New Easy Gap Policies

New Car Gap Insurance - Guide

As we recently announced, the Easy Gap products range has seen Ageas Insurance become the underwriting insurer of the cover. This move has enabled Easy Gap to provide a range of new features and options for consumers, as well as providing the added benefit of having one of the most recognisable insurers in the UK on the policy terms.

New Easy Gap products in the UK

One issue with Gap Insurance is that the underwriters in the field do not tend to be the same ‘household’ names you find in motor and household insurance. Except that is with the exception of Ageas Insurance, who provide cover to around 8 million UK consumers each year, primarily in the travel, car and household insurance fields.

Recent acquisitions by Ageas, such as that of Groupama in the UK, has seen the insurer become one of the biggest in the UK today. Indeed the company will underwrite around £2000 million of premiums annually in this country.

Why did we believe it was important to have Easy Gap underwritten by a large insurer? Well Gap Insurance is something that you can buy for a multiple of years and we felt it was important to give any Easy Gap customer the ultimate confidence in the cover. We still live in uncertain financial times, and we have seen may financial institutions suffer in this period. Ageas Insurance are one of the biggest and most profitable insurers around. We feel that if you wanted to make a claim on an Easy Gap policy then having the policy terms underwritten in such a way would give confidence for this.

New Easy Gap features

As we mentioned, the new arrangement with Ageas Insurance have allowed Easy Gap policy features to expand and develop. Working with our product providers, MotorWay Direct PLC, we have provided a series of more modern requirements within the policies that we feel will benefit our customers in 2012 and the years ahead.

These include:

Up to 5 year Return to Invoice and Vehicle Replacement Insurance – there is little doubt that one of the most important requests we have had from our customers in the last few years has been the chance to opt for longer periods of cover. With vehicles becoming more reliable and coming with longer manufacturers warranties, then it may be prudent for consumers to look to keep their vehicles for longer. By providing 5 year cover we hope Easy Gap policies can give this option.

Deferred Start Dates – Consumers buying new vehicles can often have replacement cover included in their motor insurance in the first year. This means that a Gap Insurance policy running alongside this may well be superfluous. Buy an Easy Gap Return to Invoice or Vehicle Replacement policy and you can buy a term and defer the start date for up to 12 months. If you wished to have 4 year cover from your point of view, you could simply take a 3 year Easy Gap policy and defer the start date for a year.

Easy Gap does not charge you for this facility, and indeed if you buy a three year policy it is the same price if you buy policy and start it straight away or in 12 months time.

FREE Transfer of policy term – if your buy an Easy Gap policy (except a Finance and Contract Hire Gap), and change the vehicle within the period then we can transfer the balance onto another qualifying vehicle free of charge.

We would also point out that whilst other products in the market claim to have this facility you may not find any reference to this in the policy terms and conditions. The offer of a ‘free transfer’ could be linked to you having to buy a new policy, with a contribution paid for by the provider.

Easy Gap does not operate in this fashion at all. The option to transfer is written into the policy terms and is not reliant on you buying a new policy.

Cancel with a pro rata refund – Of course buying a Gap Insurance policy can include some guess work in terms of how long you wish to take out the policy for. You may take cover for a set period but circumstances change and you may sell the vehicle. If transferring the cover is not appropriate, for example if you simply sell the vehicle and do not replace it, all Easy Gap policies can be cancelled at any point with a refund of any policy period you do not use.

Cover for dealer accessories such as Paint Protection – it is common that dealer accessories are purchased with a vehicle. However the range of products has expanded from the traditional mudflaps and carpet mats. Today one of the more popular product purchases is a Paint Protection pack such as SupaGuard or Lifeshine. These items can be a fantastic way to protect your vehicles condition and appearance, but do carry a price tag of a few hundred pounds.

Many Gap Insurance products exclude cover for such items, even if you buy them from the motor dealer as part of the vehicle purchase. Easy Gap recognise these items are a modern option for accessories, and indeed our products can provide protection for the cost of these when bought within a £1500 aggregate of dealer purchased accessories.

No excluded manufacturers – again this has always been the case with most Gap Insurance policies that there would be a list of excluded vehicles within the policy terms. Again this is where Easy Gap tries to break new ground. As long as your vehicle is UK supplied, and listed within Glass’ Guide then we can cover you with a product. This means that manufacturers such as Maserati and Ferrari can be covered by an Easy Gap policy.

The Easy Gap brand now combines the confidence in having one of the biggest insurers in the UK underwriting the cover, with some of the most progressive policy features in the market. The Easy Gap brand has been one of the best known names in this market in recent years, we firmly believe that the new products will keep our place at the forefront of UK Gap Insurance.

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