What can Shortfall Insurance do for your Isuzu?
At Shortfall.co.uk, we strongly believe that the concept of Gap Insurance is easy to understand, however, only when it is presented in a simple, easy to read manner.
The idea its self is very easy. If your Isuzu is written off it protects you the only way insurance can financially.
That said no matter how fantastic our policies are and we genuinely believe that we offer some of the best if not the best levels of cover in the UK today our policies can not stop your Isuzu from being stolen and it certainly can not stop you from being involved in an accident. it can, however, make sure that if your Isuzu is written off that at least the financial aspects are one less thing to worry about.
In these examples, we will use Molly and her Isuzu D-Max, which she paid £15,000.
At Shortfall.co.uk, we give customers access to a range of policies for as low as £39.99 inclusive of insurance premium tax. They are genuine, tried and tested and most importantly, all are protected by the financial services compensation scheme.
We are also proud to announce that a number of our policies, including our three most popular policies as illustrated on this page, Return to Invoice, Vehicle Replacement and Contract Hire/Finance Gap, are all subject to a range of awards for both cost and quality.
Before you read the example of Molly, please consider the following:
In the UK each year, it is estimated that 600,000 vehicles are written off.
The average vehicle can depreciate by up to 50% in the first three years, including your Isuzu.
Your comprehensive insurer will only pay you the market value of your Isuzu at the time it was written off.
Vehicle Replacement Shortfall Insurance is designed to pay you the difference between the market value of your Isuzu at the time it was written off the amount you need to purchase another Isuzu the same age, mileage and condition as yours originally was when you first drove it out of the show room. if that model is no longer available then settlement is based on the cost of the superseding model.
Please remember that just as your Isuzu is losing value from the moment that you drive it out of the showroom the cost of buying another the same as yours originally was is in fact increasing. Technological advances, model upgrades, labour rates even raw materials all means that even if nothing happened to your Isuzu and you simply wanted to change it in say three, four or five years time you would expect to pay more than you did for your old model.
This means that simply protecting the invoice price you have paid for your Isuzu is no longer a guarantee to be able to buy another, at least not without using your savings or taking on extra financial commitments.
Molly purchases a Isuzu D-Max for £15,000. Three years later, she awakes to find that her Isuzu is no longer on her drive way and is later informed by the police that it has been found stolen and burnt out. Molly receives £7,500 from her comprehensive insurer, given that this was the market value of her Isuzu at the time it was written off
Molly is later informed by her local Isuzu dealership that her D-Max model has increased by £2,500 to £17,500 because of an upgraded version. Better fuel economy and more specification but also a higher price. Without any form of protection Molly now only has the £7,500 to clear any finance or to replace her Isuzu.
Vehicle Replacement will the difference between Molly's insurance companies settlement and the amount that she needs to buy another Isuzu the same as hers was on the day that she bought it. In this case Molly would receive a second payment for £10,000 so now has the full replacement cost back.
How can Return to Invoice Shortfall Gap Insurance protect your Isuzu?
Return to Invoice Shortfall Insurance will pay you the difference between the market value of your Isuzu at the time it was written off or stolen and the invoice price you originally paid for your Isuzu.
If in the unfortunate case your Isuzu is written off or stolen, your comprehensive insurer will only ever pay you the market value of your Isuzu at the time it was written off. This can be significantly less than what you had originally paid for your Isuzu given that industry experts claim that the average vehicle will lose up to 50% of its value within the first three years.
Return to Invoice Gap Insurance in theory draws a ring around the invoice price you paid as this is the price that you are protecting and should your Isuzu be written off then this is the price that between your two insurance companies you will be returned to.
Molly purchases a Isuzu D-Max for £15,000. Three years later, she awakes to find that her Isuzu is no longer on her drive way. Molly is later informed by the police that her Isuzu has been found stolen and burnt out. Molly receives £7,500 from her comprehensive insurer, given that this was the market value of her Isuzu at the time it was written off.
Without any form of gap insurance or shortfall cover, Molly will have no option to use her savings or commit to extra financial commitments in order to pay off any outstanding finance or to simply purchase another Isuzu.
Return to Invoice Shortfall Insurance will pay the difference between Molly's insurance companies settlement and the original invoice price she paid. She will now have the full purchase price back.
What can Finance and Contract Hire Shortfall Gap Insurance do for your Isuzu?
Finance and Contract Hire Gap Insurance is designed to make sure that should the unthinkable happen and your Isuzu be written off that you can walk away without further financial liabilities and not be left paying for a vehicle you no-longer have.
Too many drivers assume that they will be fully covered by their comprehensive insurer, however, in most cases, this settlement payment will not clear all of the outstanding balance. please remember that your own insurance company are only ever legally bound to pay you the value of your Isuzu on the day it is written off , with the average vehicle expected to lose up to 50% within a three year period this can and often is thousands of pounds less than you originally paid and in many cases less than you still have outstanding on finance.
As a result you may have no option but to use your savings or even take out a bank loan to pay off this remaining balance.
Finance and Contract Hire Shortfall Insurance is designed to pay the difference between your vehicles valuation on the day it is written off and the amount that you still have outstanding on finance. Yes you still have no Isuzu to use and yes you will still have to find another deposit but thankfully now you are not left paying for a vehicle you can not use.
To help you understand finance gap insurance and how it works please see our examples.
Molly takes out a four year finance agreement which involves set monthly payments of £400. Two years later, she is involved in a motoring accident. Thankfully Molly is unhurt but her Isuzu is written off. Molly has already paid two years of the agreement, which totals £7,200 (24 months x £400).
Molly receives £5,000 from her comprehensive insurer, however, this is not enough to clear her outstanding finance and without any form of cover molly is legally bound to pay any difference between her insurance companies settlement and her outstanding finance. This means that Molly is legally bound to pay this £2,200.
Finance and Contract Hire will pay the difference between Molly's insurance companies settlement and the amount that she still has outstanding on finance, meaning that she can walk away with no further liability.
The company Isuzu was originally formed in 1916, when formerly a Shipbuilding and Engineering company,Tokyo Ishikawajima, decided to manufacture and sell Cars. The first production car, had the most simplest of names and maybe seen soon on the market as the German manufacturer Audi current have a range under the A title.
It was named the A-9 and was first manufactured in the early years of the century, 1922. The all new CP truck came just two years later and was mass produced to the volume of 550 and was not only a pioneer for the company but a signal on where the company would go in years to come.
The name Isuzu is believed to have come from the Isuzu River close to many hearts of the top of the firm at the time. The name Isuzu was first introduced in 1934 after the products marketed as Sumiya and Chiyoda were not doing as well as they thought, they were renamed Isuzu.
Due to the success of the renamed models and the River being close to the heart of the company they decided that the best idea for the firm was to change the company name. In 1949 the name was change and the company itself was somewhat inspired to go on and succeed in the challenging market that is the automotive world. Isuzu as a car manufacturer remained a small company until the collaboration of the highly successful Subaru, formerly known as Fuji Heavy Industries.
However, by 1968 the collaboration turned sour and the growing company of Isuzu decided to collaborate with the most fearsome of Subaru rivals Mitsubishi. The deal ended a little over 12 months later. The next company Isuzu targeted to assist in the growth of the company was Nissan, who impressively lasted exactly 12 months.
Then the break did come for the aspirational company, as they sealed a more durable and long lasting agreement with the growing company that was General Motors. The formal agreement led to a 34% takeover in the firm back in 1972. Just a few months later, General Motors commissioned the first American car to be built by Isuzu in the Chevrolet LUV.
Shortly after, Isuzu built the brand we know today and now with the release of the new Logo and the change in design of the vehicles to help build an association and a certain sense of brand loyalty. The United States remains the biggest market for Isuzu today, as they became a specialised SUV producer specifically for the US market and consumers. The future remains bright for the Isuzu brand.