If you require Fully Comprehensive Insurance to cover the vehicles taken under your bespoke Salary Sacrifice Scheme, then we are able to introduce you to a market leader in this area. Furthermore, we have partnered with them so the premiums will form part of the salary deduction, leading to even greater savings.
Below, in addition to some FAQs, are the eligibility criteria and the terms of cover.
FAQs
Can you fix the premium for up to 48 months, regardless of accidents?
Yes.
Is the premium protected throughout the term of the lease, even if I have accidents or convictions?
Yes. The premium will remain the same, regardless of claims or convictions (unless you are banned from driving).
Can I pay the premium monthly?
Yes – our price includes paying monthly. This allows additional tax savings.
Does the policy include business use that will be acceptable to my employer?
Yes – it is included free of charge.
Can I add business use for my spouse/civil partner?
Yes – as long as their occupation is acceptable to us (98% are) then it can be added free of charge.
Can I add other drivers onto the policy?
Yes – you can have a maximum of three named drivers (including yourself). Additional drivers cost no extra, as long as they are the same age or older than you.
Does the policy recognise that I am not the owner or registered keeper?
Yes
Is the policy HMRC-approved, to enable the significant Sal Sac Tax savings?
Yes – all handled by your lease partner and LLG.
If I move address or change my mileage, then will the premium change?
No
Has the policy been designed to meet the demands and needs of a corporate sal sac scheme, including possible health and safety and duty of care risk?
Yes
Will they rate on the drivers age, postcode and car group to keep the pricing competitive and fair?
Yes
Will the main user earn a no-claims bonus?
Yes – they will get a letter written in a way that almost all retail insurers have and will accept.
Why is sal sac Insurance more expensive than normal car insurance?
Around 21% of drivers will make a claim on their salary sacrifice car insurance policy over the lifetime of their lease, compared to around 8% of people who make a claim on their car insurance policy a year.
Eligibility
– All drivers must be between 18 and 75 years of age (a maximum age of 78 at the end of contract)
– All drivers must hold a full licence from the UK, EU, EEA or one of the following countries: Andorra, Australia, Barbados, British Virgin Islands, Canada, Falkland Islands, Faroe Islands, Hong Kong, Japan, Monaco, New Zealand, Republic of Korea, Singapore, South Africa, Switzerland, USA or Zimbabwe
– All drivers must be a permanent UK resident
– No more than two category ‘A’ convictions disclosed and no more than one FAULT claim per driver disclosed in the last 3 years
– Claims or category ‘A’ convictions over three years old from the car delivery date are. acceptable. Convictions that are shown below in red, which are over five years of age from date of delivery, are also acceptable
– No drivers have a non-motoring conviction that is not spent under the Rehabilitation of Offenders Act
– No drivers are employed by the emergency services unless explicitly agreed
– No drivers are celebrities or otherwise in the public eye including professional sportspersons, actors and musicians
Category ‘A’ Convictions shown on online licence checks beginning with the following codes:
CU or LC or MW or PC or SP or TS
Please note: If you have any of the following then you DO NOT meet the eligibility criteria for the scheme
- – Any conviction which has resulted in a ban in the last five years (including any of the minor conviction codes above)
- – A conviction in the last 5 years with any of the following letters on your licence; AC – BA – CD – DD – DG – DR – IN – MS – TT – UT
Policy Excesses
– Accidental damage excess £250
– Fire, theft and malicious damage excess £250
– Replacement windscreen excess £75.00. No excess if the windscreen is repaired
– An additional excess of £300 applies to drivers aged 17 to 20 for accidental damage
– An additional excess of £200 applies to drivers aged 21 to 24 for accidental damage
What’s covered
– Premium is a true fixed price for the lifetime of your agreement
– Social, domestic, pleasure and commuting cover, including use by the policyholder in connection with their employer’s business is covered as standard. Other forms of business use for the policyholder and/or spouse/civil partner may be considered on a case by case.
basis but do not order a car without checking first. Any other drivers listed on the insurance (not partner/spouse) will only be covered for social, domestic and pleasure use.
- For full details of policy cover please see your policy wording / product summary documents
- Please note there is no cover under this policy in respect of section 14: Motor Legal Expenses
- A courtesy car will be provided by one of our approved repairers, should one be available.
Terms of Business Salary Sacrifice Insurance
Lloyd Latchford Group Limited, Cornwall House, Station Approach, Princes Risborough, HP27 9DN (Telephone (01844) 275555) is authorised and regulated by the Financial Conduct Authority (FCA). Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts. We are also permitted to act as a Credit Broker in respect of premium finance arrangement. You can check these details on the Financial Services Register by visiting the FCA’s website http://www.fca.org.uk or by contacting the FCA on 0800 111 6768. Our Financial Services Register number is 496330.
Service
We act as an intermediary in administering the insurance element of your employer’s salary sacrifice vehicle scheme on behalf of the insurer. We cannot provide any advice on the suitability of the product for your insurance needs, but we will provide you with enough information for you to decide whether the product is suitable for you. We can offer cover only from the insurer providing cover for the scheme. We do not guarantee the solvency of any insurer with whom we place business.
Providing information to your insurers
Your insurance is based upon the information provided to the insurance company. This means that you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.
By asking us to proceed with this policy you are taking responsibility for the information provided to us and confirming that the information about you, and one the case of motor insurance, any other drivers on your motor policy, is correct. You are also giving us consent to check the Claims Underwriting Exchange, also known as CUE, and the DVLA, to verify claims and conviction history for you and any drivers on your policy. If the information given by you does not match that held on these databases an additional premium may be payable. If an additional premium is not paid and you choose to cancel instead, a minimum time on risk charge of £65.00 will be charged to cover policy set up administration costs. This charge will apply even if the policy has not yet commenced. yet commenced.
How to cancel
You may have a statutory right to cancel your policy within a short period. Please refer to your policy summary, policy document or renewal notice for further details.
Fees and charges
We are remunerated through commission payments (a percentage of your premium) from insurers. We will charge £25 should you need to add ‘Business Use’ for the vehicle by your spouse.
Complaints
It is our intention to provide a high level of service at all times. However, if you have reason to make a complaint about our service you should contact the Managing Director at the above address. If we are unable to resolve your complaint satisfactorily, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS). Further information is available by calling the FOS on 0800 023 4567 or at http://www.financial-ombudsman.org.uk
How to claim
Please call us on 01844 275555 if you need to make a claim, and we will advise you of the appropriate course of action.
Protecting your Personal Data (data)
We are the Data Controller for the data you provide to us. We need to use your data in order to arrange your insurance and associated products and for marketing purposes (please let us know if you would prefer not to receive marketing information from us). You are obliged to provide information without which we will be unable to provide a service to you. We may pass your data to other organisations, such as insurers, auditors, external consultants, credit providers, banks, financial transaction processors, crime and fraud prevention agencies and databases and regulators. We process all data in the UK but where we need to disclose data to parties outside the European Economic Area (EEA) we will take reasonable steps to ensure the privacy of your data. In order to protect our legal position, we will retain your data for a minimum of 7 years. We have a Data Protection regime in place to oversee the effective and secure processing of your data. You can request copies of the data we hold, have it corrected, sent to a third party or deleted (subject to our need to hold data for legal reasons). If you wish to complain about how we have handled your data, you can contact us and we will investigate the matter. If you are not satisfied with our response or believe we are processing your data incorrectly you can complain to the Information Commissioner’s Office Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF Tel: 0303 123 1113
Fraud and other checks
Both we, and Insurers, may complete fraud and other checks on publicly available databases. We will take your reading of these Terms of Business and your instructions to arrange cover to indicate that you understand and have given your consent for us to operate in this way.
Credit references
In providing a quotation or cover for you, a credit check may be completed on you. The fact that such a credit check has been completed will appear on your credit report whether or not your application proceeds.
Protecting your money
Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer (in which case your insurance is treated as being paid for), or we hold it in a client bank account on trust for you. We operate a ‘Non Statutory’ Trust Account for client money. This means that we may use funds held for you to pay premiums on behalf of customers who have not yet paid us or to provide returns of premium to customers when we have not received the return premium from the insurer. We may need to transfer your money to another intermediary in some cases in order to complete the arrangement of cover for you. However, your money will be protected at all times because of our requirements under the FCA rules. We also reserve the right to retain interest earned on this account. We will take your reading of these Terms of Business and your instructions to arrange cover to indicate that you understand and have given your consent for us to operate in this way.
Premium payment
We will agree the method of payment with you before we arrange cover.
Compensation arrangements
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or at http://www.fscs.org.uk/
Governing Law and Jurisdiction
The laws of the United Kingdom will apply to this contract. If there is any disagreement about which law applies, English law will apply.