Why do I need Premium Finance
Insurance?
It is a sad fact
that vehicle related crime represents a significant percentage
of all reported crime in the UK. How often have You heard of
people who have had their vehicle stolen or written off and
have not been able to replace their vehicle with another of a
similar value?
This is because at the time of loss You
will only be entitled to receive the current market value of
Your Vehicle from Your insurance company, not what You paid
for it.
How
Premium Finance Insurance cover helps You.
In the
event of Your Vehicle being written off through accidental
damage, fire or theft, Premium Finance Insurance will cover
the difference between Your outstanding finance balance and
the amount You receive from Your insurance company.
Premium Finance Insurance does even more. Your new finance
agreement may contain roll-over finance (also known as
negative equity) - outstanding finance from a previous motor
loan. This may result in You borrowing more than the purchase
price or Your new Vehicle.
In the event of a valid claim Premium Finance Insurance
will pay up to an additional £4,000 towards the roll-over
finance added to Your finance agreement, within the maximum
settlement of £10,000.
'We pay for what
Your insurance company does not.'
Premium Finance Insurance is Our commitment to
helping You retain financial security and peace of mind when
You need it most. You could receive up to a maximum of
£10,000!
The
Cover
To take advantage of the benefits of Premium
Finance Insurance Your Vehicle must be less than 10 years old
at inception and Your finance agreement must be no longer than
60 months.
Your Vehicle must be insured by a
Motor Insurance Policy issued by an authorised UK motor
insurer, which insures against accidental damage, fire and
theft.
Please refer to Your
Insurance document for full Terms and
Conditions.
Even though You're insured,
Your payout could stop here...
If You are wise,
We'll pay the rest...
AA Warranty guaranteed asset protection
Effected by AA Warranty.
The protection offered to You is an Insurance
policy. Like all Insurance policies it has terms and
conditions. It is important that You read and understand these
conditions to make sure that it is the right product to suit
Your needs. If You have any questions on the content of this
summary document, please contact AA Warranty customer services
on 08707 559 613, or clarify them with Your sales executive.
We will be happy to help.
This Insurance is underwritten by Hitachi
Capital Insurance Europe Ltd. (the Insurer) whose address is 2
Apex View, Leeds, LS11 9BH, and effectd through AA Warranty
(the Administrator for the Insurer). Claims made under this
Insurance will be handled by the Insurer.
Hitachi Capital Insurance Europe Ltd. is
authorised and regulated by the Financial Services Authority,
FSA registration number 309347. Hitachi Capital Insurance
Europe Ltd. is regulated by the Irish Financial Services
Regulatory Authority.
AA Warranty is a trading style of the
Motorway Direct plc group of companies, who are authorised and
regulated by the Financial Services Authority (FSA),
authorisation number 311741. Our address is Warranty House,
Savile Street East, Don Valley, Sheffield, S4 7UQ. We are
covered by the Financial Services Compensation Scheme. You may
be entitled to compensation from the scheme if We cannot meet
Our obligations to You.
The
Insurance
Subject to the correct premium having been
paid, the Insurer will provide cover as detailed in Your
Insurance document.
What is covered by Your
Insurance
In the event of a Total Loss happening
within the Geographical Area and occurring within the Period
of Insurance, the Insurer will pay an amount by which the
Outstanding Balance at the date of loss, less any rebates or
refund for creditor insurance, and excluding any arrears,
exceeds the insured value. It includes up to £4,000 of
additional finance and up to £1,500 insurance premiums within
the overall settlement.
The most Insurers will pay will be the amount shown on Your
Schedule.
Important notes
a).
You must have insurance on Your
Vehicle, issued by an authorised UK
insurer.
b).
If You only have third party, fire
and theft insurance You can only make a claim on this
Insurance for Total Loss due to fire or
theft.
c).
For this Insurance to become
effective, Your Motor Insurer must declare Your Vehicle
a Total Loss, make a payment to You in settlement of
Your claim, and declare Your Vehicle 'beyond economic
repair'.
d).
If You make a claim on this Insurance
You must do so within 60 days of the accidental damage,
fire or theft occurring.
e).
You cannot claim on this Insurance if
the driver of Your Vehicle was affected by drugs or
alcohol when the accident happened.
f).
To qualify for cover, Your Vehicle
must be shown in Glass's Guide. Not all vehicles or
their uses are covered. Details can be found in the
General Conditions section of this
Insurance.
g).
Certain exclusions apply to Your
Insurance. Full details can be found in the 'what is not
covered' section of Your Insurance document. Only the
outstanding finance strictly relating to Your Vehicle
will be settled.
h).
This Insurance cannot be transferred
to a new vehicle or new owner.
i).
You cannot claim under this Insurance
if You have the option to receive a replacement vehicle
under the terms of Your Motor Insurance Policy in
respect of the Total Loss of Your Vehicle. (You can
transfer the cover to the replacement vehicle on
request).
j).
If You have elected to pay Your
premium on a credit funding agreement You must be over
18 years of age at the time of Your Application. Failure
to pay any premium instalment will result in the
immediate suspension of cover and may result in
cancellation. In the event of a claim, We may offset any
outstanding premium against Your claim
settlement.
Features and benefits
Cover available for vehicles up to 10
years old at inception
Cover runs alongside Your finance
agreement for up to 60 months.
Can pay out up to a maximum of £10,000.
Includes up to £4,000 of rollover
finance within the overall settlement.
Includes up to £1,500 of insurance
premium within the overall settlement.
Allows You to fulfil Your outstanding
Vehicle finance commitment.
Available on any finance agreement of
£25,000 or less.
What is not covered
- important exclusions
Your Insurance
does not cover: -
Any claim where the Total Loss is not subject to an
indemnity under the accidental damage, fire or theft
sections of the Motor Insurance Policy
In respect of any excess deducted under the Motor
Insurance Policy.
Any claim where the Total Loss arises as a consequence
of war, riot, civil commotion or terrorism.
Any claim where the Total Loss is caused by an accident
when the driver of Your Vehicle is under the influence of
alcohol or drugs not prescribed by a registered medical
practitioner or drugs prescribed by a registered medical
practitioner in respect of which a warning against driving
is given.
Any loss of use of Your Vehicle or any consequential
loss of any kind.
Any claim where the Total Loss occurs outside the
Geographical Area.
Any claim which is the subject of fraud or dishonesty.
Any claim where the loss is covered by any other
insurance or warranty.
Theft committed by any person who has access to keys of
Your Vehicle.
Radioactive contamination from ionising radiation or
contamination from any nuclear fuel or from any nuclear
waste arising from burning nuclear fuel, or the radioactive,
toxic, explosive or other dangerous effect of any explosive
nuclear equipment or part of that equipment.
Any claim where You have the option to receive a
replacement vehicle under the terms of Your Motor Insurance
Policy in respect of the Total Loss of Your Vehicle. (You
can transfer the balance of any cover to the replacement
vehicle on request).
Your Insurance will not cover: -
a).
Your Vehicle if it is not shown in
Glass's Guide.
b).
Your Vehicle if it is manufactured by
Aston Martin, Bentley, Ferrari, Lotus, Maserati, Rolls
Royce or TVR.
c).
Your Vehicle if it is an emergency
vehicle, used for hire and reward (for example, but not
limited to, use as a hackney carriage), bus, truck,
heavy goods vehicle, motorcycle or invalid
carrier.
d).
Your Vehicle if it is used for
road-racing, rallying, pace-making, speed testing, or
any other competitive event or is driven by any person
not holding a valid, current licence to drive Your
Vehicle.
e).
Your Vehicle if it has been modified
other than in accordance with the manufacturer's
specification.
f).
Your Vehicle if it is a commercial
vehicle over 3,500 kg GVM.
Caring for
customers
If You have a problem
Our aim is to
provide the highest level of service to You at all times in
dealing with all aspects of Your Insurance. If You feel We
have not achieved Our aim, please inform Us. Your feedback
enables Us to monitor and improve the service We provide.
In the first instance, please contact Our Customer
Services Manager either by telephone on 08707 559 613, or by
e-mail to customerservices@AAwarranty.co.uk. Alternatively
write to them at AA Warranty, Warranty House, Savile Street
East, Don Valley, Sheffield, S4 7UQ.
Please ensure You
quote Your Insurance number in all correspondence and enclose
any evidence or documentation You wish Us to consider in
reviewing Your complaint.
We will do Our best to
resolve Your complaint quickly and with the least
inconvenience to You, ideally within 5 working days. We will
keep You informed of the progress of Your complaint if We
require time to investigate.
On receiving Our answer
You may, if You are not satisfied, appeal in writing to The
Underwriting Director, Motorway Direct, Warranty House, Savile
Street East, Don Valley, Sheffield, S47UQ.
Please make
sure any new evidence or information is enclosed.
We
expect complaints to be quickly and satisfactorily resolved at
this level, however You can take the matter further by writing
to The Claims Team Leader, Hitachi Capital Insurance Europe
Ltd., 2 Apex View, Leeds, LS11 9BH, who will arrange an
investigation into the matter on behalf of the Executive
Directors.
If You have still not received a
satisfactory response, or Your complaint has not been resolved
within eight weeks of Our receiving it, You may refer Your
case to the Financial Ombudsman Service, set up by the
Financial Services Authority to review unresolved Complaints.
They can be reached at: The Financial Ombudsman Service, South
Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone 0207 964
1000, e-mail: enquiries@financial-ombudsman.org.uk.
Cancellation
You may cancel this Insurance within 14 days
of the Conclusion Date provided that You have not made a
claim, and obtain a full refund by contacting Our customer
services department. After 14 days You may cancel this
Insurance but no refund of premium is available and any
outstanding premium instalments must be paid in
full.
Important notice:
Please note that an Insurance Summary does not contain the full
terms and conditions of the Insurance product. Full
terms and conditions can be found in the Insurance
document.
AA Warranty is provided by AA Mechanical Insurance Services Limited, part of the Motorway Direct Plc Group.
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