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Great news! After steps were taken to ensure customers get fair value, the Financial Conduct Authority (FCA) is allowing some trusted companies to start offering Guaranteed Asset Protection (GAP) insurance again.
Cars2 Ltd. and our APEX GAP Provider, Premia Solutions, have now achieved a Fair Value status and are allowing our customers the opportunity to take advantage of the product!
If your vehicle is stolen or written off as a result of an accident, fire or theft, most insurers will only pay market value for your vehicle even if the claim was no fault of your own.
Depending on the age and mileage at the time of loss, this may be substantially less than the price you paid for it originally - potentially leaving you out of pocket.
APEX insurance will cover the difference between the motor insurer’s settlement figure and the amount you originally paid for your vehicle - allowing you to get back on the road more quickly and avoid any unexpected costs. Plus, if the amount required to settle the finance agreement is greater than the original invoice price, we will cover the higher figure, meaning you won’t be paying for a vehicle you no longer use.
GAP Insurance Cover
GAP insurance covers the difference between a vehicle’s purchase price or outstanding finance and its current market value if the vehicle is written off.
Insurance Excess Cover
APEX GAP now includes a courtesy car for up to 30 days if one isn't available and offers increased insurance excess cover of £500.
Guaranteed Minimum Claim
The policy also guarantees a minimum claim benefit of the policy cost, with additional benefits for non-total loss claims.
You will be eligible for the policy if you are:
• Purchasing the policy no more than 90 days after delivery of the vehicle.
• Purchasing a vehicle with an invoice price less than £50,000.
• The registered keeper of the vehicle.
Significant Exclusions
• Any vehicle not insured by a comprehensive motor insurance policy.
• Any claim where you have declined an offer to repair your vehicle and asked for the claim to be dealt with on a total loss basis.
• Vehicles that are used for hire and reward, driving schools, speed testing or pace making.
• This insurance will not cover the cost of any new vehicle registration fees, insurance or warranty premiums, road fund licences, paintwork and/or upholstery protection kits, service plans, or any finance arrears or associated costs.
The full list of exclusions can be found on your policy document. A sample can be provided on request.
© 2021 Cars2 Limited
Registered office Waldorf Way, Denby Dale Road,
Wakefield, West Yorkshire, WF2 9FQ.
Registered in England number 05738906.
VAT Number: 880884577
Cars2 Limited is authorised and regulated by the Financial Conduct Authority for general insurance mediation and credit broking activities our Firm Registration Number (FRN) is 536711. We are classed as an insurance mediator and credit broker but not a lender. We can introduce you to a limited number of insurance providers and a limited number of lenders and their finance products. We are not an independent financial advisor. We may advise you on products, subject to personal circumstances, though you are not obliged to take our advice or recommendations. We do not charge a fee for our services. Whichever product provider, finance lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount borrowed or product provided). For your reassurance, product pricing is fixed to the value of the vehicle and all the finance lenders we work with could pay commission at different rates, but any commission we receive does not influence the fixed interest rate you are eligible for from our panel of lenders Calls may be recorded or monitored. Cars2 cannot guarantee that a car has not already been sold prior to reserving the vehicle.
Cars2 are members of the following organisations:
