GAP from Audi? - might wanna read..

[Pook]

So, rang up Premia Solutions to cancel my GAP insurance as I had sold my A3, only to be told..... that the company that underwrites their GAP policy had gone bankrupt! Some danish company apparently. Well it was nice of them to tell me! I was assured however not to worry, and that my pro-rata refund would still be sorted out once they have finalised a new underwriter, as my policy (including any potential claim) is protected by some Dutch financial backup thing. Well now I feel so much better, NOT! I took this policy out through Audi in 2016, so anyone out there who did similar may want to have a conversation with Premia..... shocking really that Audi charge such a premium for their GAP partners products and they’re underwritten by someone who I now wouldn’t trust with my 10 month old boys piggy bank, nevermind a car insurance policy.

 

[Tom.H]

Bet it would have been a lot cheaper to have gone direct to them as well, Audi's markup must be huge.

 

[Pook]

Bet it would have been a lot cheaper to have gone direct to them as well, Audi's markup must be huge.

Absolutely, won’t be making the same mistake this time around....

 

[TYb]

If they have gone bust you won’t be getting a refund. I can’t see how a new underwriter would underpin another’s failure.

 

[Pook]

If they have gone bust you won’t be getting a refund. I can’t see how a new underwriter would underpin another’s failure.

Because the policy is not bought direct from the underwriter. It is organised by Premia Solutions (does the GAP, tyre, dent policy’s for VW and Audi). The tyre policies for example are underwritten by someone else even though you still buy the product through the same company (Premia). And like I say not only that, it is protected by some Dutch financial fund, and possibly also a British one too (because the policy was bought in the U.K.). There’s so much protection with these things now. Which is the reason Premia have not contacted everyone who has a policy advising them that their insurance is void. It’s still very lousy though, and I won’t be using them again.

 

[TYb]

Because the policy is not bought direct from the underwriter. It is organised by Premia Solutions (does the GAP, tyre, dent policy’s for VW and Audi). The tyre policies for example are underwritten by someone else even though you still buy the product through the same company (Premia). And like I say not only that, it is protected by some Dutch financial fund, and possibly also a British one too (because the policy was bought in the U.K.). There’s so much protection with these things now. Which is the reason Premia have not contacted everyone who has a policy advising them that their insurance is void. It’s still very lousy though, and I won’t be using them again.

Ok so it’s reinsurerd. I’d still be surprised if you get a refund as reinsurance would be unlikely to cover a refund, I could be wrong though.

 

[Pook]

Ok so it’s reinsurerd. I’d still be surprised if you get a refund as reinsurance would be unlikely to cover a refund, I could be wrong though.

Well I’ll find out in the next few weeks, will see what happens.

 

[TYb]

Well I’ll find out in the next few weeks, will see what happens.

Definitely, I hope you get a refund either way.

 

[DaytonaS3]

My wife bought a Seat with one year free insurance, and they used the same company for that. We got a letter saying they’d gone bust but not to worry theyve moved it to Aviva, but technically there was a day with no motor cover which would have been interesting.
I’m not convinced the new insurer will be providing refunds for you, and doubt the UK FSCS operates for insurers based abroad - you might be at the mercy of Danish equivalent and/or Audi making a payment.

 

[KieranJ22]

Thanks for reminding me to cancel mine! Nice £137 refund . Mine was with globalim (purchased June 2016 through Sytner Audi) and still seems to be up and running.