Insurance Products
The following products are available.
   Credit Protection Insurance

Before entering into any type of finance agreement you should budget carefully and be sure that you can afford to make the monthly repayments. But what if one of the uncertainties of life such as accident, illness or redundancy were to stop you from working. Worse still, who would pay off your finance agreement in the event of your untimely death?   Payment Protection Insurance is provided to protect and provide peace of mind. Accident, sickness or unemployment may bring enough pressure without the added worry of keeping up the repayments on your car, van or motorcycle.   We offer a range of four plans to suit the requirements of our private and self employed customers. Whatever your personal circumstances the planned cost of a suitable Payment Protection Plan will reassure you that your monthly finance payments will be covered whatever happens.   In outline these are the four options.
  1. Life and Critical Illness Cover
  2. Life and Disability Cover
  3. Life and Redundancy Cover
  4. Life, Disability and Involuntary Redundancy Cover

Life and Critical illness Cover
Upon diagnosis of a critical illness the customer’s balance will be paid in full directly to the finance company (less any arrears and outstanding or uncollected premiums). Upon the death of the policyholder the balance will be paid in full directly to the finance company (less any arrears and outstanding or uncollected premiums).

Accident or Sickness Cover
In the event of an accident or sickness that prevents the customer from working and upon production of a medical certificate, the insurance company will, after 14 days of continuous absence, step in and make one full monthly repayment. The payment is tax free and made directly to the finance company meaning the customer has no worries over falling behind on the finance agreement or having their credit history impaired. The insurance company will continue to make payments until the customer is able to return to work, 36 monthly payments have been made, the vehicle loan is repaid in full (excluding the residual payment) or the policy end date.

Redundancy Cover & Business Failure
In the event of involuntary redundancy (where there is no prior knowledge at the policy start date), the insurance company will, after 30 days of continuous unemployment, step in and make one full monthly repayment. The payment is tax free and made directly to the finance company meaning the customer has no worries over falling behind on the finance agreement or having their credit history impaired. The insurance company will continue to make payments until the customer is no longer unemployed, 12 monthly payments have been made, the vehicle loan is repaid in full (excluding the residual payment) or the policy end date.

The Benefits of Credit Protection Insurance
All payments are tax free and made directly to the finance company meaning the customer has no worries over falling behind on the finance agreement or having their credit history impaired. In the event of the policyholder's death the vehicle may be paid for leaving it as a valuable asset rather than a debt to the estate. If the policyholder was to be made involuntarily redundant or suffer business failure then up to twelve monthly repayments would be made meaning that they would have full use of the car to attend interviews with no worries of falling behind on the finance agreement or having their credit history impaired.

A Summary Of The Key Terms and Conditions Eligibility
A customer is eligible to buy Credit Protection Insurance providing:
– They are over 18 years old.
– They are working and have been continuously for at least the previous 6 months.
– They are resident in the UK, Channel Islands or the Isle of Man.
–They will not have reached 65 years old before the repayment date.  

Main Exclusions Life and Critical Illness Cover
– Pre-existing medical conditions.  

Accident/Sickness Cover
– Pre-existing medical conditions.
– Any emotional or psychiatric condition, unless due to organic mental disease or psychosis.
– Backache, unless a doctor provides medical evidence showing definite restriction of movement.  

Redundancy
– Starting within 90 days of the policy starting date.
– If not preceded by at least 6 months continuous employment or self employment.
– The expiry of a fixed term contract.  

Cancellation Rights
30 days from receipt of policy documents.   The contract will run for the duration of the financial agreement.   In order to claim, a customer must contact London General Holdings and request a Claim Form.   The Insurance Companies The insurance underwriter of Critical Illness, Accident/Sickness and Redundancy/Business Failure is London General Insurance Company Ltd, which has its offices in Kingston upon Thames, Surrey. The insurance underwriter of Life is Combined Life Assurance Company Ltd, which has its offices in Kingston upon Thames, Surrey  

The Administration Company
The processing of Credit Protection Insurance policies & the handling of any claims is administered by London General Holdings Ltd, Kingston upon Thames, Surrey

 
   Financial Shortfall GAP Insurance

WHAT IS FINANCIAL SHORTFALL GAP INSURANCE
In the event of an incident that results in the Comprehensive Motor Insurer declaring the vehicle a ‘Total Loss’, Financial Shortfall Gap Insurance will bridge the ‘Gap’ between the amount paid out by the Motor Insurer and the amount required by the finance company to settle the loan that is related to the vehicle purchase.

In the event of a motor insurer declaring a vehicle a ‘Total Loss’, it is common that the motor insurer’s estimation of the ‘market value’ of the vehicle (the maximum amount that the insurer offers to pay) is likely to fall short of the amount required to settle the amount required by the finance company.

This is commonly brought about by the Motor Insurer making its valuation based on the current ‘trade price’ of the vehicle. Without Financial Shortfall Gap Insurance the customers could find themselves in a negative equity situation & be forced to pay even more money just to settle the finance.

WHAT ARE THE BENEFITS OF FINANCIAL SHORTFALL GAP INSURANCE

In the event of a motor insurer declaring a vehicle a ‘total loss’ and the finance settlement figure exceeding the insurance payout, Financial Shortfall Gap Insurance will pay the difference up to a maximum of £7,500. Up to £250 of the insurance excess will also be covered.

A Summary Of The Key Terms and Conditions Eligibility
– A customer is eligible to buy Financial Shortfall Gap Insurance providing They are over 18 years old in the case of passenger cars or over 21 years in the case of motorcycles
– The insured vehicle is less than seven years old
– The insured vehicle is covered by fully comprehensive motor insurance
– The customer is resident in the United Kingdom, Channel Islands or Isle of Man Main

Exclusions
– If the driver of the insured vehicle at the time of the total loss was driving illegally.
– If the insured vehicle is not covered by fully comprehensive motor insurance.

Cancellation Rights
14 days from receipt of policy documents for General Insurance.   The contract will run for the duration of the finance agreement. In order to claim, a customer must contact London General Holdings and request a claim form. In the event of a claim, contact The Administrators before agreeing any settlement figure with insurers .

The Insurance Company
The insurance underwriter of Financial Shortfall Gap Insurance is London General Insurance Company Ltd, which has its offices in Kingston upon Thames, Surrey.

The Administration Company
The processing of Financial Shortfall Gap Insurance & the handling of any claims is administered by London General Holdings Ltd, Kingston upon Thames, Surrey .
   Return to Invoice GAP Insurance

WHAT IS RETURN TO INVOICE GAP INSURANCE??
In the event of an incident that results in the Comprehensive Motor Insurer declaring the vehicle a ‘Total Loss’, Return to Invoice Price Gap Insurance will bridge the ‘Gap’ between the amount paid out by the Motor Insurer and the original purchase price of the vehicle.

In the event of a motor insurer declaring a vehicle a ‘Total Loss’, it is likely that the motor insurer’s estimation of the ‘market value’ of the vehicle (the maximum amount that the insurer offers to pay) will fall well short of the original purchase price of the vehicle. This is commonly brought about by depreciation of the value of the vehicle and by the Motor Insurer making its valuation based on the current ‘trade price’ of the vehicle. Return to Invoice Price Gap Insurance will normally allow the customer to replace the vehicle with the current equivalent model .

WHAT ARE THE BENEFITS OF RETURN TO INVOICE GAP INSURANCE?
In the event of a motor insurer declaring a vehicle a ‘Total Loss’ Return to Invoice Price Gap Insurance will pay the difference between the insurance valuation and the original purchase price of the vehicle up to a maximum of £15,000 for vehicles with a purchase price over £12,000 or £5,000 for vehicles with a purchase price of £12,000 or below. Up to £250 of your insurance excess will also be covered.

A Summary Of The Key Terms and Conditions
Eligibility
– A customer is eligible to buy Return to Invoice Price Gap Insurance providing they are over 18 years of age.
– The Customer is resident in the UK, Channel Islands or the Isle of Man.
– The insured vehicle is less than seven years old.
– The insured vehicle is covered by fully comprehensive motor insurance.
– The insured vehicle is the sole vehicle listed in the agreement

Main Benefits
In the event of a motor insurer declaring a vehicle a ‘Total Loss’ Return to Invoice Price Gap Insurance will pay the difference between the insurance valuation and the original purchase price of the vehicle.

Main Exclusions
The value of any dealer fitted accessories is not considered when calculating the invoice price of any vehicle declared a total loss. No claim will be payable if you are offered a replacement vehicle under the terms of your comprehensive motor insurance.

Cancellation Rights
14 days from receipt of policy documents for General Insurance The contact will run for a period of 3 years. In the event of a claim, contact the Administrators before agreeing any settlement figure with insurers.

The Insurance Company
The insurance underwriter of Return to Invoice Price Gap Insurance is London General Insurance Company Ltd, which has its offices in Kingston upon Thames, Surrey.

The Administration Company
The processing of Return to Invoice Price Gap Insurance policies & the handling of any claims is administered by London General Holdings Ltd, Kingston upon Thames, Surrey.