THE RAC Dealer Network will launch a new five-star Defaqto guaranteed asset protection insurance product in Q3 2018.
The product was created in conjunction with The Warranty Group, which is a subsidiary of Assurant – the RAC’s partner in the added value sector – and offers Gap coverage in accordance with the Dealer Network’s standards and ethics.
There are no restrictions on vehicle age and mileage, while the minimum claims settlement is up to the purchase price of the vehicle. Cover extends to a maximum cost of £50,000 and the duration ranges from 36 to 60 months. The policy meets contract hire terms in full, including the final settlement figure, and can be transferred if a customer replaces their vehicle.
The RAC Dealer Network is now 1,300-strong and is continuing to increase its range of value-added products.
Sean Kent, pictured, sales director at the RAC Dealer Network, said: ‘There has been quite a lot of negative publicity around dealer Gap products over the last few years, but the fact remains that Gap is a genuinely useful product that is demanded by dealers and their customers.
‘With the new Gap insurance, the RAC and Assurant have worked hard to provide a product that can be implicitly trusted by dealers and used car buyers.
‘The level of cover provided is outstanding, as the Defaqto rating shows, and it is designed to be sold at a sensible price that provides genuine value for money for customers.
‘The RAC brand is among the most trusted in motoring and, alongside Assurant, we have created a Gap product that is reflective of the integrity that people expect from the RAC.
‘Our warranty range has recently been extended to include a new “Platinum Plus” level of cover, creating a four-tier product structure. Gap is arriving soon and we are currently investigating other opportunities.
‘We are very mindful in our stewardship of the RAC brand and careful about the enhancements that we make to the range, but there is undoubtedly potential for further products to be introduced and we are looking at possibilities with Assurant.’
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