Santander Consumer Finance has renewed its deal to sell GAP products from The Warranty Group through its UK dealer and manufacturer partners.
As part of the arrangement, the standard GAP product provided has been overhauled to cater for the growing popularity of PCPs on used cars.
There are no restrictions over vehicle age and mileage, the minimum claims settlement is to the invoice price of the vehicle, cover extends to a maximum value of £100,000, the duration of cover runs from 25-60 months and a new policy is provided in cases where their vehicle is replaced. It also meets PCP terms in full including the final settlement figure.
The pricing structure of the product has also been revised with the aim of increasing the volume of sales and better meeting customer needs.
Andy Green, director of marketing and innovation at Santander Consumer Finance, said the company had wanted a product that worked well with used car PCPs.
“Certainly, when we first started working with TWG, PCP was a smaller part of our business but it has grown substantially, and GAP has become ever more relevant as a result.”
Rich Green, CEO of The Warranty Group in the UK and Europe, added: “We are very pleased to be renewing this deal with Santander Consumer Finance and also proud of the new GAP product that we have developed alongside them.
“We believe that it is a market leading offering that provides excellent value for car buyers looking for a high level of protection against unforeseen circumstances, while also helping dealers build a very strong proposition.”