Insurance

Please be aware this is a basic guide to our products and policies. Further information can be obtained from our terms and conditions.

• Prestige Finance GAP
• Mainstream Finance GAP
• Contract Hire GAP Insurance
• Payment Protection
• Back To Invoice
• Back To Invoice £60,000-£80,000
• Early Termination Insurance

 

Prestige Finance GAP

This policy protects you against unexpected losses that may be payable following the "Write off" of your vehicle due to Fire, Accident or Theft.

Your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the "Write off". A write off means that in the comprehensive motor insurers view the vehicle is damages beyond economical repair, or the vehicle has been stolen and not recovered.

If these circumstance occur the Finance Company will require settlement of the agreement and the money offered by your motor insurer may not be enough to clear the termination charge. Prestige Finance GAP Insurance will pay for the shortfall (up to a maximum of £7,500).

Who is eligible for cover?
You will be eligible for Prestige Finance GAP Insurance provided:

• You have purchased your vehicle on Finance, Personal Contract Purchase, Lease Purchase or Hire Purchase.
• The vehicle finance does not exceed £75,000.
• The vehicle is under 3 years of age and registered in the United Kingdom.
• Your vehicle is covered by a comprehensive motor insurance policy. (If there is not a comprehensive motor insurance policy cover can still be taken, but special terms will apply regarding the settlement of the motor claim).

Benefits:

• In the event of the vehicle being classed as beyond economic repair following an incident due to accidental damage, theft or fire the policy will pay the difference between the comprehensive motor policy settlement and the balance outstanding on your finance, lease/hire purchase agreement (excluding arrears and recoverable VAT).
• The maximum the policy will pay is £7,500.

Principle Exclusions:
Benefits will not be paid if your claim results from any of the following:

• Page 1, Section 'Insured Vehicle' - If your vehicle is a North American vehicle, Kit Car, Motorcycle, invalid carrier or a vehicle used for road-racing, rallying or competitive events.
   
• Page 3, 'General Exclusion':
  Bullet point 1 - If the credit advance under the Finance Agreement exceeds 100% of the purchase price of the Insured Vehicle or the Finance Agreement exceeds £75,000.
  Bullet point 2 - We will only pay the proportions of the credit advanced which relates to the the vehicle purchase price.
  Bullet point 3 - Fraud or dishonesty or the driver being unlicensed or under the influence of alcohol or drugs.
  Bullet point 5 - Where the total loss in not the subject of a paid claim under a motor insurance policy.
  Bullet point 6 - If the insured Vehicle is stolen by any person who has access to the keys to the Insured Vehicle.
  Bullet point 8 - Where the actual mileage of the Insured Vehicle significantly exceeds the contracted mileage under the Finance Agreement.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• Your Finance Agreement ends;
• 48 months from the start date;
• the day the Finance Company recovers possession of the Insured Vehicle under a court order.

Whichever happens first.

Cancellation Rights:
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

 

Mainstream Finance GAP

This policy protects you against unexpected losses that may be payable following the "Write off" of your vehicle due to Fire, Accident or Theft.

Your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the "Write off". A write off means that in the comprehensive motor insurers view the vehicle is damages beyond economical repair, or the vehicle has been stolen and not recovered.

If these circumstance occur the Finance Company will require settlement of the agreement and the money offered by your motor insurer may not be enough to clear the termination charge. Mainstream Finance GAP Insurance will pay for the shortfall (up to a maximum of £5,500).

Who is eligible for cover?
You will be eligible for Mainstream Finance GAP Insurance provided:

• You have purchased your vehicle on Finance, Personal Contract Purchase, Lease Purchase or Hire Purchase.
• The vehicle finance does not exceed £25,000.
• The vehicle is under 3 years of age and registered in the United Kingdom.
• Your vehicle is covered by a comprehensive motor insurance policy. (If there is not a comprehensive motor insurance policy cover can still be taken, but special terms will apply regarding the settlement of the motor claim).

Benefits:

• In the event of the vehicle being classed as beyond economic repair following an incident due to accidental damage, theft or fire the policy will pay the difference between the comprehensive motor policy settlement and the balance outstanding on your finance, lease/hire purchase agreement (excluding arrears and recoverable VAT).
• The maximum the policy will pay is £5,500.

Principle Exclusions:
Benefits will not be paid if your claim results from any of the following:

• Page 1, Section 'Insured Vehicle' - If your vehicle is a North American vehicle, Kit Car, Motorcycle, invalid carrier or a vehicle used for road-racing, rallying or competitive events.
   
• Page 3, 'General Exclusion':
  Bullet point 1 - If the credit advance under the Finance Agreement exceeds 100% of the purchase price of the Insured Vehicle or the Finance Agreement exceeds £25,000.
  Bullet point 2 - We will only pay the proportions of the credit advanced which relates to the the vehicle purchase price.
  Bullet point 3 - Fraud or dishonesty or the driver being unlicensed or under the influence of alcohol or drugs.
  Bullet point 5 - Where the total loss in not the subject of a paid claim under a motor insurance policy.
  Bullet point 6 - If the insured Vehicle is stolen by any person who has access to the keys to the Insured Vehicle.
  Bullet point 8 - Where the actual mileage of the Insured Vehicle significantly exceeds the contracted mileage under the Finance Agreement.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• Your Finance Agreement ends;
• 48 months from the start date;
• the day the Finance Company recovers possession of the Insured Vehicle under a court order.

Whichever happens first.

Cancellation Rights:
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

 

Contract Hire GAP Insurance

This policy protects you against unexpected losses that may be payable following the "Write off" of your vehicle due to Fire, Accident or Theft.

Your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the "Write off". A write off means that in the comprehensive motor insurers view the vehicle is damages beyond economical repair, or the vehicle has been stolen and not recovered.

If these circumstance occur the contract hire company will require settlement of the agreement and the money offered by your motor insurer may not be enough to clear the termination charge. GAP Insurance will pay for the shortfall (up to a maximum of £10,000).

Who is eligible for cover?
You will be eligible for Contract Hire GAP Insurance provided:

• The Purchase Price of your vehicle does not exceed £40,000.
• Your monthly Contract Hire repayment amount is not more than £1000 per month excluding VAT.
• The vehicle is under 5 years of age and registered in the United Kingdom.
• Your vehicle is covered by a comprehensive motor insurance policy. (If there is not a comprehensive motor insurance policy cover can still be taken, but special terms will apply regarding the settlement of the motor claim).
• Your vehicle is not an Emergency vehicle, Taxi, Bus, Truck or Heavy Goods Vehicle.
• Your vehicle does not exceed 3.5 tonnes.

Benefits:

• In the event of an incident due to Fire, Accident or Theft of the vehicle, this policy will pay the difference between the comprehensive motor policy settlement and the net balance outstanding on your lease hire or contract hire agreement (excluding arrears, recoverable VAT, maintenance and excess mileage charges).
• The maximum the policy will pay is £10,000. This is payable to the financier.

Principle Exclusions:
Benefits will not be paid if your claim results from any of the following:

• Page 3, 'Exclusions - part 1':
  A - Where the Total Loss is not subject to an indemnity under the accidental damage, fire or theft sections of the motor insurance.
  B - In respect of any excess deducted under the motor insurance policy.
  D - In the event causing the total loss is occasioned by wilful act or with your consent or where the driver was unlicensed or under the influence of alcohol or drugs.
  H - Any contribution that you specifically insure with another insurer.
  I - If the insured Vehicle is stolen by any person who has access to the keys of the insured vehicle.
   
• Page 4, 'Exclusions - part 2':
  A - If your vehicle is not shown in Glass's Guide.
  B-D- If your vehicle is an Aston Martin, Ferrari, Bentley, Rolls Royce, Lotus, Maserati, TVR or a North American Vehicle. Or if your vehicle is used for road-racing, rallying, pace-making, speed testing or any other competitive event.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• 48 months from the start date;
• The date on which the insured shall have paid all sums due under the Contract Hire Agreement or for any other reasons ceases to be indebted.

Whichever happens first.

Cancellation Rights:
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

 

Payment Protection

This policy protects your mortgage/car repayments plus up to an additional 100% for additional loan related costs, in the event that your are unable to work due to accident, sickness or unemployment subject to certain terms and conditions being met. Please review your policy on a regular basis to ensure that it still meets your needs. The maximum monthly benefit available under this policy is £1,500.

Who is eligible for cover?
You will be eligible for Payment Protection insurance provided you are:

• aged at least 18 years and are under 60 years;
• permanently resident in the United Kingdom, Channel Islands or the Isle of Man;
• in active full-time employment or self-employed and will have been so for 6 months prior to the commencement date of any claim;
• are not absent from work due to illness or injury;
• unaware of any impending unemployment or disability which may affect you;
• Taking out a new mortgage or personal loan.

Benefits:

Disability Benefit
If, during the period of insurance, you are unable to work for a continuous periods of at least 30 days due to an accident or illness, one monthly benefit will be paid. Further benefits will be paid on a daily basis, monthly in arrears. Payments will continue until you fail to provide evidence of your disability, you return to work, your agreement ends or 24 payments have been made, whichever happens first.

Unemployment Benefit
If, during the period of insurance, you loose your job and remain continuously unemployed for at least 30 days, one monthly benefit will be paid. Further benefits will be paid on a daily basis, monthly in arrears. Payments will continue until you fail to provide evidence of your continued unemployment, you return to work, your agreement ends or 12 payments have been made, whichever happens first.

Principle Exclusions:
Benefits will not be paid if your claim results from any of the following:

• war, acts of terrorism or radiation risks;
• mental and nervous disorders;
• self-inflicted injuries;
• the abuse of alcohol or drugs;
• pregnancy related conditions;
• any pre-existing medical condition in respect of which you have suffered or sough treatment or advice in the 12 month periods immediately prior to the start date of your insurance cover;
• HIV (Human Immunodeficiency Virus) AIDS (Acquired Immune Deficiency Syndrome);
• Awareness of unemployment at the insurance start date or within the initial exclusion periods. This is a minimum period of 60 days immediately following your insurance start date.
• Impending, seasonal or voluntary unemployment;
• dismissal due to misconduct;
• expiry of a fixed term contract;
• being outside the United Kingdom for a period or more than 90 days for which you cannot provide satisfactory evidence of entitlement to benefit;
• hospitalisation for non-essential or cosmetic surgery;
• for self-employed, unemployment other than as a result of bankruptcy or insolvency.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• you no longer have a loan/mortgage agreement;
• the date of your death;
• the date you reach 65;
• the date you or we cancel this insurance cover (please refer to the Cancellation section of this document);

Whichever happens first.

Cancellation Rights
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge, providing no claims have been made under the contract. After this period no refund of premium will be payable.

 

Back To Invoice

This policy protects the financial shortfall you may face if your vehicle is the subject of an insurance "Write off" due to Fire, Accident or Theft.

Your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the "Write off". This may result in a financial short fall in the amount your originally paid for the vehicle.

Taking out Back To Invoice Insurance will protect this potential shortfall by paying back to you the difference between what your comprehensive motor insurance will pay and the original invoice price of your vehicle, thus bringing you back to your original position before you purchased the vehicle.

Who is eligible for cover?
You will be eligible for Back To Invoice Insurance provided:

• The Purchase Price of your vehicle does not exceed £60,000.
• The vehicle is under 5 years of age and registered in the United Kingdom. Second hand cars are accepted.
• Your vehicle is covered by a comprehensive motor insurance policy. (If there is not a comprehensive motor insurance policy cover can still be taken, but special terms will apply regarding the settlement of the motor claim).
• Your vehicle is not an Emergency vehicle, Taxi, Bus, Truck or Heavy Goods Vehicle.

Benefits:

• In the event of a "write off" claim to the insured vehicle, the policy will pay the difference between the comprehensive motor insurance policy settlement and the original purchase price of the vehicle.
• The maximum the policy will pay is £15,000.

Principle Exclusions:
Benefits will not be paid if your claim results from any of the following:

• Page 3, 'General Exclusions - part 1':
  Bullet point 1 - Where the Total Loss is not subject to an indemnity under the accidental damage, fire or theft sections of the motor insurance.
  Bullet point 2 - In respect of any excess deducted under the motor insurance policy.
  Bullet point 4 - In the event causing the total loss is occasioned by wilful act or with your consent or where the driver was unlicensed or under the influence of alcohol or drugs.
  Bullet point 8 - Any contribution that you specifically insure with another insurer.
  Bullet point 9 - If the insured Vehicle is stolen by any person who has access to the keys of the insured vehicle.
   
• Page 3, 'General Exclusions - part 2':
  Bullet point 1 - If your vehicle is not shown in Glass's Guide.
  Bullet point 2-4 - If your vehicle is an Aston Martin, Ferrari, Bentley, Rolls Royce, Lotus, Maserati, TVR or a North American Vehicle. Or if your vehicle is an emergency vehicle, taxi, bus, truck, HGV, invalid carrier or commercial vehicle.
  Bullet point 5 - If your vehicle is used road-racing, rallying, pace-making, speed testing or any other competitive event.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• 36 months from the start date;
• The date on which your vehicle is sold or transferred to a new owner.

Whichever happens first.

Cancellation Rights:
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

 

Back To Invoice £60,000-£80,000

This policy protects the financial shortfall you may face if your vehicle is the subject of an insurance "Write off" due to Fire, Accident or Theft.

Your comprehensive motor insurance policy will only pay the market value of your vehicle at the time of the "Write off". This may result in a financial short fall in the amount your originally paid for the vehicle.

Taking out Back To Invoice Insurance will protect this potential shortfall by paying back to you the difference between what your comprehensive motor insurance will pay and the original invoice price of your vehicle, thus bringing you back to your original position before you purchased the vehicle.

Who is eligible for cover?
You will be eligible for Back To Invoice Insurance provided:

• The Purchase Price of your vehicle does not exceed £80,000.
• The vehicle is under 5 years of age and registered in the United Kingdom. Second hand cars are accepted.
• Your vehicle is covered by a comprehensive motor insurance policy. (If there is not a comprehensive motor insurance policy cover can still be taken, but special terms will apply regarding the settlement of the motor claim).
• Your vehicle is not an Emergency vehicle, Taxi, Bus, Truck or Heavy Goods Vehicle.

Benefits:

• In the event of a "write off" claim to the insured vehicle, the policy will pay the difference between the comprehensive motor insurance policy settlement and the original purchase price of the vehicle.
• The maximum the policy will pay is £15,000.

Principle Exclusions:
Benefits will not be paid if your claim results from any of the following:

• Page 3, 'General Exclusions - part 1':
  Bullet point 1 - Where the Total Loss is not subject to an indemnity under the accidental damage, fire or theft sections of the motor insurance.
  Bullet point 2 - In respect of any excess deducted under the motor insurance policy.
  Bullet point 4 - In the event causing the total loss is occasioned by wilful act or with your consent or where the driver was unlicensed or under the influence of alcohol or drugs.
  Bullet point 8 - Any contribution that you specifically insure with another insurer.
  Bullet point 9 - If the insured Vehicle is stolen by any person who has access to the keys of the insured vehicle.
   
• Page 3, 'General Exclusions - part 2':
  Bullet point 1 - If your vehicle is not shown in Glass's Guide.
  Bullet point 2-4 - If your vehicle is an Aston Martin, Ferrari, Bentley, Rolls Royce, Lotus, Maserati, TVR or a North American Vehicle. Or if your vehicle is an emergency vehicle, taxi, bus, truck, HGV, invalid carrier or commercial vehicle.
  Bullet point 5 - If your vehicle is used road-racing, rallying, pace-making, speed testing or any other competitive event.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• 36 months from the start date;
• The date on which your vehicle is sold or transferred to a new owner.

Whichever happens first.

Cancellation Rights:
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

 

Early Termination Insurance

Early Termination will protect you as an individual for penalty charges incurred as a result of closing your Finance, Contract Hire or Leasing agreement early for one of the following reasons:

• Unemployment
• Expatriation
• Life
• Loss Of Licence [on medical grounds]

Who is eligible for cover?
You will be eligible for Early Termination Insurance provided:

• Your vehicle is not an Emergency vehicle, Taxi, Bus, Truck, motorcycle, invalid carrier or a vehicle with more than eight seats including the drivers seat.
• The vehicle finance does not exceed £40,000.
• The vehicle is covered by a comprehensive motor insurance policy. (If there is not a comprehensive motor insurance policy cover can still be taken, but special terms will apply regarding the settlement of the motor claim).
• The vehicle is under 3 years of age.
• You are 21 and over and will be less than 60 at the end date.
• You are eligible to claim under this policy if you have been continuously employed by the same employer for at least 18 months.

Benefits:

• Early Termination Insurance will pay for the termination charges you might face if you return your vehicle early due to Unemployment, Expatriation, Life or Loss of Licence.
• In the event of a claim the maximum we will pay is £5,000.
• In the event that you become unemployed for more than 30 days we agree to pay to the Finance Company on behalf of you up to 3 monthly finance/rental installments. (Maximum benefit payable is £1,000 per month). This amount will form part of the maximum combined benefits of £5,000.

Principle Exclusion:
Benefits will not be paid if your claim results from any of the following:

• Page 3, 'General Exclusion':
  Bullet point 1 - If the credit advanced under the Finance Agreement exceeds 90% of the price you have agreed to pay for the insured vehicle of the Finance Agreement exceeds £40,000.
  Bullet point 2 - If the purchase price of the Insured Vehicle only represents part of the credit advance under the Finance Agreement we will only pay the proportion of the credit advanced which relates to the purchase price.
  Bullet point 3 - Fraud or dishonesty, gross misconduct or drink or drug abuse.
  Bullet point 5 - In respect of any vehicle not mentioned in CAP Book.
  Bullet point 7 - Pregnancy, whether for maternity allowance or any other reason.
  Bullet point 8 - Where the actual mileage of the Insured Vehicle exceeds the contracted mileage under the Finance Agreement on a pro rata basis at the time of loss by more than 10%.
   
• Page 3, 'Installment Waiver Exclusion':
  Bullet point 1 - If You resign or become Unemployed within 12 months of the Start Date.
   
• Page 3, 'Unemployment Exclusion':
  Bullet point 1 - If you resign.
  Bullet point 2 - If at the Start Date you knew you were going to be made Unemployed.
  Bullet point 3 - If Your unemployment ends within 12 months of the start date.
  Bullet point 4 - If Your Work is seasonal.
  Bullet point 7 - Gross misconduct.
   
• Page 3, 'Expatriation Exclusions':
  Bullet point 1 - If at the Start Date you knew You were going to be posted abroad; or;
  Bullet point 2-5 - If your work is seasonal, you are working on a specific project and this project finishes, you are Self-Employed or if you work on a fixed term contract which ends.
   
• Page 4, 'Life Exclusion':
  Bullet point 1 - Suicide of self inflicted injuries.
  Bullet point 2 - If at the start date you were aware of any sickness or disease with a fatal prognosis.
   
• Page 4, 'Loss of Licence Exclusions':
  Bullet point 1 - If your licence is revoked or suspended as a result of a traffic or motoring offence or incident.

Policy Duration:
This insurance cover will commence from the insurance start date and would last until:

• 48 months from the start date;
• Your Agreement ends.

Whichever happens first.

Cancellation Rights:
You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

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