Keychoice unveils GAP products with DAS and Mapfre

Keychoice has given its broker members access to guaranteed asset protection (GAP) products by teaming up with DAS Legal Expenses Insurance Company and Mapfre Assistance.

In a statement, Keychoice said it wanted to help its brokers by giving them access to a product that has traditionally been sold mainly by motor dealers.

Keychoice GAP protection insurance product gives two levels of cover in the event of a total loss claim and is available for most new or used cars and vans. 

Return to invoice GAP provides cover for the difference between the original invoice price and current market value of the vehicle, while finance GAP covers the difference between any outstanding finance agreement and the current market value of the vehicle. 

The GAP policies will be underwritten by Mapfre and administered by DAS. The two products can be accessed through an online quotation system that also produces all of the point of sale documents needed.

Keychoice commercial director Derek Findlayson said: “Everything we do is aimed at improving life for our brokers and we believe this new product will help them drive revenues and improve retention levels.”

DAS group sales manager Andy Westall said: “With cars losing value as soon as they leave the forecourt and around 500,000 cars being written off every year there is a growing interest in this product. With the online system allowing Keychoice brokers to produce quotes instantly, incept cover and produce policy documentation in minutes, they have a great sales opportunity, either at new business or when they receive a change of vehicle request.” 

Mapfre Assistance head of sales Charles Coburn said: “Many people are surprised by just how much their vehicle has depreciated in value when their insurer pays out after a total loss. With the economic outlook remaining uncertain and household incomes under pressure, people simply cannot afford to make up this shortfall when it comes to replacing a vehicle and more are looking to the insurance market to provide the protection they need.”