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Automotive
What does it do?
•••Specifically tailored for automotive finance providers, our payment waiver product allows lenders to include a feature in their finance contracts whereby customers can waive a fixed number of monthly repayments if certain events occur. These events can range from involuntary unemployment, death and disability. This proposition provides peace of mind to the customer that if the worst happens, they will be protected.Our Guaranteed Asset Protection (“GAP”) products secure the investment in a car purchase, while our payment protection products provide financial security to customers who want to finance or lease a car. Please see this link for Credit Protection insurance.
Who is it for?
These policies can be sold individually, or provided as a customer benefit to a group of customers. Our GAP and Credit Protection products can be presented as standalone products, as well as alongside financing or leasing agreements. They are offered by organisations such as
Banks in the Automotive Industry
Car dealers
Online car sales platforms
Private & Fleet leasing providersWhat are the benefits?
••• In case the car is a total loss or is stolen, GAP products offer various levels of protection.Finance Protection:
Will secure the gap between the payment your customer receives from their motor insurance and the outstanding balance with the finance provider.Leasing Protection:
Covers the cost of an early termination of the lease agreement.Return to Invoice:
Will secure the gap between the payment your customer receives from the motor insurance and what they originally paid.Replacement Cover:
Will secure the gap between the payment your customer receives from the motor insurance and what they would have to pay today to afford the same (or comparable) vehicle.Cash Benefit:
Will offer a cash benefit to cover additional costs related to the total loss/theft of the car, such as motor insurance deductible, cost for rental vehicle or other related costs.Please see also: www.maideninsurancepartnerships.com
