PROTECT YOUR FINANCIAL POSITION IN THE EVENT OF A TOTAL LOSS... FINANCIAL SHORTFALL INSURANCE

Transcription

1 PROTECT YOUR FINANCIAL POSITION IN THE EVENT OF A TOTAL LOSS... FINANCIAL SHORTFALL INSURANCE

2 PROTECTION IN THE EVENT OF A TOTAL LOSS INSURANCE CLAIM... PEUGEOT FINANCIAL SERVICES, FINANCIAL SHORTFALL INSURANCE IF YOUR CAR IS STOLEN (AND NOT RECOVERED) OR WRITTEN OFF IN AN ACCIDENT, WOULD YOU LIKE TO BE IN THE POSITION TO BUY A REPLACEMENT VEHICLE JUST AS GOOD AS THE ONE YOU BOUGHT ORIGINALLY? IF YOUR ANSWER IS YES, THEN READ ON... What is Financial Shortfall Insurance? How can Financial Shortfall Insurance help you? In today s modern and fast-paced world, road traffic accidents and car crime are inescapable facts of life. Our Financial Shortfall Insurance has been designed to help you protect your financial position in the event of a total loss insurance claim - this is where your motor insurer assesses your vehicle to be uneconomical or beyond repair, or it has been stolen and not recovered. Motor Insurers typically pay you the market value of your car at the time the incident occurred, which is unlikely to be the same as you originally paid. This may put a similar vehicle replacement out of reach due to the financial loss incurred. In the event of a total loss, Financial Shortfall Insurance covers you against the gap between the market value of your vehicle at the time of loss and either the original invoice price of your vehicle or the outstanding balance on your finance (if applicable), whichever is the higher claim amount, making it easier to get a like for like vehicle replacement. Financial Shortfall Insurance has been specifically tailored to meet the needs of our customers and offers protection for both finance and cash buyers. The product is optional and has no influence on applications for credit.

3 QUESTIONS & ANSWERS How long does a Financial Shortfall policy last? Our Financial Shortfall product has a fixed term of 36 months. What if the term of my finance agreement is longer than 36 months? If you have bought our Financial Shortfall Insurance and have a finance agreement with a term of between 37 and 60 months, we will give you additional cover free of charge to cover this period. This additional coverage will cover the difference between the market value of your vehicle at the time of loss and the outstanding balance on your finance agreement. Which vehicles does Financial Shortfall Insurance cover? Our Financial Shortfall Insurance covers all new Peugeot vehicles, (with the exception of commercial vehicles over 3.5 tonnes), and most used vehicles up to 7 years old at the policy start date. The maximum vehicle value is 50,000. What does Market Value mean? Market Value is the settlement amount we will expect your motor insurer to offer you in the event of a total loss. The market value will generally be determined using trade valuation publications such as Glass s Guide. It is a condition of our Financial Shortfall policy that you do not accept your motor insurer s settlement offer before speaking to our claims team as this ensures that an agreement on valuation can be reached. We will seek your permission to negotiate with your motor insurer on your behalf if we believe their offer to be below the vehicle s true market value. If you do not provide us with permission to negotiate with your motor insurer or you accept a settlement before speaking to our claims team, your claim amount can be reduced by the difference between the market valuations of your car. For example, if you accept a valuation of 5,600 from your motor insurer but we can evidence your vehicle was worth 6,000, you could be left with a 400 shortfall. Are factory fitted options and dealer accessories included in the market valuation of my car? Manufacturer fitted options are included but dealer fitted accessories, any arrears or outstanding finance from a previous loan, the first registration fee, road tax, any fuel, paint protection, warranty costs or insurance premiums will be excluded from the claim settlement. Is the excess on my Motor Insurance Policy covered? In the event of a claim, your motor insurance excess (up to 250) will be included in your settlement. If your motor insurer s settlement means there is no shortfall to claim, you can still claim your motor insurance excess up to 250. What level of Motor Insurance do I need to be eligible to purchase Financial Shortfall Insurance? It is a requirement of the Financial Shortfall Insurance policy that you have fully comprehensive motor insurance for the duration of your Financial Shortfall Insurance policy. What benefit do I get if my motor insurer provides me with a new for old vehicle replacement following a total loss? Should you receive a replacement vehicle following a total loss, you can transfer the balance of your policy to your new vehicle and claim your motor insurance excess up to a maximum of 250. Where you decline a new vehicle replacement from your motor insurer following a total loss no excess payment will be paid. If my vehicle is involved in an accident and I am not the driver, can I make a claim under my Financial Shortfall Insurance? Yes, provided the person driving the car at the time is covered under your comprehensive motor insurance policy. Will I get a refund if I cancel my policy? You have 30 days from receipt of your documentation to review your policy during which time you can cancel and receive a full refund providing no claim has been made. After this time you can cancel your policy and you will be refunded on a pro-rata basis providing no claim has been made. An administration fee of 24 will be deducted from your pro rata refund. E.g. If your policy costs 449 and you cancel after 18 months you will receive half your premium back less 24. In this example you would receive a refund of If you cancel your policy during the additional free cover period, i.e. in months 37 to 60, no refund will be due. In the event of a claim how is payment made? Simple. If your claim is approved, we will make the payment direct to your bank account or to your finance company where applicable. All claims are subject to fraud screening. Should we believe your claim to be fraudulent we may reject your claim, even if your vehicle has been declared a total loss by your motor insurer. If you have paid for your policy by monthly direct debit, any remaining instalments will be deducted from your claim settlement figure. Full details of how to make a claim can be found in the policy booklet which will be sent to you after your policy has been registered. A summary can be found at the back of this brochure. How do I apply for Financial Shortfall Insurance? Speak to your dealer who can answer any other questions you may have and can register your policy for you. Your policy documents will then be sent to you in the post.

4 FINANCIAL SHORTFALL INSURANCE Vehicle Market Value Original Purchase Price Outstanding Balance (if the vehicle is financed) INSURANCE COMPANY SETTLEMENT VEHICLE AGE FSI could pay the difference between the vehicle s market value at the time of loss and the original invoice price or the outstanding balance on your finance, whichever is the greater. Plus If you have financed your vehicle over a term of 37 to 60 months and a total loss occurs during this period, our free additional cover will pay the difference between the market value and the outstanding balance on your finance. Available on new Peugeot vehicles (with the exception of commercial vehicles over 3.5 tonnes) and most used vehicles up to 7 years old (from the start date of the Shortfall Insurance policy). Provides cover, up to a maximum of 20,000 for the full duration of your policy. Graph for illustration purposes only. VEHICLE MARKET VALUE FSI SETTLEMENT

5 IT IS IMPORTANT YOU READ THIS KEY INFORMATION! FINANCIAL SHORTFALL INSURANCE Policy Summary This summary of cover is provided for ease of reference. It does not contain the full terms and conditions of the Policy, which can be found in the Policy document. WHO IS THE INSURER? This insurance is underwritten by UK General Insurance Ltd on behalf of Great Lakes Reinsurance (UK) SE. POLICY DURATION The duration of Your Financial Shortfall Insurance Policy shall not exceed 36 months from the date of delivery of Your Vehicle as stated on the Policy Schedule. Additional Cover (where applicable) Where Your Vehicle has been financed under a Finance Agreement lasting more than 36 months We have arranged additional limited cover for the period of Your Finance Agreement in excess of 36 months and up to a maximum of 60 months from the delivery date of Your Vehicle. ELIGIBILITY (SEE ELIGIBILITY ON YOUR POLICY DOCUMENT) You are eligible for this cover if at inception: (a) You are to be the owner or registered keeper of the Vehicle or You are financing the Vehicle on behalf of the owner or registered keeper of the Vehicle; (b) The Vehicle is not a: kit car, invalid carriage, commercial vehicle of more than 3500kg gross weight, motorhome, motorcycle, quad bike or an American, Australian, Canadian or left hand drive vehicle (unless built for the UK market); (c) The registered keeper or owner of the Vehicle holds a valid comprehensive Motor Insurance Policy in respect of the Vehicle; (d) The Vehicle Net Invoice Selling Price is less than 50,000; (e) The Vehicle is less than 7 years of age at the date of purchase or delivery; (f) The Vehicle is not to be used for: racing, pace making, speed testing, reliability trials or any off-road event; the carriage of goods or passengers for hire or reward; short-term self drive; or driving tuition in connection with Your occupation (g) The registered keeper or owner of the Vehicle holds a full driving licence that is valid for use in the United Kingdom for the duration of the Policy. WHAT IS FINANCIAL SHORTFALL INSURANCE? (SEE COVER PROVIDED IN YOUR POLICY DOCUMENT) 1.1 Should Your Vehicle be declared a Total Loss by Your Motor Insurer during the Period of Insurance We will pay an amount equal to the difference between the greater of: The Insured Value; and (a) The Net Invoice Selling Price; or (b) The Early Settlement Amount, where the Early Settlement Amount is greater than the net invoice price. Insured Value Is the value of the Vehicle (excluding contents and dealer fitted accessories but including factory fitted options or accessories endorsed by the manufacturer) at the date of the Total Loss as assessed by Your Motor Insurer (please refer to the Claims Conditions Section of Your Policy booklet for important information about the Insured Value). Net Invoice Selling Price the purchase price of the Vehicle including: Any Manufacturer Discounts, the cost of factory fitted options or accessories, and delivery costs associated with the purchase of a new vehicle. Excluding any costs relating to: dealer discounts, warranty, paintwork protection applications, new vehicle registration fee, insurance premiums, road fund licence, fuel, dealer fitted accessories, arrears or any sums used to pay off a previous Finance Agreement. Early Settlement Amount is the balance payable to the Finance Company at the date of the Total Loss under the terms of the Finance Agreement but excluding any of the following: any amount carried over from a previous Finance Agreement, credit protection insurance, credit facility fee, option to purchase fee, documentation fee, additional interest charges, arrears and any other financed amount not related specifically to the Vehicle. 1.2 Should Your Vehicle be declared a Total Loss by the Motor Insurer during the Period of Insurance and You accept Your Vehicle to be replaced on a New for Old basis under Your Motor Insurance Policy we will pay Your Motor Insurer excess up to 250 and You may apply to the Administrator to transfer the balance of Your Policy to Your new Vehicle subject to the terms and conditions of Your Policy. New for Old is where following a Total Loss, Your Motor Insurer provides You with a brand new like for like vehicle instead of a Market Value payment. Additional Cover - should Your Vehicle be subject to the original Finance Agreement entered into to purchase or hire the Vehicle and be declared a Total Loss by the Motor Insurer in months inclusive you will receive the following additional benefit: We will pay an amount equal to the difference between: The Insured Value; and (a) The Early Settlement Amount, at date of Total Loss. CLAIM LIMIT The maximum benefit payable under Your Policy shall not exceed 20,000. WHAT IS NOT COVERED (SEE EXCLUSIONS & GENERAL EXCLUSIONS SECTIONS IN YOUR POLICY DOCUMENT) (a) A Total Loss which is not subject to an indemnity payout under the Motor Insurance Policy or which occurs while the Vehicle is being driven or used by a person not Insured under this Policy or is being driven by any person not holding a full driving licence that is valid for use in the United Kingdom. (b) In respect of any Total Loss by an accident when the driver of the Vehicle is intoxicated by alcohol or under the influence of drugs not prescribed by a registered medical practitioner or drugs prescribed by a registered medical practitioner where a warning against driving has been given. (c) In respect of any claim whatsoever in the event that the driver of the Vehicle was driving illegally. (d) Any Vehicle, which is not covered by a Motor Insurance Policy for the full duration of the Period of Insurance. (e) Any Vehicle, which is left unattended unless all security devices and immobiliser are activated and are in full working order. In addition all doors must be locked and keys removed from the Vehicle. (f) If the insured Vehicle is stolen by any person who has access to the keys of the Vehicle if the keys are left unattended by the Insured away from the address stated on the Schedule. (g) Any amount greater than the Motor Insurer excess (which has a maximum limit of 250) where the Insured has the option under their Motor Insurance Policy to have the Vehicle replaced under New for Old following the agreed Total Loss of the Vehicle covered (the balance of the cover can on request to the Administrator be transferred to the replacement vehicle subject to the terms and conditions of this Policy). (h) Any excess deducted under Your Motor Insurance Policy above 250. (i) Any Motor Insurance Policy Excess where You have declined the offer of New for Old replacement from Your Motor Insurer. (j) Any claim if the premium is not received by the supplying dealer or You fail to maintain payments under a direct debit agreement. (k) The VAT element of any claim where the Insured is VAT registered. (l) Where the loss occurred before the Period of Insurance commenced or after the expiry of this Policy. (m) Where an insured Vehicle is to be used: for racing, pace making, speed testing, reliability trials or any off-road event; for the carriage of goods or passengers for hire or reward; as a short-term self drive car or for driving tuition. CLAIMS PROCEDURE All claims should be notified to the Administrator, at the same time as You contact Your Motor Insurer by telephone on or in writing to: The Customer Services Manager, Peugeot Financial Services Insurance Administration, Jubilee House, 5 Mid Point Business Park, Thornbury, West Yorkshire BD3 7AG. You can also us at complaints@motoradmin.co.uk. You must notify the Administrator prior to accepting any settlement from Your Motor Insurer; otherwise Your Financial Shortfall settlement may be adversely affected. For full details, please refer to the section How to Claim within Your Policy. If you have paid for Your Policy by monthly Direct Debit, any remaining instalments will be deducted from Your claim settlement figure. COMPLAINTS PROCEDURE IF YOU WISH TO MAKE A COMPLAINT If You wish to complain about how this Policy was sold then You should contact the supplying dealership who sold You the Policy. If Your complaint is regarding the Policy or a claim then You should contact the Administrator in the first instance on , or in writing to: The Customer Services Manager, Peugeot Financial Services Insurance Administration, Jubilee House, 5 Mid Point Business Park, Thornbury, West Yorkshire BD3 7AG. You can also us at complaints@motor-admin.com. You also have the right to ask the Financial Ombudsman Service to review Your case. The right to apply to the Ombudsman must be exercised within six months of the date of Our final decision. For more information You can visit the Financial Ombudsman Service website or write to: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: Mobile: Your statutory rights as a consumer are not affected by the procedures outlined above. Please note that in order to maintain the highest standards of customer service and for staff training purposes, telephone calls may be monitored and/or recorded. GOVERNING LAW This Policy is subject to English law unless otherwise agreed. CANCELLATION You may cancel the Policy within 30 days of receipt of Your Policy documents without financial penalty provided no claim has been made. Please return the Policy to the supplying dealership from whom the Policy was purchased and the supplying dealership will then refund Your premium. Thereafter, You may cancel Your Policy at any time and receive a pro rata refund of Your premium based on the number of whole months remaining subject to the deduction of a cancellation fee of Requests for cancellation after 30 days should be made by contacting the Administrator on or in writing to: Peugeot Financial Services Insurance Administration, Jubilee House, 5 Mid Point Business Park, Thornbury,West Yorkshire BD3 7AG. Please allow 28 days for Your cancellation and refund to be processed. You can also cancel Your Additional Cover which is provided free of charge at any time but no refund will be due in respect of the Additional Cover. In the event of a claim that terminates this Policy and where the claim settlement from this Policy is less than the premium You originally paid, inclusive of insurance premium tax, You will be entitled to a refund of premium which will be the difference between the amount of the claim settlement and the Premium You originally paid providing You have not entered into an agreement with an accident management company to recover the cost of the Policy from any third party. REGULATION Peugeot Financial Services Financial Shortfall Insurance is underwritten by UK General Insurance Ltd on behalf of Great Lakes Reinsurance (UK) SE. PSA Finance UK Ltd trading as Peugeot Financial Services (company registration number ) having its registered office at Quadrant House, Princess Way, Redhill, Surrey, RH1 1QA. PSA Finance UK Ltd is authorised and regulated by the Financial Conduct Authority. UK General Insurance Ltd is authorised and regulated by the Financial Conduct Authority. Registered in England No Registered Office: Cast House, Old Mill Business Park, Gibraltar Island Road, Leeds LS10 1RJ. Great Lakes Reinsurance (UK) SE is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This can be checked on the Financial Services Register at firms/systems-reporting/register or by calling them on FINANCIAL SERVICES COMPENSATION SCHEME Great Lakes Reinsurance (UK) SE is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme, if Great Lakes Reinsurance (UK) SE cannot meet its obligations. This depends on the type of business and the circumstances of the claim. Most insurance contracts are covered for 90% of the claim with no upper limit. Further information is available from the Financial Conduct Authority or the FSCS. The FSCS can be visited on the internet at or by contacting the FSCS on or USE OF PERSONAL DATA In processing and managing this Policy, the Administrator will collect, transfer and store the information You have provided in their secure servers based in the United States of America. The Administrator has taken measures to ensure that there is an adequate equivalent level of protection of Your information in the U.S.A. in accordance with legislation in the United Kingdom. In compliance with the Data Protection Act 1998, You are entitled to ask Us to amend Our records about You if they are not correct, and You may request a copy of the information We hold about You by applying to Us in writing addressed to: Compliance Officer, Peugeot Financial Services Insurance Administration, Jubilee House, 5 Mid Point Business Park, Thornbury, West Yorkshire, BD3 7AG or by ing CCPH_DPA@carcareplan.co.uk. We may charge You a fee of 10 for this service. Please note that any information provided to us will be processed by us and our agents in compliance with the provisions of the Data Protection Act 1998, for the purpose of providing insurance and handling claims, if any, which may necessitate providing such information to third parties. We may also send the information in confidence for process to other companies acting on their instructions including those located outside the European Economic Area. Date published: June 2016 CCP /16 MCP2809