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Our policies cover you for Guaranteed Asset Protection (GAP) and Return to Invoice (RTI).
| Car | |
|---|---|
| GAP | ✔ |
| RTI | ✔ |
| Cover Limit | £125,000 |
| Vehicle Age Limit | 10 years |
| Purchase Date Limit from Dealership | 90 days |
| Maximum Policy Limit | 4 years |
Cover the difference between the remainder of your finance agreement and what your insurers pay out after a write off.
Cover the difference between the value you bought your car for, and what your insurers pay out after a write off.
The maximum amount that you can insure the value of your car up to.
This is the maximum age of vehicle that we can cover.
This is the maximum time after purchasing the vehicle that you can purchase GAP Insurance cover.
This is the length of time that you can insure your vehicle for. You can only buy your GAP insurance once, so consider how long you want to insure the vehicle for.
Access your full policy wording and IPID to understand what’s covered.
Important details that apply to every GAP Insurance Today policy
GAP Insurance Today will sell a policy providing that the following statements are true:
i) You are the registered keeper and owner of the insured vehicle. Also, you are the authorised driver for the insured vehicle in the event if the insured vehicle is leased or hired.
ii) You are purchasing this policy within ninety (90) days after purchasing the vehicle;
iii) You are the insured person and are named as the policyholder on the motor insurance policy for the insured vehicle;
iv) Your name will be on any finance agreement secured on the insured vehicle;
v) The original amount financed through any finance agreement will be less than or equal to the insured vehicle purchase price;
vi) You are going to notify us of any insured vehicle transfer;
vii) Finally, any replacement insured vehicle will not exceed the invoice price for the original quotation.
The Administrator for your policy will be the following: Alternative Propositions Limited, St. Christopher House, 217 Wellington Road, Stockport, SK2 6NG. Customer Services telephone 0161 388 2520. Customer Services email enquiries@theaibgroup.co.uk.
As part of its reform of general insurance add-ons, in September 2015 the Financial Conduct Authority (FCA) changed their regulations for the £160m Gap insurance market.
GAP insurance is usually sold alongside a car. However the FCA had found that “consumers were buying without having previously thought about the product. They also were missing the chance of shopping around for alternatives and were not always getting the best deal”.
Financial Conduct Authority says that dealerships now must follow new rules. If a salesperson starts the process of selling the product, they shouldn’t complete it for a set time period. This allows customers the breathing space to think about their choice and shop around.
A dealer cannot conclude the sale of a GAP policy until at least 2 clear days have passed. This is from when the customer was provided with the product information detailed above. For example:
1st Day – Prescribed information provided
2nd Day – Clear day – no customer contact
3rd Day – Clear day – no customer contact
4th Day – Complete sale / contact customer
It also says that salespeople must provide customers with information advising them that they can shop around and that GAP insurance is available elsewhere.
We are committed to providing personalised insurance solutions.
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GAP Insurance Today is a trading name of Alternative Propositions Limited which is Authorised and Regulated by the Financial Conduct Authority No. 602443. Trading address: Alternative Propositions Limited, St Christopher House, 217 Wellington Road, Stockport, SK2 6NG. Registered in England No 8253536. Calls may be recorded for training or monitoring purposes.
