The Shortfall.co.uk website went live in the UK this week, providing increased competition to the independent Gap Insurance providers in the UK. For anyone who may be concerned dealing with a new name, Shortfall.co.uk is actually the third Gap Insurance brands operated by Aequitas Automotive, after the well established Easy Gap and GapInsurance123 brands.
The Vehicle Replacement available from Shortfall.co.uk will provide a number of features that could make it amongst the very best of its type in the UK. Indeed it could be easily argued that the new VRI Shortfall product has indeed ‘raised the bar’ in the UK.
Lets take a look at Shortfall Insurance policies and see what is different?
Top 10 Reasons to choose VRI Gap from Shortfall.co.uk
1 – Extended period of cover – The Shortfall VRI product is available for a maximum of 5 years from Vehicle purchase. This is the longest period available in the UK as we speak.
2 – Deferred Start Dates – if your motor insurer offers replacement cover in the first year (common on a brand new vehicle) then having the ability to defer your start date until that period is finished can provide you with maximum value.
3 – Free transfer of policy terms – you may sell your vehicle before the policy ends, and many providers will allow you to ‘transfer’ your policy when in effect they simply give you a refund on your old policy and allow you to use this on the purchase of a new policy. You may ask ‘what is the difference?’ well there can be many. The policy may have changed, terms may be less favorable, the premium could be higher, the provider, or the insurer may no longer do Gap Insurance and you actually have no policy to buy.
A transfer of existing terms is always the best option to have, knowing you always have the option of a pro rata refund if this is not suitable.
4 – Higher claim limits – Shortfall.co.uk can provide claim limits above the common £25,ooo, up to a maximum of £50,000.
5 – 120 days Claim Limit – most products allow for a claim within 30 days or total loss, Shortfall.co.uk allows you up to 120 days.
6 – No ‘market value’ or ‘reduced liability’ clause – many products will only pay from the market value of the vehicle, at time of total loss, as defined by the Glass’ Guide Retail Value for your vehicle. If your motor insurer fails to settle at that figure, or your Gap Insurance claims team fail to get the motor insurer to settle at that figure, then you could be left with a ‘gap’
A reduced liability clause could be found whereby you purchase the VRI policy a number of days after the vehicle purchase, and the Gap policy may reduce your cover by the depreciation seen in that period. Or you Gap Insurer may simply say if they think you have not got full settlement from your motor insurer then their ‘liability’ will not be extended to you.
Shortfall.co.uk does not have any of these clauses.
7 – Cover for Paint Protection and Warranty charges – commonly excluded with Gap cover, not with Shortfall.co.uk
8 – No excluded manufacturers listed in Glass’ Guide – As long as the vehicle is a made and listed in Glass’ Guide then Shortfall.co.uk will cover it.
9 – Settlement based on replacement funds required – Key point that could either be irritating of costly if you do not spot this. Some VRI products will look to physically replace the vehicle for you, and 4 years down the line you this may not be practical for you. You may need a bigger car, you may just want a change. Some products will provide you with the original invoice price you paid, which is actually Return to Invoice and not Vehicle Replacement. If you wanted what is considered a lesser level of cover then our guess is you would have bought it, and saved money!
Shortfall.co.uk pays you the replacement funds on the vehicle, not the old price you paid, or supply you with another car. This gives you maximum flexibility in how you replace the vehicle in a suitable fashion.
10 – Pro rata refunds if you cancel before the end of the policy period.
Did we forget to mention the range of other products that can be purchased alongside your Shortfall VRI Gap also? Tyre Insurance, Dent and Scratch Insurance, Alloy Wheel Insurance and Motor Excess Insurance, just to name a few.
So that is the policy terms and features, but there is more.
Buying a car can seriously drain your surplus funds at the time of purchase. To have to pay a few hundred pounds for VRI Gap cover as well can be a struggle. With Shortfall.co.uk you can spread the cost of any premium, over £150, over 12 installments with no up front deposit.
Now we should stress that the reasons we highlight are not necessarily new to the market, we have not seen Shortfall.co.uk re-invent the wheel here.
It is just that these new Shortfall features are quite unique in combination, and it is this combination of top quality policy terms, and the attention to detail therein, that perhaps make Shortfall Vehicle Replacement Insurance offer something that other providers simply do not.