Where can you find Vehicle Replacement Insurance? They seek him here, they seek him there, but VRI Gap Insurance can be harder to find than a Liverpool FC win in 2012. You can find lots of information of VRI Gap Insurance on the internet, but mention it to your motor dealer and you could get an extremely blank expression in return.
Why is this, they are a motor dealer who does Gap Insurance, surely they know about VRI Gap Insurance cover too?
Vehicle Replacement Insurance?
The truth is that only a very few motor dealers sell Vehicle Replacement Insurance in the UK today. This is because of a couple of reasons:
- It is the newest style of Gap Insurance, and many motor dealers simply do not have access to it.
- It is not as easy to understand for a car salesman, whose primary function is not to sell insurance, but to sell cars.
So if you are expecting your motor dealer to offer you a comprehensive level of Vehicle Replacement Insurance anytime soon, you could be sadly disappointed.
So if not from your motor dealer, where can you find Vehicle Replacement Insurance? And what differences are there between insurers?
The best source of Vehicle Replacement Insurance in the UK is likely to be a specialist Gap insurance broker. The larger specialists will have access to different underwriters polices, which can be important if you want the very best choice of cover.
Vehicle Replacement Insurance can now be purchased for up to 5 years in the UK, and is even available for traditionally higher risk vehicles such as motorbikes and private hire taxi’s.
Differences between Vehicle Replacement Insurance policies
The biggest policy feature difference you may expect in Vehicle Replacement Insurance cover, is in how the policy will be settled.
Many VRI Gap Insurance policies will pay a nominated dealer who will replace the vehicle with a ‘like for like’ model to the one you bought the policy for.
However, some Vehicle Replacement Insurance policies will actually pay you, as the policy holder, the funds to replace the vehicle instead. This means that if you want the same vehicle you can, although clearly if you have the funds in your account, you could choose to replace the vehicle with a completely different vehicle.
Plenty to consider even after you have found a Vehicle Replacement Insurance policy in the first place!