Motorcycle Gap Insurance

GAP Insurance Image

The Financial Risk - Without GAP

Facts

  • Over 2 million new motorcycles, cars and vans are sold every year in the UK
  • Over 700,000 vehicles are subject to a total loss claim each year
  • Motor insurance companies do not pay the original invoice value of your vehicle in the event of such a claim, and usually well below its replacemnt value.

The GAP

GAP insurance is designed to pay the difference between your motor insurance settlement and your outstanding finance balance* or your original price paid for the motorcycle* whichever is greater.

Calculate Your Risk
 

Cost of your new or used motorcycle today £10,000
Less estimated insurance write-off amount for your motorcycle in, e.g. 1, 2 or 3 years £6,000
= Your Uninsured Loss £4,000

 

*GAP insurance policies exclude certain products and service listed on the vehicle invoice. Full details in the policy summary. Your GAP policy refunds up tp £250 of your motorcycle insurance excess. 

The Solution Asset Secure Guaranteed Asset Protection GAP Plus...

Up to £25,000 Dual Protection Cover

In the event of write-off as a result of theft and/or accident, Asset Secure® GAP Plus will pay the difference between your motor insurance settlement and the original invoiced cost of your motorcycle or your outstanding finance*, whichever is the greater, e.g.

GAP Insurance Information
GAP Insurance Information

Example

Vehicle written-off after 24 months
Vehicle Purchase Price: £10,000
Motor Insurance Price £6,000
Shortfall: £4,000
Asset Secure Guaranteed Asset Protection Pays: £4,000

 

GAP PLUS - Combined GAP Finance Shortfall & Return to Invoice

Pays the difference between your write-off insurance settlement and the bikes original invoiced cost – or outstanding finance, whichever is the greater.
 

Vehicle Price 3 Year GAP
Cover limit £5,000 Including IPT
To £5,000 £249.00


Cover limit £10,000 Including IPT
£5,000 to £15,000 £299.00


Cover limit £15,000 Including IPT
£15,000 to £25,000 £349.00

 

Terms and Conditions
The information contained in this brochure is a brief outline of this insurance. A copy of our KeyFacts policy summary is available from your dealership, or from AMS Insurance Services Limited at Heyford Park, Upper Heyford, Oxfordshire OX25 5HD. T: 01869 232 563. AMS Insurance Services Limited, United Kingdom (registered in England no. 3976974) is authorised and regulated by the Financial Conduct Authority, FCA Register No. 310422. AMS Asset Secure® GAP insurance products are underwritten specifically for AMS by Lloyd's of London and other major insurance companies, details of which are contained in our policy summary.
Version Ref: EW016 10/2016 © AMS Asset Secure® 1992 – 2015 All Rights Reserved
Introduction
This Policy is issued and will be administered by AMS Insurance Services Limited (“AMS”), which has its office at Heyford Park House, Heyford Park, Upper Heyford, Oxfordshire OX25 5HD. Telephone 01869 232563. AMS is authorised and regulated by the Financial Conduct Authority No. 310422.
The insurance is underwritten by Lloyd’s Syndicate 4444 which is managed by Canopius Managing Agents Limited. Registered Office: Canopius Managing Agents Limited, Gallery 9, One Lime Street, London, EC3M 7HA. Registered in England no. 01514453. Canopius Managing Agents Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference: 204847. Registered Office: Canopius Managing Agents Limited, Gallery 9, One Lime Street, London, EC3M 7HA. Registered in England no. 01514453.
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Significant Features
Under GAP Plus, in the event that your motor insurer declares your vehicle a total loss, subject to the terms of their policy, we will pay the difference between the settlement you receive from your motor insurer and the original invoiced purchase price of your motor vehicle or the outstanding balance owed under your finance agreement, whichever is the greater. The maximum we will pay under GAP Plus is dependent on the level of cover purchased. Motor vehicles eligible for this cover are: passenger cars costing up to £175,000, light commercial vehicles to GVW 3500KG costing up to £50,000, motorcycles and motor scooters costing up to £40,000. The motor vehicle must be under 10 years old at the start of cover and purchased no more than 180 days prior to the cover start date. The maximum term of cover available is 48 months. The date that your insurance starts and your period of insurance are shown on your Policy Schedule.
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Who Can Apply For Cover?
You can apply if you are:
 the registered owner and/or keeper of the motor vehicle that has, and will have, a comprehensive motor insurance policy, or minimum third party fire and theft on motorcycles and motor scooters, (motor trade insurance policies of any type are excluded) at all times throughout the period of the insurance shown in the schedule in your name as the policyholder and
 If your motor vehicle type is not listed as excluded as follows: Aston Martin, Bristol, Cosworth, De Tomaso, Ferrari, Lamborghini, Masserati, Rolls Royce and mopeds of any type, any left hand drive vehicle, a vehicle which does not meet EC approval or is not commercially available in the UK direct from a manufacturer or its authorised importer or dealer, any taxi, mini cab, courier or delivery vehicle of any type, any private or public rental vehicle, any rally or competition vehicle of any type.
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General Conditions
 This insurance does not replace motor vehicle insurance and does not cover any loss, damage or liability to any property or person, however caused, other than the benefits explained above.
 The purchase price of the vehicle will not include the cost of any dealer fitted accessories, extended warranty charges, road fund licence, insurance premiums or any amount transferred from a previous finance agreement or any ‘cash-back’ amount unless an additional premium has been paid for this cover.
 If you have another similar insurance with us or another insurer in respect of the same vehicle, then we reserve the right to reduce any benefit we may pay.
 If any claim made by you or anyone acting on your behalf under this insurance is fraudulent, deliberately exaggerated or intended to mislead, we may:
o not pay your claim; and
o recover (from you) any payments we have already made in respect of that claim; and
o terminate your insurance from the time of the fraudulent act; and
o inform the police of the fraudulent act.
o If your insurance is terminated from the time of the fraudulent act, we will not pay any claim for any incident which happens after that time and may not return any of the insurance premium(s) already paid.
 Subrogation: We may, at our discretion, take any steps at our cost in your name against any person, including but not limited to, your motor insurance policy insurer, to recover any money paid in settlement of your claim. You must give us all the assistance that is necessary.
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Exclusions
No benefit will be paid in respect of:
 Any liability for death or bodily injury or damage to any person, damage to property or any other losses or expenses arising from the event that results in the total loss of the motor vehicle.
 Any contribution that you more specifically insure elsewhere.
 Any additional costs within the insurance settlement for anything other than the purchase of the motor vehicle. This includes, but is not limited to, administration charges, option to purchase charges, late payment changes and arrears, early settlement charges.
 Any of your finance agreement instalments that are in arrears or any interest on arrears, or any deficit due to non-payment or erratic payment of any amounts that you should have paid under the terms of your finance agreement or any outstanding financed amount transferred from any previous finance agreement including “Cash Back” to your current finance agreement.
 If the event causing the total loss is occasioned by your deliberate act or with your consent.
 If the claim or loss is caused by you taking part (either directly or indirectly) in a crime, drink driving offence or you being under the influence of drugs.
 The amount of any policy excess on your motor insurance policy exceeding £250.
 Your motor insurance policy insurer replacing your motor vehicle or offering you a replacement vehicle in settlement which you decline.
 Your motor insurance policy insurer offers to repair your motor vehicle but you have instead requested the claim to be dealt with on a total loss basis.
 If the claim or loss is directly or indirectly caused by war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, terrorist activity of any kind.
 If the claim or loss is directly or indirectly caused by ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.
SIGNIFICANT FEATURES AND BENEFITS
GAP Plus - Combined GAP Finance Shortfall / RTI - Return To Invoice
THIS SUMMARY DOES NOT CONTAIN THE FULL TERMS AND CONDITIONS OF THE GAP INSURANCE WHICH CAN BE FOUND IN THE POLICY DOCUMENT
Version Ref: EW016 10/2016 © AMS Asset Secure® 1992 – 2015 All Rights Reserved
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How to Claim
To make a claim under your policy, please contact the insurer’s claims administrator: AMS Insurance Services Limited on 01869 232563 as soon as possible after the event leading to the total loss of the motor vehicle, but in any event within 120 days of the date of total loss.
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Policy Cancellation
30 Day Cooling Off Period You may cancel this insurance, without giving reason, by advising the motor dealer or broker you purchased the insurance from and returning the insurance documents within 30 days of it starting. You will receive a full refund of all premium paid from the motor dealer or broker provided that no claim has been made and you do not intend to make a claim. After The 30 Day Cooling Off Period If you cancel this insurance after the cooling off period then, provided no claim has been made, you will receive a refund proportionate to the unexpired term of the insurance less an administration fee of £35. To cancel your policy after the cooling off period, please write enclosing your insurance policy document to AMS Insurance Services Limited at Heyford Park House, Heyford Park, Upper Heyford, Oxfordshire, OX25 5HD.
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Policy Transfer
Your policy is only transferable under the following conditions:
 If your motor insurer replaces your vehicle with one of the same make and model, we will provide a new GAP Policy for this vehicle for the term and cover of your original GAP Policy free of charge. There is no administration or transfer fee.
 You change your vehicle at any time within your policy term we will provide a new GAP Policy on the changed vehicle for the agreed premium less a pro-rata discount equal to the refund of unearned premium on your existing policy. There is no administration or transfer fee.
 In order to transfer your policy to a replacement vehicle or obtain a new policy on another vehicle, please contact AMS whose contact details are given on page 1. You will need to send them: i) A copy of the original invoice for your vehicle. ii) A copy of the invoice for the replacement vehicle. iii) A copy of your current GAP Policy
 In the event of your death within the term of this policy, the remaining benefit of this insurance may be transferred to your spouse or partner.
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When Your Policy Ends
Your policy schedule states when your cover will end. Cover will automatically end earlier, without any refund of premium, if: you sell or transfer the vehicle, we pay a claim under the policy, your finance agreement ends for whatever reason unless we otherwise agree, your motor insurance policy ends for whatever reason.
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Customer Complaints
Our aim is to provide you with a high quality service at all times, although we do appreciate that there may be instances where you feel it is necessary to lodge a complaint. If you do wish to complain, please note the 3 steps below, along with the relevant contact details for each step. Please take special note, however, that should you wish to direct your complaint directly to Lloyd’s in the first instance, you may do so by using the contact information referenced in Step 2 below. Step 1: In the first instance please direct your complaint to: AMS Insurance Services Ltd Heyford Park House Heyford Park Upper Heyford Oxfordshire OX25 5HD. Tel: 01869 232563 Email: info@ams-gap.com Step 2: Should you remain dissatisfied with the outcome of your complaint from AMS your legal rights are not affected, and you may refer your complaint to Lloyd’s. Lloyd’s contact information is: Complaints at Lloyd’s Fidentia House Walter Burke Way Chatham Maritime Kent ME4 4RN Tel: +44 (0)20 7327 5693 Email: complaints@lloyds.com Website: www.lloyds.com/complaints Details of Lloyd's complaints procedure are set out in a leaflet "How We Will Handle Your Complaint ", which is available at the website address above. Alternatively, you may ask Lloyd’s for a hard copy. Step 3:
If you remain dissatisfied after Lloyd's has considered your complaint, you may have the right to refer your complaint to an alternative dispute resolution (ADR) body. If you live in the United Kingdom or the Isle of Man, the contact information is:
Financial Ombudsman Service
Exchange Tower
London E14 9SR
Tel: 0800 0234 567 (calls to this number are free on mobile phones and landlines).
Tel: 0300 1239 123 (calls to this number cost no more than calls to 01 and 02 numbers).
Email: complaint.info@financial-ombudsman.org.uk Website: www.financial-ombudsman.org.uk
If you live in the Channel Islands, the contact information is: Channel Islands Financial Ombudsman PO Box 114 Jersey, Channel Islands JE4 9QG Jersey +44 (0)1534 748610 Guernsey +44 (0)1481 722218 International +44 1534 748610 Facsimile +44 1534 747629 Email: enquiries@ci-fo.org Website: www.ci-fo.org
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Compensation Details
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we are unable to meet our obligation to you under this insurance. Further information can be obtained from the Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St. Botolph Street, London, EC3A 7QU. Tel: 0800 678 1100 (Freephone) or 020 7741 4100. Website: www.fscs.org.uk