Effective immediately, our Invoice and Replacement Gap Insurance policies have been improved to make them even better than they were before.
Clause Removed.
We’ve removed the clause excluding cover for non-manufacturer-endorsed dealer-fitted accessories/options.
What does this mean? Well, previously if you had accessories/options fitted to your new car by the supplying dealer, if those accessories/options were not genuine manufacturer accessories/options then the cost of those would not be covered in the event of any claim on one of our policies.
From today, all policies purchased no longer have this restriction. Furthermore, unlike Gap Insurance policies offered by some of our competitors, we apply no value limit (other than the overall policy Claim Limit) to the dealer-fitted accessories.
Increased Cooling Off Period.
The “Cooling Off Period” is the initial period of time after buying an Insurance Policy, within which you can cancel the policy and receive a full refund.
Prior to today our Cooling Off Period was 14 days, but from today this has now been increased to 30 days. This means that if you cancel your Gap Insurance policy within 30 days of purchasing it, you’ll receive a full refund regardless as to why you’re cancelling the policy (subject to no claim having been made).
What happens if I cancel the policy more than 30 days after I buy it?
Our policies can be cancelled at any time. As explained above, if you cancel within the first 30 days, you’ll receive a full refund. If you cancel your policy more than 30 days after purchase, you’ll receive a pro-rata refund (less a cancellation fee) based on the number of whole months of cover remaining.
If you’re cancelling your policy as a result of replacing your vehicle, you can use the pro-rata refund against the cost of a new policy on the new vehicle and if you do, the cancellation fee is waived.
Combine these improved terms and conditions with our current “Really Big Sale” on Gap Insurance premiums and there’s never been a better time to buy.
