Will your VRI gap insurance policy cover dealer options?
Often when you buy a new car from your motor dealer you are offered a range of accessories and complimentary products, including VRI Gap Insurance. The list may include mud flaps, carpet mats, a tow bar or a boot liner. The list of physical items is long, and the purchase of these can increase the price of your vehicle quite considerably. The range of ‘insurance backed’ items is large too, and these are protection products that are insured in the event of a claim. These items may include an extended warranty, paint protection, tyre insurance or a service plan.
Are these accessories covered by an VRI Gap Insurance policy? Yes and No!
VRI Gap Insurance and accessories
Most VRI Gap Insurance policies in the UK will cover a set amount of dealer fitted accessories that have been bought in conjunction with the vehicle purchase. This figure is normally covered up to a limit, often £1500.
However, most VRI Gap Insurance terms and conditions will exclude insurance backed items from that list of accessories. Often the likes of Paint Protection and Tyre Insurance are the most expensive types of dealer ‘add on’ you can purchase, and to exclude these from cover can mean you stand to lose several hundreds of pounds of purchase value.
Check your VRI Gap Insurance Policy terms and conditions
However, some VRI Gap Insurance policies will cover the cost of non transferable warranty or insurance items as part of the £1500 aggregate. This is as long as you can not either transfer the item, or cancel and claim a refund. So if you have bought paint protection and tyre insurance for example, and the dealer offered you a package for say £500, then the feature to have this covered may well be worth having.
As we have said earlier, not all VRI Gap insurance policies will cover this, check carefully if the cover you are considering will do this as it could mean quite a difference if you make a claim.