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The company behind GapInsurance123, Aequitas Automotive Ltd, has always taken a different approach to business than some others in the independent Gap Insurance market. The common approach is to have one underwriting insurer, but in our view this may lead to a limited number of options for consumers. We think this may not be ideal.
When our original Gap Insurance brand, Easy Gap, was joined by GapInsurance123 nearly four years ago, this twin brand option was not unusual in the growing market at that time. Using two underwriting insurers means added competition with the added ability to provide accurate and honest comparison between them both. Our customers seemed to like this.
In August 2013 we added Shortfall.co.uk, with a range of products from Gap to tyre, scratch and dent, alloy and excess insurance. Again this was met with approval as we now have the ability to add the likes of tyre insurance, alloy wheel cover and minor cosmetic repair insurance (Scratch and Dent) amongst others.
In August 2014 our new 'stand alone' TyreInsurance123.co.uk website was launched, with a tyre product from a different insurer from the one on Shortfall. Again, more choice and added competition in our humble view.
Over the last nine months we have been in talks over a new Gap Insurance product, bring in elements of cover that we often find highlighted from our customers. On 1st March 2015, our new TotalLossGap product became available to the public. Although the website has yet to be heavily marketed, we have found that the response from our inbound telephone enquiries has been very positive to the product.
So why is it different?
Well the TotalLossGap product will cover, in the event of a total loss declaration from your motor insurer, the difference between the motor insurers 'market value' settlement and the higher of:
- the outstanding finance settlement (on a lease or hire purchase style agreement)
- the original net invoice price paid
- the replacement cost of a vehicle matching the original vehicle's age, mileage, and factory build specification at the time your first purchased it.
So this policy brings the elements of Finance and Contract Hire Gap, Return to Invoice Gap and Vehicle Replacement Gap under one single policy, simply paying the most beneficial to the policy holder in the event of a claim. This helps those who are unsure of which Gap Insurance may be best for them, as the policy takes the onus of choice away.
The benefits do not end there.
Another potential issue that consumers raise is selecting a suitable 'claim limit' for Gap Insurance. The claim limit is the maximum that the policy will provide, to add to the motor insurers settlement. Sometimes it can be very difficult to calculate what may be a suitable claim limit, but TotallossGap approaches this differently. With our new TLG product, there simply is no claim limit at all. This means we can cover the any settlement, without limit, for the full policy period you choose.
And there is more.
Traditionally most Gap Insurance products tied to a vehicle purchase, must be bought within a certain timeframe of buying the vehicle. Indeed with GapInsurance123 this is 180 days for Combined Return to Invoice or Combined Vehicle Replacement Gap. However, many people purchasing a new vehicle may have full replacement cover in the first year with their motor insurer anyway. This can lead many to think they can simply delay buying their Gap until this year is up, but the 180 day limit will have long gone by then.
The new TLG product from Totallossgap.co.uk has a longer inception period available, up to 365 days from the date you purchased the vehicle. This means that those who have owned their vehicles more than 180 days can still get a product to cover either the invoice price, or the replacement cost.
Now we have to say that these elements on TLG, when brought together, we think is quite a unique proposition. This provides one policy, no claim limit and the option of up to a year to buy it. Our view is that this policy is much easier for many consumers, as it simply takes the guesswork out of Gap Insurance. It is certainly a welcome additional option to the range of products we provide.
The new TLG product is available exclusively at TotalLossGap.co.uk, and not through any other Aequitas Automotive owned brand. Take a look, or call an advisor on 0800 195 4926 to discuss you options.