JAGUAR CARS INSURANCE COMBINED GAP AND RTI INSURANCE

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1 JAGUAR CARS INSURANCE COMBINED GAP AND RTI INSURANCE

2 2 BRIDGING THE GAP SO YOU DON T HAVE TO

3 INTRODUCTION Do you know how much you would get from your motor insurance policy if your car is written off due to an accident, fire or theft? Even with comprehensive cover, your motor insurance company may only pay out the market value for your car in the event of a total loss. For example, if your car cost you 30,000, its market value may have become 14,000 after two years, and this is what you will receive from your motor insurance company (minus any applicable excess). This means you will have lost 16,000. In the event of this happening to you, Jaguar Cars Insurance offers Combined Guaranteed Asset Protection (GAP) and Return To Invoice Insurance (RTI), underwritten by AmTrust Europe Limited, to protect against this type of financial loss. COMBINED GUARANTEED ASSET PROTECTION AND RETURN TO INVOICE INSURANCE FROM JAGUAR CARS INSURANCE 3

4 COMBINED GAP AND RTI INSURANCE Combined GAP and RTI Insurance is designed to pay the shortfall between the insurer s market value and the original purchase price of your car, following the total loss of your car due to accidental damage, fire or theft. If you have paid for the car outright, RTI Insurance from Jaguar Cars Insurance could ensure you get back what you paid for the car in the event of a claim. If you are paying for the car on a finance agreement, then GAP Insurance from Jaguar Cars Insurance may make sure that if your insurance payout falls short, you won t be left with the outstanding finance that you owe. Combined GAP and RTI Insurance covers all eventualities and will payout the greater of the GAP or RTI amount, up to the purchase price of your car.* 4

5 WHAT IS RTI INSURANCE? Should your car be declared a total loss, RTI Insurance from Jaguar Cars Insurance could pay the difference between the original purchase price* you paid for your car and the amount that you receive from your motor insurance company (up to car invoice price) depending on the original purchase price of your car. Enables you to replace your car should it become a total loss, up to your original purchase price. Covers you for up to 48 months. Protects against the cost of depreciation. Is available for new and used cars. Insurance excess cover up to 250. Pays out up to: MAX CAR COST MAX COVER UP TO 0-75,000 Car Invoice Price 75, ,000 50,000 Market Value Clause: If you need to make a claim, our claims handler will be able to advise you of the correct market value for your car, to help you obtain the full amount from your motor insurance company. Please ensure you contact Jaguar Cars Insurance before accepting any offer from your motor insurance company. *Combined GAP and RTI Insurance is subject to the terms and conditions contained in the policy schedule. In addition you should note there are certain limitations in terms of the maximum amount you may claim. Please ask your supplying dealer for further details. Example Covers the difference between the insurance payout and the original Purchase Price Months Original Purchase Price Insurance Devaluation Line Purchase price of your car (excluding policy premium): Your car is written off by your motor insurance company as the result of total loss due to theft, fire or an accident. They assess the current market value of your car at the date of total loss and deduct any excess agreed. They pay you, for example: With RTI Insurance Without RTI Insurance 30,000 30,000 14,000 14,000 This leaves you short of: 16,000 16,000 RTI Insurance pays you: 16,000 0 Loss to you: 0 16,000 Inclusive of VAT. NOTE: Cover is conditional on having comprehensive motor insurance throughout the period of cover. 5

6 COMBINED GAP AND RTI INSURANCE WHAT IS GAP INSURANCE? Should your car be declared a total loss, GAP Insurance from Jaguar Cars Insurance could pay the difference between your motor insurance payout and the amount outstanding on your finance agreement. Covers you for the full term of your finance agreement up to a maximum of 48 months subject to your payment of the premium when due. Is available for new and used cars. Covers insurance excess up to 250. Is simple to arrange when you take out your finance agreement. Pays out up to: Example Covers any outstanding finance balance up to the policy limits Months Finance Balance Purchase price of your car (excluding policy premium): Market Value With GAP Insurance Without GAP Insurance 30,000* 30,000* MAX CAR COST MAX COVER UP TO 0-75,000 Car Invoice Price 75, ,000 50,000 Your car is written off by your motor insurance company as the result of theft, fire or an accident. They assess the current market value of your car at the date of total loss and deduct any excess agreed. They pay you, for example: 14,000 14,000 Market Value Clause: If you need to make a claim, our claims handler will be able to advise you of the correct market value for your car, to help you obtain the full amount from your motor insurance company. Please ensure you contact Jaguar Cars Insurance before accepting any offer from your motor insurance company. Your outstanding finance commitment could be: 17,000 17,000 GAP Insurance pays you: 3,000* 0 Loss to you: 0 3,000 * Inclusive of VAT. NOTE: Cover is conditional on having comprehensive motor insurance throughout the period of cover. 6

7 COMBINED GAP AND RTI INSURANCE IS THIS PRODUCT RIGHT FOR YOU? SUMMARY OF COVER This summary of cover is provided for ease of reference. It does not contain the full terms and conditions of the policy. For full details of all Your policy benefits and the complete terms and conditions, please refer to the policy document. WHAT IS GAP/RTI COMBINED? KEY FEATURES AND BENEFITS Following the total loss of Your Car due to accidental damage, fire or theft, Combined GAP/RTI is designed to pay the financial shortfall between the original purchase price of Your Car (as stated on the invoice) or the outstanding settlement value on Your finance agreement and whichever the greater of the market value of the Car or the amount You receive from Your motor insurance policy. In the event of any finance settlement secured on the Car exceeding the original purchase price, the policy will pay the greater amount subject to the original balance financed being less than the Car purchase price. In the event of the Car being sold or deemed a total loss, providing You have not submitted a claim, the remaining term of the policy can be transferred to a replacement Car subject to the terms and conditions. NAME OF INSURER The insurer is AmTrust Europe Limited, registered office, 10th Floor, Market Square House, St James s Street, Nottingham NG1 6FG. AmTrust Europe Limited is authorised and regulated by the Financial Services Authority. You can check this information on the FSA register by visiting register, or by contacting the FSA on ELIGIBILITY You are eligible for the policy if at the date of commencement of the Period of Insurance: You are the owner of the Car or in respect of contract hire and leasing contracts the authorised driver for the Car. You are the insured person and named as the policy holder in the Motor Insurance Policy for the Car. Any finance agreement secured on the Car is in Your name and that the original amount financed is less than or equal to the Car purchase price. You have notified Us of any Car transfer and Your replacement Car does not exceed the invoice price for the original Car. For information on this banding, please contact the Administrator. WHAT IS NOT COVERED? 1. Cars: which have been modified other than in accordance with the manufacturer s specification by the factory or manufacturer approved dealer; are owned temporarily or otherwise (resulting from trade-in or acquisition for the purposes of resale) by a business formed for the purposes of selling or servicing motor cars; used for hire or reward, taxis, racing, pacemaking, speed testing, reliability trials, rallying or Cars used for any other competitive event; or over 3500kgs Gross Vehicle Mass (GVM). 2. The following makes of Car are excluded: Aston Martin, Bentley, Bristol, Bugatti, all Cosworth models and variants, De Tomaso, Dorchester, Ferrari, Ginetta, Hummer, Honda NSX models, Lamborghini, Lancia Thema, Lotus, Maserati, Maybach, Mitsubishi 3000GT, Marcos, Noble, Rolls Royce, TVR and Vans above 3500kgs GVM. Kit cars, Grey Imports and any American make of Car unless manufactured as right-hand drive for the UK market. Any Car not mentioned in Glass s Guide, commercial vehicles over 3500kgs GVM, emergency cars, taxis, driving school cars, buses, scooters, motorcycles, disabled carriers or Cars which have been modified other than in accordance with the manufacturer s specifications and any make of Car not built for principle sale in the UK. 3. Any Total Loss: where the Total Loss occurred before the inception of this insurance; of whatsoever nature arising directly or indirectly, in whole or in part, due to any act or omission which is wilful, unlawful or negligent on Your or the driver of the Car s part. Any liability directly or indirectly caused by or contributed to by or arising from: ionising radiations or contamination by radioactivity from any irradiated nuclear fuel or from any nuclear waste from the combustion of nuclear fuel the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or of its nuclear component; or damage or liability occasioned by or happening through war, invasion, act of foreign enemy hostilities (whether war is declared or not) civil war, rebellion, revolution, insurrection or military or usurped power; or damage, liability or bodily injury arising directly or indirectly from pollution or contamination; or damage, cost or expenses of whatsoever nature directly or indirectly caused or occasioned by or happening through or in consequence of terrorism or any action taken in controlling, preventing or suppressing any acts of terrorism or in any way relating thereto. For the purpose of this exclusion terrorism means the use of biological, chemical and/or nuclear force or contamination and/or threat thereof by any person or group of persons whether acting alone or on behalf of or in connection with any organisation(s) or government(s) committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public or any section of the public in fear. However, losses caused by or resulting from riot, riot attending a strike, civil commotion and malicious damage are not excluded hereunder. Continued overleaf...

8 4. VAT where You are VAT registered. 5. Any costs incurred in excess or outside the liability under this insurance including any form of consequential loss. 6. If the Car is stolen by any person having access to the keys of the Car unless taken by force or violence. 7. Any Total Loss which is not subject to an indemnity settlement under the accidental damage, fire or theft sections of a Motor Insurance Policy. 8. Any Total Loss by accident where the driver of the Car is under the influence of alcohol, drugs not prescribed by a registered medical practitioner, or drugs prescribed by a registered medical practitioner where a warning against driving has been given. 9. Additional costs within the outstanding finance settlement balance for anything other than the purchase of the Car. This includes but is not limited to motor insurance, warranty, payment protection, recovery, administration charges, option to purchase charges, late payment charges and arrears and early settlement charges. 10. If any misrepresentation or concealment is made by or on Your behalf in support of obtaining the policy or any claim on Your policy. 11. Any loss for additional purchases at the time of purchase of the Car including but not limited to; road fund licence, administration charges, insurance premiums including the policy, optional extras car mats, CD players, etc, as these will be taken into account in the Insured Value. 12. Where there is Negative Equity included within Your finance value any Negative Equity will be deducted from the settlement figure. 13. Where You have failed to notify us of the transfer or where the Car transfer has been rejected. 14. Where a claim is settled with an amount between the motor insurer settlement and the purchase invoice price, any additional finance and other charges which inflate the original purchase invoice price of the Car will be deducted, e.g. insurance and warranty premium and fees. DURATION OF COVER As quoted on the proposal/policy schedule. CANCELLATION You have the right to cancel the policy at any time. If the policy is cancelled within the first 30 days, You will be entitled to a full refund providing no claims have been submitted. If You wish to cancel Your policy after 30 days and You do not wish to transfer the policy to a replacement Car You will be entitled to a pro-rata refund on the remainder of Your policy which will be calculated monthly and is paid for each full month left to run. An administration fee of 35 will be applied if You decide to cancel Your policy which reflects the administrative cost of cancelling the policy. If the policy is not paid in full, You will only be refunded an equivalent amount and not the full cost of the policy, which will be pro-rata and will be calculated monthly and is paid for each full month left to run. If You have submitted any claims against Your policy You will not be able to request a refund. If You have transferred Your policy to a replacement Car, You will only be entitled to a refund of the original cost which does not include any administration fee paid for the transfer. The refund will be calculated as above, e.g. for each full month left to run. WHAT TO DO IN THE EVENT OF A POLICY ENQUIRY, ADMINISTRATION AND CLAIM All claims should be notified within 30 days of the total loss to the claims office: Jaguar Cars Insurance c/o AutoProtect (MBI) Limited, Cambridge House, Cambridge Road, Harlow, Essex CM20 2EQ. The claim notification telephone number is You should notify Jaguar Cars Insurance c/o AutoProtect prior to accepting any settlement from Your motor insurer. COMPLAINTS If you wish to complain, please follow these steps: STEP ONE Contact the Administrator: The Managing Director, Jaguar Cars Insurance c/o AutoProtect (MBI) Limited, Cambridge House, Cambridge Road, Harlow, Essex CM20 2EQ. Tel: Fax: We expect that the majority of complaints will have been quickly and satisfactorily resolved at this stage but if You remain dissatisfied You can take the issue further by contacting; STEP TWO The Managing Director, AmTrust Europe Limited, Market Square House, St James s Street, Nottingham NG1 6FG. You retain the right to refer Your complaint to the Financial Ombudsman Service. The policy is subject to the laws of England and Wales. CUSTOMER COMPENSATION AmTrust Europe Limited is covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if they cannot meet their obligations. This depends upon the type of insurance and the circumstances of the claim. Most insurance contracts are covered for 90% of the claim. Further information about compensation scheme arrangements is available from the FSCS on the web at uk or by contacting the FSCS on Jaguar Cars Insurance is a trading style of FGA Capital UK Limited. Registered in England No is authorised and regulated by the Financial Services Authority (FSA). FSA Registered No AutoProtect (MBI) Limited, Company Registration in England: is authorised and regulated by the Financial Services Authority (FSA). FSA Registered No MAR 13 JCI GAP/RTI V2