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Admiral misleading Gap Insurance buyers

Gap Insurance advertised by Admiral is not insured or administered by them. Instead, the cover is provided by Car Care Plan Limited.
Many will be fooled into thinking the policy is insured by a household name, but the fact is, Admiral appears to have no insurance connection.
It must be assumed a third party is paying Admiral to use it’s brand name to attract customers.
If you have purchased cover from their website, you do have a statutory cooling off period of 14 days in which you may cancel and receive a full refund of the premium paid.

Motor dealer Gap Insurance provider in liquiquidation

Motor dealer Gap Insurance provider Premia Solutions announced that 177,000 Gap Insurance policies will be cancelled with effect from 11th August 2018.

This worrying news follows the bankruptcy of the underwriting insurer Alpha Insurance A/S, a Danish insurer who declared bankruptcy on 8th May 2018.

Premia Solutions supply Gap Insurance to a large number of dealers and dealer groups throughout the UK and Ireland and have done so for 16 years.

Premia Solutions do appear to have been extremely fortunate on this occasion and have found an alternative underwriter to save the day for many thousands of motorists

The financial failure of non rated Alpha Insurance follows the bankruptcies of Enterprise Insurance and Gable Insurance – also small unrated overseas insurers.

For those who assume motor dealer Gap Insurance is safe and secure, think again. Make sure you choose a financially ‘rated’ insurer!

Gap Insurance Is A Financial Rescue

For many victims of a vehicle write off, Gap Insurance is a financial rescue

Recent statistics published by major institutions tell us why Gap Insurance demand is booming.

  • The Office for National Statistics state “vehicle theft now accounts for 1 in every 7 crimes”,
  • The Association of British Insurers declares “record levels of claims in 2017” totalling £8.1 billion,
  • The BBC’s website also quotes the RAC who say “vehicle theft has increased by 30% in the last 3 years”.

These statistics represent a substantial financial risk to the UK motorist.

In a write-off, a motor insurer will only pay the market value of the vehicle at the time of loss. This means the mis-described and often misunderstood ‘Fully Comprehensive’ insurance will be little comfort to most victims. Many will be left with a debt which is greater than the insurance payout – and cash buyers will suffer thousands of pounds in value loss.

A range of vehicle Gap Insurances are available to you, to help protect against financial loss when a write off occurs. You can read more about the options here. Gap Insurance is available for new and used cars, motorcycles and light commercial vehicles. All forms of cover provide financial protection and options are available to cash buyers and vehicles on finance and leasing schemes.

The consumer is normally first introduced to these products by motor dealerships at the time of vehicle sale negotiation. Dealers view these products as an opportunity to profit from an impulse purchase and prices are therefore much higher than online brokers. Recent FCA rules require motor dealers to provide information and quotations and encourage buyers to compare cover elsewhere before buying.

Why pay more to your dealer when better cover and lower prices are available elsewhere including here?

TB

car2cover Raising Money for Alzheimer's Society

car2cover Raising Money for Alzheimer’s Society

Hi,

It’s Elaine from car2cover here.

I am supporting Alzheimer’s Society as this is a charity close to my heart. My Nan suffered from dementia, my Mum is suffering from it and so many other friends & family have been affected by this sad, slowly progressive and cruel disease.

Dementia devastates lives. By 2021, it’s predicted that one million people will have the condition.

I hope to raise money to help fight dementia. With all of our support, the Alzheimer’s Society will make greater progress towards their vision of a world without dementia.

I am self-funding this challenge, which means every penny I raise will go to Alzheimer’s Society.

Any donations will be greatly appreciated, no donation is too small!

Just Giving

In 2015/16 for every £1 they received, 89p was spent on directly improving the lives of people with dementia. The other 11p went towards generating future income.

Thank you for your support – and bring on the cycle challenge 🙂

Elaine xxx

P.S. Donating through JustGiving is simple, fast and totally secure. Your details are safe with JustGiving – they’ll never sell them on or send unwanted emails. Once you donate, they’ll send your money directly to the charity. So it’s the most efficient way to donate – saving time and cutting costs for the charity.

For Your Peace of Mind

Read our testimonials

"Thank you for giving me a replacement gap cover insurance for my new car free of charge. After the hassle of having my car written off, this is a nice little bonus. Also the experience of claiming from your company was very pleasing and hassle free" Mr D Day, Kent, February 2016

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