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GeoTrust
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What is the "Crystal Ball Effect"?

We have coined the expression as most other levels of total loss or gap insurance involve you being able to foresee the future or make a prediction regarding how much your vehicle may be worth in the future and therefore how much cover you may need by way of you having to select a claim limit.

This is the maximum amount that your policy will pay on top of your own insurance companies settlement. The issue is that the claim limit you need will depend on the level of cover you want, and how long you want cover for and the purchase price of your vehicle. In the case of vehicle replacement it will also involve you allowing more for inflationary increases.

Please remember that no one person or organisation can guarantee to know exactly how much your vehicle will be worth at a set period of time in the future, with a set or again predicted mileage on the clock.

Finance companies and manufacturers spend millions and use all their powers to predict what they think vehicles may be worth. Years and years of training, being able to study and predict market forces and there is still no cast iron way to know for sure. They can predict but they cannot categorically know for sure.

This means that if highly trained, highly experienced analysts cannot accurately know much your vehicle is going to be worth how can we expect you to be able to succeed where they have failed.

Equally how do you know which level of cover will be best as surely this will not only depend upon how much your vehicle is worth but also the potential cost of a replacement. Not forgetting that you will also have to take into account the time scale at which your vehicle was written off as again manufacturer promotions, raw material costs, labour force issues, trends even fashion and lifestyle choices may come into play.

This means that with other gap insurance providers in order for you to be able to make real informed choices you will have to become a

  • motor industry expert,
  • able to predict future vehicle values, 
  • also a global economist able to foresee market forces
  • as well as a manufacturers insider privy to model change and upgrade cycles.

This is because if you buy a policy elsewhere you will have to make a choice that your policy will protect you in just one of three ways. From day one you will have to be able to with a degree of confidence that which form of settlement is best as once your cooling off period is over, there is no changing your style of cover, so hell or high water if you only have a finance gap insurance policy and the invoice price is higher there is nothing that can be done. 

Equally if you have purchased a new model and three years later the manufacturer has a promotion where by the replacement cost is less than the original invoice price you paid, you will still only be paid the replacement cost and vice versa.

At total loss we think that this is unfair and puts a lot of emphasis on you. There are far too many variables to take into consideration and it puts undue pressure on policy holders.

Instead our policy does not rely on you and your ability to guess which form of settlement is best, instead our policy pays you the higher on the day. This means that our claims team can take into account real, factual information instead of if's , buts and maybe's.

This means that instead of having to make choices which could affect how much you are paid you are guaranteed a higher of all three levels of cover depending upon the actual costs at the time.

This means that from a treating customers fairly perspective we genuinely feel that our policies will become the future of gap insurance and total loss protection.