Aequitas Automotive provide new 'benchmark' Vehicle Replacement Cover.
Wirral, UK (PRWEB UK) 16 February 2013
As many British car buyers await the collection of their brand new 13 plate vehicles, a leading Gap Insurance brand has provided details of a new range of products designed with the customer in mind.
Aequitas Automotive Ltd own and operate two of the largest independent Gap Insurance brands in the UK. Easy Gap and GapInsurance123 were featured and highlighted in the Which Report into the product in 2012.
Aequitas have announced a new range of Vehicle Replacement products are available on both the Easy Gap and GapInsurance123 platforms. Director of the company, Mark Griffiths, was pleased to explain just how the products provide increased protection for consumers.
"Aequitas have seen the rise in popularity of Vehicle Replacement Insurance over a number of years, and today it may be the most sought after cover in the market. The advantage over older styles like Return tom Invoice, are even more acute when looking at new vehicles."
"VRI Gap Insurance is designed to put policyholders back in the position they were when they first bought their new car. That is with the funds to replace the vehicle with another new vehicle, same specification and dealer fitted options. Of course simply protecting the original purchase price could leave consumers thousands of pounds short of the replacement cost in the future."
"For this reason why Vehicle Replacement is really popular with new car purchases today. There are many VRI products on the market, but many may miss essential features that consumers puts the customer first."
Aequitas highlight issues with some VRI cover could leave consumers with frustrations, if they had to claim. Mark Griffiths explained these, and how Aequitas products aim to eliminate them.
"The biggest issue for consumers is that often with a new vehicle, their own motor insurance may provide a replacement vehicle in the first year, if it is deemed a total loss in that time."
"If the vehicle owner is satisfied with the terms of their motor insurance replacement cover, they may want to provide further Vehicle replacement cover after the year is up. Many VRI Gap products force the consumer to take out the cover from day one, and this means they effectively end up paying twice for the same cover during that period."
"The new Easy Gap and GapInsurance123 cover gives the consumer the option to defer the start date of there cover, by up to one year. This gives the policyholder the maximum value for money."
"The other major issues come with how you are required to make a claim, and how the claim is settled. Older Gap Insurance products on the market were ,of course , developed for motor dealers. This means that often these VRI products stipulate that the replacement funds must be paid to a motor dealer, and not the policy holder. The motor dealer will then replace the vehicle, with the same vehicle originally purchased. This means an additional cog in the wheel, time delays and less choice for the policyholder"
"Also some providers may require the policy holder, to negotiate the settlement for the old car with a motor insurer. This can leave the claimant as 'piggy in the middle' between two insurers.
These situations may lead to further delays and aggravation, and something new Aequitas VRI seeks to end."
"When a claim is made on the new Easy Gap or Gap123 VRI cover the policyholder can opt to give authority to claims team to negotiate with the motor insurer directly. Also when a settlement is made, it is made directly with the policyholder, not a motor dealer. This puts Aequitas clients in total control of how the vehicle is replaced, and also cuts down the potential processing time significantly compared to other providers."
"How confident is Aequitas of these procedures? Included is a 14 day written commitment to settle, within the policy terms, from the date of the motor insurers settlement."
Aequitas have confirmed that the new Vehicle Replacement products are now available for new 13 plate car purchases, and will announce further product enhancements later in the year.