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Why 'combined' products are now more popular than stand-alone Tyre, Alloy Wheel, and Scratch and Dent cover
As part of the process of buying a vehicle from a motor dealer, you may be considering a range of protection. This may include GAP, Tyre, Alloy Wheel protection, and Cosmetic Repair Insurance products.
The advantage at looking at these products individually is that you can select only products you want. However, when you combine products that people may look to buy together anyway, often you can see much better value being achieved.
For the first time since we started to offer 'combined' products in 2015, we have seen that they are now more popular than the 'stand-alone' equivalents.
At Total Loss Gap you can buy, individually:
- Alloy Wheel Insurance
- Tyre Insurance
- Cosmetic Repair Insurance (Scratch & Dent)
However, we also provide some combined products also:
- SMARTCare Cosmetic Insurance (Alloy Wheel, Cosmetic Repair, and Interior Repair Insurance)
- Complete Wheel Insurance (Tyre & Alloy Wheel Insurance)
Savings made by taking 'combined' products .jpg "smartcare cosmetic insurance")
The key reason why people buy 'combined' products is the cost-saving against buying them individually.
For example, if we look at tyre and alloy wheel options for a vehicle of 19-inch wheels, with run-flat tires fitted.
- Alloy Wheel Insurance 3yr - £191.13*
- Tyre Insurance 3yr - £256.09*
This provides a total price of £447.33*
Compare this to the cost of a 3 year, Complete Wheel Insurance product. This combines Alloy Wheel Insurance with Tyre Insurance in one policy.
- Complete Wheel (Tyre&Alloy Wheel) 3yr - £399.24*
Compared to the individual policy prices, this would provide a saving of £47.98*
*Figures based as of July 2020.
Are the features the same when you combine cover?
Yes and no.
With our Combined Tyre and Alloy Wheel policy, you do get the combined features of the individual products. So you get up to 4 claims per year for both alloy wheel repairs and tyres. It is not 4 claims between the two.
Our SMARTCare product is slightly different. This allows up to 5 claims per year across the three types of coverage included. This means you can split your maximum of 5 between alloy wheels, minor bodywork damage (scratch and dent), and interior repairs.
If you take a stand-alone Scratch and Dent Insurance then you do get up to 6 claims per year. However, you are limited to a maximum area of damage of 15cm on the stand-alone product. The SMARTCare Cosmetic Insurance does allow up to 30cm as a maximum.
So slightly less in terms of the number of claims but more in what can be covered.
There is no doubt that Total Loss Gap customers are seeing the value in protecting multiple aspects. For this, the combined products do appear to become the more popular options now.