MotorEasy has launched a brand new GAP insurance coverage product tailor-made particularly for leased automobiles providing cowl if the automobile is written off and the insurance coverage payout falls in need of protecting the remaining lease steadiness.
This newest addition comes amid rising scrutiny from the Monetary Conduct Authority (FCA), which has challenged suppliers to raised align GAP insurance coverage merchandise with how shoppers purchase their automobiles.
“The FCA GAP insurance coverage investigation compelled suppliers to think twice how they may higher tailor their GAP answer to replicate how the shopper bought their automobile,” stated Duncan McClure Fisher, CEO of MotorEasy’s mother or father firm, Clever Motoring.
“This new product enabled us to high quality tune our danger and pricing matrix, delivering a extra aggressive answer that may cowl preliminary leases and excellent lease funds, in addition to present the additional advantage of extra safety.”
MotorEasy Lease GAP gives as much as £15,000 in cowl for any monetary shortfall within the occasion of a complete loss; as much as £3,000 for preliminary rental protection, £500 extra cowl to assist offset the primary insurer’s extra cost and lease-specific safety that recognises the distinct nature of leasing contracts.
Choose Automotive Leasing is the primary to carry the product to market by its partnership with MotorEasy.
Lease GAP provides to MotorEasy’s present Return to Bill (RTI) and Return to Worth (RTV) merchandise, providing a full spectrum of safety relying on how the automobile was acquired. RTI covers newer automobiles underneath six months outdated and bridges the hole between insurer payout and unique bill worth. RTV is geared towards older automobiles, basing the payout on market worth at coverage inception.
“Our enhanced Lease GAP insurance coverage, together with our RTI and RTV merchandise, present a complete security web, guaranteeing drivers are shielded from sudden monetary losses,” McClure Fisher added. “And leasing firms, retailers, finance homes and motoring organisations can prolong their buyer proposition by providing our answer, both branded in partnership with MotorEasy or white labelled of their identify.”
