|
GAP Guaranteed
Asset Protection – Is this product right for you?
Summary of Cover
This summary of cover
is provided for ease of reference. It does not contain the full
terms and conditions of the policy, which can be found in the
policy document.
Guaranteed Asset Protection:
The policy, for which
your lender will pay a single premium and which is for the
length of your finance agreement, will pay your lender the
shortfall between the settlement received from the motor
insurance company and the amount outstanding on your finance
agreement following the total loss of your vehicle due to theft
or accident.
Name of Insurer:
Red Sands Insurance Company (Europe) Ltd is a company registered
in Gibraltar No. 87598, registered office: Suite 913 Europort,
Gibraltar.
Key
Features and Benefits:
Guaranteed Asset Protection will pay the difference between your
insurer's valuation and the finance settlement in the event of a
total loss motor insurance claim, subject to the policy limits.
Conditions:
You
are eligible for this cover if ;
• you are the registered keeper of the vehicle
• you are named as the customer on the finance
agreement for the vehicle
• you are named as the policyholder in a comprehensive
motor insurance policy covering the vehicle
• your vehicle is less than 7 years old and has
covered less than 80,000 miles
• your finance agreement has a duration of no more
than 60 months and does not exceed £50,000.
Exclusions:
• Vehicles modified from the manufacturers
specification
• Vehicles used for competition, racing, pace making,
off road use, driving school, transportation of goods, delivery
courier, or designed to carry more than 8 people
• Vehicles over 3500kg gross weight
• Vehicles owned temporarily by a business formed for
the purpose of selling or servicing motor vehicles
• Aston Martin, Bentley, Bristol, Cosworth, De Thomaso,
Dorchester, Ferrari, Fiat Croma, Ginetta, Lamborghini, Lancia,
Maserati, Rolls Royce, and any other American manufactured
vehicle
• Vehicles stolen by any person having access to the
keys
• Total loss where the driver is unfit to drive
• Liability when the motor insurers have declined to
pay for the total loss of the vehicle.
• Total loss occurring outside Great Britain, Northern
Ireland, Isle of man, Channel Islands, European Community
countries, and any other country for which an international
motor insurance card is effective in respect of the vehicle.
Duration of Cover:
As quoted on the proposal/policy
schedule. See booklet.
Cancellation:
No
fees are normally charged for arranging policies. However, if
this policy is cancelled within 14 days of receipt of your
policy book, Auto Protect MBI Ltd
will charge an administration fee of £35. (An additional
administration fee of £15 may be charged by your Dealer).
This policy has no
surrender value and no premium paid will be refunded after 14
days.
What to do in the event of a
claim:
All
claims should be notified within 30 days of the total loss to
Red Sands Insurance Company (Europe) Ltd by
telephone on 0870 770 2869. You should notify
Red Sands Insurance Company (Europe) Ltd prior
to accepting any settlement from your motor insurer.
Complaints
If
you wish to register a complaint contact your supplying dealer
or alternatively the policy administrator Auto Protect (MBI)
Ltd.
Telephone:
0870 766 6667
Post:
Auto Protect MBI Limited, Cambridge House,
Cambridge
Road, Harlow, Essex CM20 2EQ
If
you cannot settle your complaint with us, you may be entitled to
refer it to the Financial Ombudsman Service (FOS).
Customer Compensation
Red Sands Insurance Company (Europe) Ltd
are covered by the Financial Services Compensation Scheme, You
may be entitled to compensation from the scheme if it cannot
meet its obligations. This depends on the type of business and
the circumstances of the claim. Insurance advising and arranging
is covered for 100% of the first £2000 and 90% of the remainder
of the claim, without any upper limit. Further information about
compensation scheme is available from the FSCS.
|
