You have chosen your new vehicle, now you need to make sure it is properly insured. At Countrywide Vehicle Contracts we want to look after our clients interests and enable them to enjoy many years of safe happy motoring without breaking the bank!
Let us provide you with recognised industry products that are configured to your requirements, such as GAP Insurance and Fixed Term Motor Insurance.
What is Finance GAP Insurance?
Finance GAP is designed to help you lessen the financial impact of having your financed vehicle written off.
In the event that your road risk insurer declares your vehicle a total loss, there is a likelihood that the amount they will pay to you in settlement of your claim will be less than the outstanding amount you owe to the finance company.
Finance Gap Example
You finance or lease a Ford Galaxy which had a purchase price of £24500.00. Ten months later the car is involved in an accident and written off. The finance company is owed £18750 for the vehicle but the insurance payout is for only £17500.00. Gap Insurance pays the £1250.00 shortfall between the payout from the Insurance Company and the amount owed to the finance / leasing company in settlement.
Finance Gap Insurance Key Benefits
- Cover available for cars and vans up to 6 years old
- Covers cars valued at up to £75,000
- Cover available for up to 5 years
- Covers write off's from Fire, Theft and Accidents
- Underwritten by QBE Insurance Europe Limited
Purchase Price Protection Insurance
In the event of your vehicle being declared a write-off by your Insurance Company because of theft or an accident, there is likely to be a shortfall between the vehicle's current market value and the original purchase price. This is PPP (Purchase Price Protection) Gap Insurance.
The shortfall could be a significant sum depending on the rate of depreciation of your vehicle. PPP will bridge this gap.
Who is it for?
Customers obtaining vehicles by any method where they have the option to take ownership of the vehicle, such as those financing the purchase of their vehicle using Hire Purchase, Lease Purchase, PCP or cash.
A customer buys an Audi A4 Saloon for £19,228, with a deposit of £1,200 and finances the remainder.
18 months later the car is involved in an accident and is written off.
The insurance company settles £12700, but the customer still owes the Finance Company £13,831.
The GAP Insurance plan will pay the £6,528 shortfall between the Insurance Company payout and the original invoice value of the vehicle less any extra items.
Multi-Year Motor Insurance
We are able to offer a unique fixed price policy for 1,2,3 or even 4 years to match the term of your finance agreement.
This means that you can not only fix the cost of your vehicle rentals and budget accordingly, but you can fix your motor insurance costs as well!
- Approved repairs & parts
- Complimentary loan car for duration of repairs at approved repairers
- Unlimited cover for standard fit audio and navigation equipment
- Insurance transfer to service loan car
- New car replacement for written off cars within first 12 months of purchase from new
- 24hr accident recovery service (following an accident)
Up to £500 medical expenses cover