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Alexander Lauren Associates Limited
Units 1&2, The Maltings, Castlegate, Malton, YO17 7DP
Telephone: 01653 604300 Fax: 01653 692555 Email: info@ala.co.uk

Early Termination Insurance - Policy Summary

RETAIL 1

CUSTOMER COPY - PLEASE RETAIN THIS DOCUMENT FOR YOUR RECORDS.

This document does not contain the full policy terms and conditions of the Early Termination Insurance Policy. The information given in this leaflet is only a summary of the cover and does not override the terms and conditions set out in the policy, a copy of which is available on request and will be sent to you once your application has been accepted.

Early Termination will protect you as an individual if you terminate your Finance or Contract Hire Agreement early due to:

  • Unemployment
  • Expatriation
  • Life
  • Loss Of Licence [on medical grounds]

Early Termination will pay the difference between the amount required by the Finance or Contract Hire Company and the current
market value of your vehicle.

WHO IS ELIGIBLE FOR COVER?

You will be eligible for Early Termination Insurance provided:

  • Your vehicle is not an Emergency vehicle, Taxi, Bus, Truck, motorcycle, invalid carrier or a vehicle with more than eight seats including the drivers seat.
  • The vehicle finance does not exceed £40,000.
  • The vehicle is covered by a comprehensive motor insurance policy.
  • The vehicle is under 3 years of age.
  • You are 21 and over and will be less than 60 at the end date.

BENEFITS:

  • If you return your vehicle early due to Unemployment, Expatriation, Life or Loss of Licence Early Termination will pay the difference between the amount required by the Finance or Contract Hire Company and the current market value of your vehicle.
  • In the event of a claim the maximum we will pay is £5,000.
  • In the event that you become unemployed for more than 30 days we agree to pay to the Finance Company on behalf of you up to 3 monthly finance/rental instalments. (Maximum benefit payable is £1,000 per month). This amount will form part of the maximum combined benefit of £5,000.

PRINCIPLE EXCLUSIONS:

Benefits will not be paid if your claim results from any of the following:

  • Page 2, ‘Definitions’ :
    Net invoice selling
    Price - If the amount you paid for the vehicle exceeds the retail value of the vehicle at the time of purchase.
  • Page 3, ‘ General Exclusions’ :
    Bullet point 1 - If the credit advanced under the Finance Agreement exceeds 90% of the price you have agreed to pay for the insured vehicle or the Finance Agreement exceeds £40,000.
    Bullet point 2 - If the purchase price of the Insured Vehicle only represents part of the credit advanced under the Finance Agreement we will only pay the proportion of the credit advanced which relates to the purchase price.
    Bullet point 3 - Fraud or dishonesty, gross misconduct or drink or drug abuse.
    Bullet point 5 - In respect of any vehicle not mentioned in CAP Book.
    Bullet point 7 - Pregnancy, whether for maternity allowance or any other reason.
    Bullet point 8 - If you are currently within a probationary period of employment.
  • Page 3, ‘Instalment Waiver Exclusions ’ :
    Bullet point 1 - If You resign or become Unemployed within 12 months of the Start Date.
  • Page 3, ‘Unemployment Exclusions ’ :
    Bullet point 1 - If you resign.
    Bullet point 2 - If at the Start Date you knew you were going to be made Unemployed.
    Bullet point 3 - If Your employment ends within 12 months of the start date.
    Bullet point 4 - If Your Work is seasonal or if you do not have a permanent contract of Employment.
    Bullet point 7 - Gross misconduct.
  • Page 3, ‘Expatriation Exclusions ’ :
    Bullet point 1 - If at the Start Date you knew You were going to be posted abroad.
    Bullet point 2 - 5 - If your work is seasonal, you are working on a specific project and this project finishes, you are Self-Employed or if you work on a fixed term contract which ends.
  • Page 3, ‘Life Exclusions ’ :
    Bullet point 1 - Suicide or self inflicted injuries.
    Bullet point 2 - If at the start date you were aware of any sickness or disease with a fatal prognosis.
  • Page 4, ‘Loss of Licence Exclusions ’ :
    Bullet point 1 - If your licence is revoked or suspended as a result of a traffic or motoring offence or incident.
  • Page 4, ‘Conditions ’ :
    Bullet point 8 - If the actual mileage of the vehicle exceeds the contracted mileage under the Finance Agreement on a pro rata basis at the time of loss by more than 10% then we reserve the right to reduce the claim proportionately by applying an excess mileage charge in line with CAP book.

POLICY DURATION:

This insurance cover will commence from the insurance start date and would last until:

  • 48 months from the start date;
  • Your Agreement ends

Whichever happens first.

CANCELLATION RIGHTS:

You may cancel this cover within the 14-day cooling off period and receive a full refund of premium less an administration charge. After this period no refund of premium will be payable.

HOW TO CLAIM:

If you wish to make a claim you can obtain a claim form by calling 01653 604300.

HOW TO MAKE A COMPLAINT:

If you have any cause to complain, or you feel that we have not kept our promise, please follow the procedures below.

If you are not happy with the way the matter is dealt with, please write to our Customer Services Department, Alexander Lauren Associates Limited, Units 1&2, The Maltings, Castlegate, Malton, YO17 7DP. When you do this quote your certificate number, which is on your schedule.
After this action, if you are still not satisfied with the way a complaint has been dealt with, you may ask the Claims Manager at Haven Insurance Company Ltd to review your case (This would not affect Your rights to take legal action if necessary).
The address is: Head of Claims, 3rd Floor, Heath House, 133 High Street, Tonbridge, Kent TN9 1DH.
If you still remain dissatisfied after following the above procedures in full, you can ask the Financial Ombudsman Service to review your case. Further details will be provided at the appropriate stage.

CUSTOMER COMPENSATION:

Haven Insurance Company Ltd is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme, if they cannot meet their obligations. This depends on the type of business and the circumstances of the claim. You can get more information about compensation scheme arrangements from the FSCS.