BMW Group has launched a new shortfall insurance product for BMW, Mini, BMW Motorrad retailers and Alphera partners.
The product, developed by Allianz Global Assistance, helps customers to protect themselves should their car be written off, up to 100% of the invoice price, with no need to select the traditional £10,000 or £20,000 worth of cover.
Quotations include the information retailers must give potential customers, newly prescribed by the FCA, and automatically counts the days from when a quote has been given ensuring retailers do not sell cover before the new rules allow, helping to ensure compliance.
The insurance offering covers BMW and Alphera Partners’ vehicles with an invoice price up to £120,000, up to £50,000 on Minis and up to £30,000 for BMW Motorrad.
Paint and fabric treatments purchased by customers can be included in the invoice price calculation, and there is no cap on the value of factory or retailer fitted accessories delivering added value to customers.
Cover is now available for one year policies, in addition to the existing two, three and four year options, and the cancellation period with a full refund of premium, has been increased to 30 days, with pro rata refund thereafter.
Steve Cann, general manager insurance solutions at BMW Financial Services, said: “Having worked extensively with Allianz Global Assistance, our enhanced Shortfall Insurance product delivers a range of new customer benefits, whilst removing many of the standard restrictions other suppliers still insist upon.
“Now BMW retailers gain an automated system that counts the days until a shortfall insurance sale can be made, allowing them to sell our premium insurance product with confidence.”