800 023 4567

Following the complaints procedure does not affect your rights to take legal proceedings.

Financial Services Compensation Scheme

Ageas Insurance Limited, who underwrite this insurance are covered by the Financial Services

Compensation Scheme (FSCS). Should we be unable to meet our liabilities you may be entitled

to compensation from the Financial Services Compensation Scheme. This depends on the type of

insurance, the size of your business and the circumstances of the claim.

Further information is available from the Financial Services Compensation Scheme. Their telephone

number is 0800 678 1100 or 020 77414100. Alternatively, more information can be found at www.fscs.

org.uk.


Assurity Solutions is a UK business and

we aim to provide you with the highest

levels of customer service. Our claims

procedure is straightforward and easy.

For support or queries call 01275 891832

Should you wish to write to us;

Assurity Solutions Limited, registered in

England & Wales Company number:

07130206, is authorised and regulated

by the Financial Conduct Authority (FCA)

FRN: 517510.

The insurer for this product is Ageas Insurance Ltd.

ASSURITY SOLUTIONS LIMITED

3, Paulton House

Old Mills

Bristol BS39 7SX

+44 (0) 1275 891832

enquiries@assuritysolutions.co.uk

More magazines by this user
Similar magazines