Friday, 28 August 2015

BMW launches upgraded shortfall cover

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 shouldtheir car be written off, up to 100% of the invoice price, with no need toselect the traditional £10,000 or £20,000 worth of cover.

Developed by Allianz Global Assistance, BMW’s Shortfallproduct and sales system ensures retailers are not selling Shortfall Insurancebefore the new FCA regulations allow them to. Quotations include the newlyprescribed information retailers must give potential customers, and automaticallycount the days from when a quote has been given ensuring retailers do not sellcover 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 customerscan be included in the invoice price calculation, and there is no cap onthe value of factory or retailer fitted accessories delivering added value to customers.

Adding to the flexibility of BMW’s Shortfall product, coveris now available for one year policies, in addition to the existing two, threeand four year options, and the cancellation period with a full refund ofpremium, has been increased to 30 days, with pro rata refund thereafter.

Steve Cann, general manager insurance solutions at BMWFinancial Services, said, ‘Having worked extensively with Allianz GlobalAssistance, our enhanced Shortfall Insurance product delivers a range of newcustomer benefits, whilst removing many of the standard restrictions othersuppliers still insist upon. Now BMW Retailers gain an automated system thatcounts the days until a Shortfall Insurance sale can be made, allowing them tosell our premium insurance product with confidence.’

Lee Taylor, chief sales officer from Allianz GlobalAssistance UK, commented, ‘Our co-operation with BMW Group continues tobring the very best insurance products to its retailer network, enhancing theowner experience and boosting the brand relationship. As BMW Group’s long standingsupplier, we look forward to working closely to ensure our Shortfall Insurancecontinues to meet the changing needs of the market.’