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The month of September 2016 saw all records broken for sales of Insurance products from the Totallossgap.co.uk. Indeed when comparing to the product sales of just one year ago, the very same September figure showed nearly a ten-fold increase in sales via our Website. Of course, we are all delighted with the result, but we also feel this indicates consumers are becoming savvier when comparing products in the market.
The Total Loss Gap product itself, we feel, can justifiably be held up as a market leader in terms of product features and premium prices currently. The product's very design can result from consumers' feedback regarding confusion over which type of Gap Insurance may be best and which claim limit to choose.
In 2016 we added additional complementary products with the same simplicity and quality of features in mind. .jpg)
An alloy wheel insurance provides more claims than many in the market and includes the almost universally excluded yet more popular diamond and laser cut finished alloys.
We have added a Scratch and Dent Insurance that provides double or even trebles with the number of potential claims compared to other products around. The policy also gives a more comprehensive '2-panel damage' cover that others also exclude.
We have Tyre Insurance that covers up to £350 per replacement tyre and a potential whopping 12 claims over a three-year period, whereas most in the independent market are restricted to 5.
You make like : Compare Tyre Insurance
Finally, we added combined wheel insurance for both tyres and alloys, which gives up to 4 claims per year of coverage for both tyres and alloy wheels, not four combined. .jpg)
The key advantage of the combined wheel policy is that even though you get the same maximum of 4 claims per year, the overall cost is lower than the products taken individually.
All in all, a pretty impressive effort in 2016, we would like to think!
Now you might be excused for thinking that we will put our feet up as the Autumn nights start to draw in. Well, in the usual Total Loss style, we will be having none of that!
We have been working on a couple of new products to fill a few gaps (excuse the pun) in our range. We hope our new product will be appearing on Totallossgap.co.uk soon.
So what are they?
New Products for Totallossgap.co.uk
Lease Gap with Deposit protection
The first is, what we believe, a unique Gap Insurance designed specifically for lease or contract hire vehicles where you have no option to own the car in the end.
What makes this policy different? Well, you can get Finance and Contract Hire Gap products elsewhere in the market, but they tend to be calculated on three elements:
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the length of the lease
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the initial purchase value of the vehicle
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the amount of 'claim limit' you think you need
The problem with this is that you may not know how much the vehicle is worth. Indeed, it is irrelevant in many ways as you cannot own it, nor would the lease usually ask you to replace it. Your liability is to clear the lease settlement.
In the true Total Loss Gap spirit, we have looked to simplify things somewhat.
We only ask you for two things:
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the length of your lease
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your monthly rental
In exchange, we will provide cover between your motor insurers settlement and the outstanding lease settlement at the time of claim. This is the same as the other Finance and Contract Hire Gap products in the market, but we do not use the initial value of the vehicle as a premium calculation factor.
So how does this help you?
Well, let's look at a current deal in the market as an example. We found a BMW 520 DM Sport Step Auto at leading Lease providers Leasing Options Ltd. The vehicle has a list price of around £37,000, and on a three-year deal, we see a deposit rental of £1452 plus VAT and 35 payments of £241.99 plus VAT.
With a typical independent Finance and Contract Hire Gap, you would see the vehicle price taken into account in the premium calculation. This means you could end up paying more to cover that vehicle than you would with Total Loss Gap. We only need your rentals and the length of the lease.
This means that you are only paying for cover on the rentals in the future, and this, of course, is what you can be liable for in the event of a total loss declaration.
Something else to think about though.............
Sometimes you have to put a large deposit rental down to get the monthly rental figures lower. It sounds great that the basic Gap premium will be based on the rentals, but what about your deposit?
Well, we have that covered too!
For an additional premium, we can provide the option to protect up to an additional £3000 of advanced rental for a single flat fee.
So how does this all equate to the premiums we may expect? We have checked other premiums in the market, and we feel the comparable quotations will be significantly lower with the Total Loss Gap Lease Gap cover, often even when you add the deposit protection that some other products do not even offer!
We think this new approach will be a game-changer in the Lease Gap Insurance market as you are only factoring in the cover you need. No account is required for the initial purchase value of the vehicle, which is irrelevant in most cases anyway.