RETAIL PRICE PROTECTION GAP

INSURANCE POLICY
Understanding Your Insurance Cover We collect non-public personal information about you from the
following sources:
Please read this policy carefully together with the schedule
and make sure you understand and fully comply with all the a) your application or other forms;
terms and conditions as a failure to do so might jeopardize the b) your transactions with us, our associates, or others; and
payment of any claim which may arise and may lead to your c) consumer reporting agencies.
insurance becoming void.
We do not disclose any non-public personal information relating
Words in bold type face in this policy, other than in the to you to anyone except as is necessary in order to provide our
headings, have specific meanings attached to them as set out in products or services to you or otherwise as it is required or
section 1 of this document. permitted by law (e.g., a subpoena, fraud investigation,
Please ensure you keep this policy and the schedule in a safe regulatory reporting etc.).
place so that if you should need to you can read it again. We restrict access to non-public personal information relating to
you to our employees, our associates, our associates’
Your Insurance Cover
employees or others who need to know that information to
This policy is a contract between you and the Insurer, Acasta service your account. We maintain physical, electronic, and
European Insurance Company Limited, 5/5 Crutchett’s Ramp, procedural safeguards to protect your non-public personal
Gibraltar, GX11 1AA (registered no. 96218), which is authorised information.
and regulated by the Gibraltar Financial Services Commission and
subject to limited regulation by the Financial Conduct Authority
Consumer Insurance (Disclosure and
and Prudential Regulation Authority for the conduct of UK Representations) Act 2012
business. Details about the extent of our regulation by the You are required by the provisions of the Consumer Insurance
Financial Conduct Authority and Prudential Regulation Authority (Disclosure and Representations) Act 2012 to take reasonable
are available from Acasta European Insurance Company Limited care to:
on request. I. Supply accurate and complete answers to all the questions We
or the Administrator may ask as part of
In the event of the total loss of the insured vehicle after the
start date and before the end date we will pay a maximum Your application for cover under the policy;
benefit equal to the difference between your motor
II. To make sure that all information supplied as part of Your
insurance settlement and the invoice price of the insured
application for cover is true and correct;
vehicle, or if greater, the amount you require to pay your
early settlement amount. This payment will be inclusive of III. Tell Us of any changes to the answers You have given as
the excess deducted by your motor insurer up to a limit of soon as possible.
£250. Full cover lasts for the period shown in your schedule.
After this period cover will continue for the outstanding finance Failure to provide answers in-line with the requirement of the Act
on your vehicle until; the day you sell the vehicle, the day you may mean that Your policy is invalid and that it does not
terminate your finance agreement or after 60 months operate in the event of a claim.
whichever occurs first. There is no surrender value to this
extended period of cover.
Making a claim
Should you need to make a claim, please call us on 0114 321
We will pay the early settlement amount to the finance 9877 before accepting any offer from your motor insurer. If
company and any balance to you. you do accept an offer before contacting us any claim
Basis For This Insurance Cover settlement made to you could be changed to reflect the
market value of your insured vehicle at the time of the
All information supplied by you in connection with your total loss.
application for insurance cover including any proposal form,
application form or otherwise and supplied by or on behalf of The claims procedure is explained in section 7 of this policy.
you will be incorporated into and form the basis of this Cancelling your insurance cover
insurance cover. It shall be a condition of this insurance cover
that all such information is true so far as it is within your You may cancel your insurance cover within 30 days of
knowledge. receiving this policy and schedule by contacting the us and
you will receive a full refund of the premium paid.
In the event of a breach of any provision of this section, and
without reducing any of our rights we may: You may cancel your insurance cover at any time after 30 days
and receive a pro rata refund of the number of complete
a) in a case of a breach of condition, cancel your insurance unexpired days remaining of your insurance cover. You will not
cover with effect from the date of the breach or inception of be entitled to a pro-rata refund if a claim or an incident that
your insurance cover, whichever is the later; or may give rise to a claim has occurred.
b) reject or reduce claims connected with the breach and The administrator will deduct a fee of £35 including IPT from
continue your insurance cover on such terms as we may any refund that may be due to you to cancel your insurance
determine. cover. The cancellation procedure is explained in section 9 of
Privacy this policy.

Spectrum Insurance Services Limited

1 ACA_SPEC_RPP_WD_03
Westthorpe BIC, Killamarsh, S21 1TZ
 INSURANCE POLICY (CONT.)
Transferring your insurance cover You cannot transfer your insurance cover if a claim or an
incident that may give rise to a claim has occurred.
You are able to transfer the unexpired portion of your
insurance cover to a new vehicle if your motor insurer The administrator will charge you a fee of £35 including IPT
provides a replacement vehicle under the terms of your motor to transfer your insurance cover.
insurance settlement in the event of a total loss or you sell The process and conditions for transferring is explained in
your insured vehicle and purchase a new vehicle. section 10 of this policy.

1. DEFINITIONS
The following words will have the following meanings when they insurance following a claim for the total loss of the insured
appear in bold print in this document: vehicle;
“administrator” means the administrator, Spectrum “motor insurer” means an authorised motor insurance
Insurance Services Limited as set out in the schedule who will company that issued your policy of motor insurance to you;
provide administrative services on our behalf. Spectrum “period of insurance” means the period as shown in the
Insurance Services Limited is authorized and regulated by the schedule from the start date up to either the:
Financial Conduct Authority; FCA number 309230. This
(a) end date of cover as shown in the schedule;
information can be checked by visiting the FCA’s website.
Spectrum Insurance Services Limited is registered in England; (b) the date on which the insured vehicle is repossessed by
company number 05129413; the finance company;
“associates” means our subsidiary, parent and or associated (c) date on which the insured vehicle is sold or transferred to
companies; a new owner;
“early settlement amount” means the amount required to (d) your finance agreement is terminated, for any reason;
settle your finance agreement at the date of total loss (e) date the policy is cancelled in accordance with its terms;
excluding any amount carried over from a previous finance (f) date of claim under the policy;
agreement, any insurance premiums, additional interest
charges, discounts, incentives and cashbacks, arrears, title (g) the date of non- payment of premium by you; or
discharge fees and any other financed amount not relating (h) the date you receive a replacement vehicle from your
specifically to your insured vehicle: motor insurer and have failed to advise us or the date you
“end date” means the date your insurance cover ends as sell your vehicle privately and the new owner fails to contact
noted on your schedule and reverts to finance cover only; us.
“data controller” The Insurer, who determines the purposes This insurance cover is non-renewable;
and means of processing Your personal data. “policy” means this document, together with the schedule;
“premium” means the amount that you have agreed to pay us
“finance agreement” means an agreement between you and in respect of your insurance cover in accordance with the terms
the finance company for the purchase of your insured of this policy;
vehicle;
“schedule” means the document titled schedule that includes
“finance company” means an authorised finance company your name and address, the vehicle covered under this
with which you have entered into your finance agreement; insurance, the premium and taxes and is incorporated in your
“invoice price” means the price paid for the insured vehicle policy and accepted by us;
including factory fitted options and dealer fitted options up to “secondary schedule” means a second agreement between
£1,500 but excluding any delivery charges, insurance you and your finance company arranged by the supplying
premiums, new vehicle registration fees, road tax, number dealer and noted on the first agreement and not related to the
plates, cherished number plate transfers, warranty costs, fuel, insured vehicle;
paintwork protection applications, other extras and any amount
relating to finance for any other vehicle which may be included “start date” means the date this insurance cover commences
in the invoice price; as shown on the schedule;

“insured vehicle” means only the vehicle as identified in the “territorial limits” means the area in which this insurance
schedule, but not exceeding 8 years of age, for use on the cover is effective being UK Mainland and Northern Ireland. The
public highway and designed to carry no more than eight people insured vehicle is also covered in the European Union,
including the driver or small commercial vehicle of less than Croatia, Iceland, Norway, Switzerland, Liechtenstein and
3,500kg gross weight; Andorra for a maximum of 30 days in any 12 months of cover,
providing the cover provided by your motor insurer is an
“market value” means the retail value shown in the Glass’s equivalent level of cover as you would have enjoyed in the UK;
Guide publication for a vehicle of similar make, model, age,
mileage and condition; “total loss” means the total loss of the insured vehicle as a
result of fire, theft, accident damage, natural disaster or
“maximum benefit” means the claim limit shown on the adverse weather conditions rendering the insured vehicle
schedule; beyond economic repair resulting in a motor insurance
“motor insurance” means a policy providing comprehensive settlement;
motor insurance in respect of your insured vehicle issued “we, us, our” means Acasta European Insurance Company
by your motor insurer and maintained in your name Limited, 5/5 Crutchett’s Ramp, Gibraltar, GX11 1AA (registered
throughout the period of insurance; no. 96218);
“motor insurance settlement” means the money that you “you, your, insured” means either a:
receive from your motor insurer under your motor

Spectrum Insurance Services Limited

2 ACA_SPEC_RPP_WD_03
Westthorpe BIC, Killamarsh, S21 1TZ
 1. DEFINITIONS (CONT.)
(a) private individual or a sole trader whose name appears as schedule; or
the insured on the schedule; (c) limited company or other legal entity whose name appears
(b) partnership whose name appears as the insured on the as the insured on the schedule.

2. ELIGIBILITY
2.1 You are eligible for this insurance cover if at the date of 2.2 You are eligible for this insurance cover if you are
commencement of the period of insurance: partnership, limited company or other legal entity if:
(a) you are resident in England, Scotland, Northern Ireland or (a) you are permanently situated, and in the case of a limited
Wales on the start date and remains so throughout the period company, registered in England, Scotland, Northern Ireland, or
of insurance; Wales on the start date;
(b) you are at least 18 years of age; (b) you have purchased the insured vehicle with monies
(c) you have purchased the insured vehicle with monies advanced under a finance agreement or with your own
advanced under a finance agreement or with your own funds ;
funds; (c) you have paid or agreed to pay the premium and agreed
(d) you have paid or agreed to pay the premium and agreed to comply with the terms and conditions of this policy;
to comply with the terms and conditions of this policy; (d) you have motor insurance in place for your insured
(e) you have motor insurance in place for your insured vehicle; and
vehicle; and (e) your vehicle is not an excluded vehicle, details on which
(f) your vehicle is not an excluded vehicle, details on which vehicles are excluded can be found in section 5.
vehicles are excluded can be found in section 5.

3. WHAT YOU ARE COVERED FOR

In the event of the total loss of the insured vehicle after the company and any balance to you.
start date and before the we will pay a maximum benefit Full cover lasts for the period shown in your schedule. After
equal to the difference between your motor insurance this period cover will continue for the outstanding finance on
settlement and the invoice price of the insured vehicle, or your vehicle until; the day you sell the vehicle, the day you
if greater, the amount you require to pay your early terminate your finance agreement or after 60 months
settlement amount. This payment will be inclusive of the whichever occurs first. There is no surrender value to this
excess deducted by your motor insurer up to a limit of £250. extended period of cover.
We will pay the early settlement amount to the finance
4. WHAT YOU ARE NOT COVERED FOR
4.1 You are not covered for the following: outside the territorial limits where the insured vehicle has
(a) the salvage value of your insured vehicle where you are been driven for more than 30 days in any 12 months of cover;
not required to transfer ownership of the insured vehicle to (d) results from civil commotion, terrorism, riot or insurrection,
your motor insurer; war or any act incidental to war (whether declared or not);
(b) the amount your motor insurance settlement is (f) is covered by any other insurance;
reduced because of your contributory negligence or due to the (g) if the insured vehicle is owned by a garage, vehicle trader
condition of the insured vehicle; or any other associated vehicle trade company;
(c) the premium or a part of the premium that has not been (h) is caused by or arises from an intentional act or your wilful
paid to us; neglect;
(d) the VAT content of any claim if you are VAT registered; (i) directly or indirectly caused by or contributed to or arising
(e) the loss of use of your insured vehicle or any indirect from ionizing radiation contamination by radioactivity from any
losses that arise as a direct consequence of the total loss; or nuclear fuel or from any nuclear waste from the combustion of
(f) delivery charges, insurance premiums, new vehicle nuclear fuel or the radioactive toxic explosive or other
registration fees, road tax, number plates, cherished number hazardous properties of any explosive nuclear assembly or
plate transfers, warranty costs, fuel, paintwork protection nuclear component thereof;
applications, other extras and any amount relating to finance (j) for any insured vehicle not mentioned in Glass’s Guide;
for any other vehicle which may be included in the invoice (k) arising from war, invasion, acts of foreign enemies,
price. hostilities (whether war be declared or not), civil war, rebellion,
4.2 You are not covered if the total loss: terrorism, revolution, insurrection, military or usurped power or
(a) is caused when the insured vehicle is driven with your confiscation or nationalisation or requisition or destruction of or
general consent by someone who does not hold a valid driving damage to property by or under the order of any government
licence or is in breach of the conditions of that driving licence; or public or local authority.
(b) results from you or any other person with your general 4.3 The benefit will not be paid if:
consent driving the insured vehicle when intoxicated or under (a) you do not have motor insurance in place from the start
the influence of alcohol or drugs not prescribed by a medical date until the date of total loss;
practitioner or drugs prescribed by a medical practitioner where (b) your motor insurance claim is declined and you have not
advice against driving has been given; received a motor insurance settlement.
(c) results from an accident, theft, act of vandalism or flood

Spectrum Insurance Services Limited

3 ACA_SPEC_RPP_WD_03
Westthorpe BIC, Killamarsh, S21 1TZ
 5. EXCLUDED VEHICLES
5.1 The following vehicles are excluded: 5.2 The following uses of vehicles are excluded:
(a) scooters, motorcycles, touring caravans, mobile homes, non- (a) emergency, military, courier, delivery, invalid carrier or
UK specification vehicles or those not built for principal sale in driving instruction;
the UK, grey imports, kit cars and replica cars; (b) hire or reward of whatsoever nature, or use as a taxi; or
(b) buses, coaches, commercial vehicles of more than 3500 kg, (c) road racing, rallying, pace-making, speed testing or any other
trucks, heavy goods vehicles or any vehicles not listed in the competitive event;
Glass’s Guide publication;
(d) those stolen by any person having access to the keys of the
(c) those modified other than in accordance with the insured vehicle.
manufacturer’s specifications; or

6. INVALID COVER
If we pay any benefit as a direct or indirect result of your may void this insurance cover in its entirety from the date of
fraud, recklessness or negligence then all payments shall be loss or alleged loss if:
forfeited and we reserve the right to demand that any sum paid (a) a claim made by you or anyone acting on your behalf to
by us is repaid by you and/or take the appropriate legal action obtain any benefit is fraudulent or intentionally exaggerated; or
against you.
(b) you or anyone acting on your behalf makes a false
Your insurance cover may be voidable if you or anyone acting declaration or statement in support of a claim under this
for you fails to disclose or misrepresents any material fact. We insurance cover.

7. CLAIMS PROCEDURE

If you wish to make a claim under this insurance cover please (a) a copy of your motor insurance schedule; and
contact the administrator on 01143 219 877. All claims must (b) your motor insurer’s written confirmation that the motor
be notified as soon as is reasonably possible and in any event insurance settlement has been paid following your claim for
within 30 days of any total loss. The administrator will send total loss and the terms on which the motor insurance
you a claim form for you to complete and return. settlement was made; and
You must take all reasonable steps to safeguard the insured (c) your original invoice relating to the insured vehicle; and
vehicle in the event of any damage occurring to it.
(d) a copy of your finance agreement, written confirmation
In the case of malicious damage and theft you must report the from your finance company of the early settlement amount
incident to the police within 24 hours and advise the and the terms on which it has been calculated; and
administrator of the crime reference number.
(e) a valid crime reference in the case of malicious damage or
Do not accept a settlement offer from your motor insurer theft.
without first contacting the administrator.
The administrator may request you to provide additional
If you accept a settlement figure from your motor insurer information which may be reasonably required by them to
which is less than the market value of your insured vehicle assess the validity of your claim for benefit. If the
we will instruct the administrator to calculate the benefit administrator does not receive such proof we will instruct the
using the market value of the insured vehicle according to administrator not to pay the benefit.
the retail value shown in the Glass’s Guide publication.
The administrator will be unable to process your claim if you
do not provide:

8. GENERAL TERMS & CONDITIONS

This policy and the schedule together with any written we shall be or may become entitled or subrogated under this
statement or other information made or supplied by you policy.
relating to your insurance cover shall constitute the entire It is a condition precedent to our liability that you have
contract between us. The provisions of the contract are, where complied with the terms and conditions of this policy.
their nature permits, conditions precedent to our liability. A
If at the time of the total loss you have other insurance
word or expression to which a specific meaning has been
covering such loss we will not be liable for more than our
attached will keep the same meaning wherever it appears unless
rateable proportion.
specifically stated otherwise. A particular word or phrase which
is not defined will have its ordinary meaning. A person who is not a party to this insurance cover has no right
under the Contracts (Rights of Third Parties) Act 1999 to
Your insurance cover has no cash or surrender value.
enforce any term of this policy but this does not affect any
Your insurance cover shall be governed by and construed in right or remedy of a third party which exists or is available apart
accordance with the Law of England and Wales. from that Act.
We may at our own expense take such proceedings in your If any dispute between you and us arises from this policy, you
name as we may think fit to enforce any rights and remedies can make a complaint to us as described in section 11 of this
against or obtain relief or indemnity from other parties to which policy and we will try to resolve the matter.

Spectrum Insurance Services Limited

4 ACA_SPEC_RPP_WD_03
Westthorpe BIC, Killamarsh, S21 1TZ
 8. GENERAL TERMS & CONDITIONS (CONT.)
If we are unable to satisfy your concerns you can ask the be deemed to be a waiver of such right, nor will it bar the
Financial Ombudsman Service to arbitrate over the complaint. exercise or enforcement of, such rights at any subsequent time.
This insurance is between and binding upon the Insurer and Unless expressly stated in this insurance, nothing in this
you and their/your respective successors in title, but this insurance will create any rights in favour of any person pursuant
insurance may not otherwise be assigned by you without the to the Contracts (Rights of Third Parties) Act 1999. This
insurer’s prior written consent. Condition does not affect any right or remedy, of any person,
If the insurer or you fail to exercise or enforce any rights which exists or is available otherwise than pursuant to that Act.
conferred on them by this insurance, the failure to do so will not

9. CANCELLATIONS & REFUNDS

You have the right to cancel this insurance without liability for a. given us false or incomplete information
the premium within 30 days of the date upon which you receive
b. agreed to help anyone try to take money from Us dishonestly,
the certificate of insurance provided you have not made a claim.
or
Notice of cancellation must be received by us within 30 days. If
notice of cancellation is not given within the 30 day period then c. failed to meet the terms and conditions of this insurance or
you will be responsible for payment of the premium. If you give
due notice of cancellation, cover under this insurance will cease d. failed to act honestly towards us.
from the date of delivery or posting of the notice of cancellation. We can cancel this insurance at any time by giving you at least
We may cancel this insurance if in our opinion you have at any 14 days’ written notice at your last known address.
time:
You can cancel this insurance at any time.

10. TRANSFER
You are able to transfer the unexpired portion of your meet the eligibility requirements of this insurance, the transfer
insurance cover to a new vehicle if either: will be declined and any transfer fee paid will be refunded.
(a) your motor insurer provides a replacement vehicle under All transfer requests must be made within 30 days of the date
the terms of your motor insurance in the event of a total of sale of your vehicle.
loss; or You cannot transfer your insurance cover if a claim or an
(b) If you sell your insured vehicle, You may transfer the incident that may give rise to a claim has occurred.
remaining cover to the eligible replacement vehicle, subject to If your motor insurer provides you a like for replacement
our agreement. vehicle under clause 10 (a) there will be no charge to transfer
The first transfer is free of charge, subsequent transfers will be your insurance cover to your new vehicle.
subject to a transfer fee of £35.00. If the new vehicle does not

11. COMPLAINTS PROCEDURE

We always aim to provide a first class standard of service. Division of the Financial Ombudsman Service at:
However, if you are dissatisfied you should in the first instance
The Financial Ombudsman Service
address your enquiry to the administrator quoting your
policy number. Telephone: 01143 219680. Exchange Tower
email: customerservices@spectrumcover.co.uk. London E14 9SR
The administrator will acknowledge your complaint within 5
business days of receiving it and it will do its best to resolve You can also contact the Financial Ombudsman Service on 0800
the matter within 2 weeks. 023 4567. Website: www.financial-ombudsman.org.uk
Complaints Handling process will be sent to You on request (Using this service does not affect Your right to take legal
action.)
If You are still not satisfied, You can contact the Insurance

12. DATA PROTECTION

We are the Data Controller for the data You provide to Us. obtain information about You from credit reference agencies,
We need to use Your data in order to arrange Your insurance fraud prevention agencies and others to check Your credit status
and associated products. and identity. The agencies will record Our enquiries, which may
be seen by other companies who make their own credit
You are obliged to provide information without which We will be
enquiries. If You provide false or inaccurate information and We
unable to provide a service to You. Any personal information
suspect fraud, We will record this.
provided by You may be held by the Insurer in relation to Your
insurance cover. It may be used by Our relevant staff in making We and other organisations may use these records to:
a decision concerning Your insurance and for the purpose of
a. Help make decisions on insurance proposals and insurance
servicing Your cover and administering claims.
claims, for You and members of Your household
Information may be passed to loss adjusters, solicitors,
b. Trace debtors, recover debt, prevent fraud, and manage Your
reinsurers or other service providers for these purposes. We may
insurance policies

Spectrum Insurance Services Limited

5 ACA_SPEC_RPP_WD_03
Westthorpe BIC, Killamarsh, S21 1TZ
 12. DATA PROTECTION
c. Check Your identity to prevent money laundering, unless You (subject to Our need to hold data for legal reasons). We will not
furnish Us with satisfactory proof of identity. make Your personal details available to any companies to use
for their own marketing purposes. If You wish to complain about
We process all data in the UK but where We need to disclose how We have handled Your data, You can contact Us and We
data to parties outside the European Economic Area (EEA) We will investigate the matter. If You are not satisfied with Our
will take reasonable steps to ensure the privacy of Your data. In response or believe We are processing Your data incorrectly
order to protect Our legal position, We will retain Your data for You can complain to the Information Commissioner’s Office,
a minimum of 7 years. We have a Data Protection regime in Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF Tel:
place to oversee the effective and secure processing of Your 0303 123 1113.
data. Under GDPR legislation, You can ask Us for a copy of the
data We hold, have it corrected, sent to a third party or deleted

13. COMPENSATION SCHEME

The insurer is covered by the Financial Services Compensation to meet their obligations under this insurance, you may be
Scheme, established under the Financial Services and Markets entitled to compensation from the Compensation Scheme.
Act 2000 (the “Compensation Scheme”). If the insurer is unable

Spectrum Insurance Services Limited

6 ACA_SPEC_RPP_WD_03
Westthorpe BIC, Killamarsh, S21 1TZ