BMW launches upgraded shortfall cover
- Posted by: Simon Wait
- Category: News
Working with Allianz Global Assistance in the UK, BMW Group has launched a new Shortfall Insurance product for BMW, MINI, BMW Motorrad Retailers and Alphera Partners. The new product 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.
Developed by Allianz Global Assistance, BMW’s Shortfall product and sales system ensures retailers are not selling Shortfall Insurance before the new FCA regulations allow them to. Quotations include the newly prescribed information retailers must give potential customers, and automatically count the days from when a quote has been given ensuring retailers do not sell cover before the new rules allow, making compliance simple.
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.
Adding to the flexibility of BMW’s Shortfall product, 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.’
Lee Taylor, chief sales officer from Allianz Global Assistance UK, commented, ‘Our co-operation with BMW Group continues to bring the very best insurance products to its retailer network, enhancing the owner experience and boosting the brand relationship. As BMW Group’s long standing supplier, we look forward to working closely to ensure our Shortfall Insurance continues to meet the changing needs of the market.’