MOTOR GAP INSURANCE RETURN TO INVOICE

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1 MOTOR GAP INSURANCE RETURN TO INVOICE KEY FACTS A vehicle usually loses value over time. If your vehicle is written off because of a total loss or a theft, your comprehensive motor insurance might indemnify you based on the actual value of the car and apply a deductible. Let us take the following example: You buy a new car for 30,000 EUR in January 2017 You cover it with a full comprehensive motor insurance (Full-Casco) You have a Total Loss in December 2020, still covered by your full-casco insurance Your motor insurer might not pay you back the original purchase price, but might calculate the indemnity by applying a monthly depreciation rate on the original purchase price, for example -1.5% per month. Qover GAP insurance could protect you against this potential financial shortfall. Illustrative example assuming a total loss after 36 months and a casco pay-out based on a monthly depreciation rate of 1.5% from the 1st month applied on the purchase price of the car and with a fixed deductible of 1,000. Benefits In case of a total loss, Qover pay you up to the claim limit you set, the difference between the initial invoice price of your vehicle and your comprehensive motor insurance settlement. The claim limit is always rounded to a multiple of 2,500 EUR above the potential financial shortfall. For example, in the above example, if you had chosen a Qover GAP with claim limit above 15,000 EUR, we would have paid you back the financial shortfall up to a maximum of 15,000 EUR. If in the above example, if you had chosen a Qover GAP with claim limit of 10,000 EUR, we would have paid you back the financial shortfall up to a maximum of 10,000 EUR. Important information 1. The car must be bought in the last 6 months before the purchase date of the GAP insurance 2. You must have a full-comprehensive motor insurance during the entire lifetime of your Qover GAP Insurance contract 3. Some motor insurers already offer a kind of value at new coverage for a certain duration (mainly 6, 12, 18, 24 or 36 months). You might therefore consider deferring the start date of the Qover GAP insurance. 4. It is your responsibility to choose the right claim limit, the coverage duration and the start date of the contract 5. Do not accept a settlement offer from your motor insurer without first contacting us 6. You must carefully read the General Policy Conditions 1

2 About the claim limit Claim limit = Maximum amount insured determined by you when purchasing the insurance contract The claim limit can be between 5,000 EUR including VAT and 50,000 EUR including VAT and is always a multiple of 2,500 EUR. Deductible VAT elements are not covered. Important note: You must not accept the settlement by your comprehensive motor insurer before you get our approval In order to receive the Total Loss indemnity, you will need to provide all required documents The Recoverable Tax (VAT) is not Insured. Any VAT recoverable element will not be paid. Coverage INDEMNITY LIMITATION The indemnity will never exceed the claim limit (never more than 50,000 incl. VAT) which includes payment of any excess you have chosen from your comprehensive motor insurance up to 2,500. Please note the benefit amount will be reduced to take into account any deductions from your motor insurance relating to: The salvage value of the insured vehicle where there is no requirement to transfer ownership of the insured vehicle to the motor insurer; Any premium owed to the motor insurer; a breach of the obligations on you as expressed in your insurance contract (such as the obligation to seek our consent or approval before doing certain actions and the obligation to inform us of certain events) and for which there is a causal relation with the occurrence of the total loss, as set per Article 65 and/or Article 76 of insurance law; Any damage to, or the poor general condition of, the insured vehicle, immediately prior to the date of total loss. Important: You should contact us before accepting any settlement offer from your motor insurer. If you accept a settlement offer from your motor insurer prior to or without our consent, as set under Article 76 of Insurance law, and it results in a prejudice to us, we will deduct the amount of such prejudice from the claim payment to be made by us to you. Example: If your comprehensive motor insurer should pay you the market value of your vehicle and the chosen value (applied without our consent) happens to be underestimated in comparison with the actual market conditions, we would suffer a prejudice therefrom, in which case we might consider the market value of your vehicle based on the EuroTaxGuide instead. ARE NOT COVERED, INCLUDING BUT NOT EXCLUSIVELY: You are not covered for the following: The salvage value of your insured vehicle where you have not transferred ownership of the insured vehicle to your Motor Insurer; or Any damage to, or the poor general condition of, the insured vehicle, immediately prior to the date of total loss; Accidents not covered under the mandatory automobile third-party liability insurance contract or related to losses resulting in or that could result in a partial or total appeal under this same kind of contract; or The VAT content of any claim if You are VAT registered; or The loss of use of your insured vehicle or any indirect losses that arise as a direct consequence of the total loss; or 2

3 When the driver does not hold a license, a valid liability insurance certificate, or when he or she is unable to drive the vehicle according to Belgian law; or When, at the time of the loss, the driver is in an intoxicated state of more than 1.50 g/l of blood (1.5 per thousand) or 0.65 mg/l of expired air, or under the influence of drugs not prescribed by a registered medical practitioner or drugs prescribed by a registered medical practitioner in respect of which a warning against driving has been given or when the driver has refused to or withdrawn from taking a breathalyser or drug test; or Delivery charges, insurance premiums, new vehicle registration fees, road tax, number plates, cherished number plate transfers, warranty costs, fuel, other extras and any amount relating to finance for any other vehicle which may be included in the net invoice price; or Accessories or options that are not listed on your vehicle invoice or not part of the insured vehicle and/or to accessories and options that can be detached from the vehicle, like a roof bin, bike rack, removable GPS, a removable DVD player, personal effects and items transported in the vehicle (GSM, CDs, DVDs, clothing, luggage, etc.); or Claims caused by or arising from: o an intentional act or your wilful neglect; or o To parts of the vehicle due to wear and tear, manufacturing defect, improper maintenance, lack of lubricants or coolants or from any use contrary to the manufacturer s instructions; or o For paint corrosion from prolonged exposure to tree sap, liquid or excrement; or Claims directly or indirectly caused by or contributed to or arising from ionizing radiation contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel or the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof; or Claims arising from war, invasion, acts of foreign enemies, hostilities, (whether war be declared or not), civil war, rebellion, terrorism, revolution, insurrection, military or usurped power or confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any government or public or local authority; or If the insured vehicle was economically repairable and you requested and obtained cash settlement from your motor insurer rather than having the remedial repairs completed; Costs related to salvage costs, customs duties, towing expenses, removal and repatriation, temporary storage fees, registration fees, inspection fees, cutting costs, extinguishing costs, interior cleaning costs. You are not covered if the total loss: Is caused when the insured vehicle is driven with your consent by someone who does not hold a valid driving licence or is in breach of the conditions of that driving licence; or Results from you or any other person with your consent driving the insured vehicle when intoxicated or under the influence of alcohol or drugs not prescribed by a medical practitioner or drugs prescribed by a medical practitioner where advice against driving has been given; or Results from an accident, theft, act of vandalism or flood outside the territorial limits when the insured vehicle has been driven outside the territorial limits for more than 30 days in any 12 months cover; or Results from civil commotion, terrorism, riot or insurrection, war or any act incidental to war (whether declared or not); or 3

4 Occurs while rented or used for livery purposes or to carry passengers for a consideration, express or implied; or Is of an insured vehicle owned by a garage, vehicle trader or any associated vehicle trade company; Is a result of theft by any person having access to the keys of the insured vehicle resulting in you not receiving a full settlement under your motor insurance policy; or Is intentionally caused by the policyholder, the vehicle owner, any drivers of the insured vehicle or members of their family, or by the vehicles occupants or with the collusion of any of these aforementioned people; or Occurs during preparation or participation in pacemaking, racing, speed testing, reliability trials, reliability or skill contests, tourist or orientation rallies, or any other competitive event, or being used as an emergency vehicle or for hire or reward (e.g. a taxi or courier vehicle); Occurs when driving on a circuit within or off the public roadways, even if there is no competitive element present; or Relates to vehicle load or overload, to transported animals and objects and to the driver and passengers personal items. The benefit will not be paid if you do not have a comprehensive motor insurance in place from the start date until the end date. Who is eligible? DRIVERS Please name all individuals driving the insured vehicle. A designated driver will be eligible for this insurance contract if he or she: Is at least 18 years of age at the start date; and Holds a valid, current European driving licence; and Has not had three or more than three claims in fault or partially in fault over the last 5 years preceding the purchase date of the insurance policy; and Has not been refused by a motor liability insurer as a driver or a policyholder over the last 5 years preceding the purchase date of the insurance policy; and Has not had his motor liability insurance resigned by the insurer over the last 5 years preceding the purchase date of the insurance policy; and Has not had any license withdrawal over the last 5 years preceding the purchase date of the insurance policy; and Over the last 10-years preceding the purchase date of the insurance policy: o Has not had been convicted for crimes nor fraud; and o Has not had any accident in fault under the influence of alcohol or any drugs causing similar effect; and o Had not been involved on a hit & run accident; and o Has not driven a vehicle while being prohibited to drive; and Has not any disease or disabilities or handicap that might reduce his ability to drive; and Agree to comply with the terms and conditions of this policy. 4

5 THE POLICYHOLDER (AS AN INDIVIDUAL OR LEGAL ENTITY) HAS TO: To be eligible as policyholder as an individual or as a legal entity, you must: Be a resident in Belgium from the date of purchase until the end date; and Have a financial interest in the insured vehicle; and Have paid the premium and agreed to comply with the General Policy Conditions of this contract; and Be responsible that the Insured vehicle is always covered by a motor liability insurance and a full-comprehensive motor insurance during the duration of this insurance policy; and Has not had any license withdrawal over the last 5 years preceding the purchase date of the insurance policy; and Has not had (or for legal entity have directors that have not had) been convicted for crimes nor fraud over the last 10 years preceding the purchase date of the insurance policy; and The contact person for a legal entity and the policyholder as an individual must be at least 18 years of age at the time of purchase of the insurance contract; YOUR VEHICLE HAS TO: NB Been bought in the last 6 months before the purchase date of the GAP insurance Be registered in Belgium Not be older than 3 years old at the start date of the contract Not have covered more than 100,000 km at the start date of the contract Not have a net invoice price of more than 75,000 and optional extras and accessories of more than 15,000 (these extras/accessories have to be mentioned on the invoice) Be any vehicle listed in EUROTAX Guide Not be any emergency vehicle, hire and reward vehicle, truck, heavy goods vehicle, motorcycle or invalid carrier. Not be any vehicle over 3.5 tonnes Not be any vehicle modified other than in accordance with manufacturers' specifications Not be any non-authorized imported vehicle Only the designated vehicle will be covered, not any additional element (trailer or other) or any replacement vehicle. The coverage is not transferable. If you buy a new vehicle, you will need to subscribe to a new insurance contract. General information DURATION The duration of the insurance contract is equal to one-year; and it will be automatically renewed at the original end date for one more year. NB: The start date of your contract can be differed. You can therefore subscribe to the insurance policy and have it effectively start 2 years later, for example. 5

6 CANCELLATION Your rights: Once you have subscribed to a contract remotely, you have 14 days to cancel it. The 14 days period begins on the day of purchase. After the 14-day s period, we give you the right to cancel at any time without any administrative fee If a claim is paid under your GAP policy, then we will refund the non-used premium for the active contract on a pro-rata basis. Our rights: For all types of contract of no less than 30 days, we have 14 days after purchase to cancel a contract. The contract will be cancelled 8 days after notification. We can also cancel a contract starting in more than one-year since the purchase date up to 3-months before the start date. RENEWAL The duration of this insurance contract is equal to one-year; therefore, it will be automatically renewed at the original end date for one more year. You can stop this automated renewal at any time. TERRITORIAL COVERAGE All countries mentioned within motor third party liability insurance law TERMINATION The policy contract will automatically be terminated on the end date, excepted in case of tacit renewal. You can terminate your contract at any time. The cancellation will be effective at 23h59min59sec of the day of cancellation. You will be reimbursed at pro rata temporis The policy contract will automatically be terminated on the date on which you cease to have a liability motor insurance policy covering the insured vehicle, on which you cease to have a full-comprehensive motor insurance or on which the insured vehicle is sold or transferred. Please don t forget to contact us to obtain any reimbursement at pro rata. The contract will automatically be terminated on the date of a valid total loss. ADMINISTRATIVE FEE If you wish to receive a paper version of your Insurance Policy documents, you will be charged 25. For a digital version, there is no fee. The paper fee is never reimbursed. WHO IS THE INSURER? This insurance is underwritten by Lloyd s Syndicate 5820 which is managed by AmTrust Syndicates Limited. AmTrust Syndicates Limited is registered in England and Wales under company registration number We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Firm reference number ). You can visit the 6

7 Financial Services Register, which is a register of all authorised financial services firms in the UK, at COMPENSATION SCHEME AmTrust Syndicates Limited is a member of the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations to settle a valid claim under this policy. Further information can be obtained from the Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU Telephone: +44 (0) Website: COMPLAINT YOU CAN CONTACT US QOVER SA/NV - Mediation Department Rue Des Palais Brussels mediation@qover.be Tel: If you are dissatisfied after we have responded to your complaint you can contact the Ombudsman: Ombudsman of Insurance Square de Meeûs Brussels info@ombudsman.as Tel: You can contact the European online dispute resolution platform. You can also consult the website of the Online Dispute Resolution set up by the European Commission: Disputes The insurance contract is subject to Belgian law. Any dispute relating to the formation, validity, execution, interpretation or termination of this contract is the exclusive jurisdiction of the Belgian Courts. Please read carefully the General Policy Condition. You can find them by referring to the welcome you received. 7

8 Contact us QOVER wish to treat all our customers professionally and fairly. All our customers are more than welcome to contact QOVER at any time and through any channels although we do sincerely encourage you to use digital mediums for any type of enquiries. By GENERAL ENQUIRIES & CONTRACTS By telephone GENERAL ENQUIRIES FOR CLAIMS Via our website By post mail QOVER SA/NV Rue des Palais, Brussels - Belgium All communication with our customers will occur in French, Dutch or English, as chosen by the policyholder. All our documents are available in French, Dutch or English. About Qover About Lloyd s Your motor GAP insurance policy is arranged by QOVER SA/NV, RPM (VAT BE ). QOVER SA/NV legal offices are located at Rue Eugène Toussaint 54 bte Brussels BELGIUM and its operating offices are located at Rue des Palais Brussels. QOVER SA/NV is an untied insurance agent authorised and regulated by the Financial Services and Markets Authority (FSMA - BELGIUM). QOVER SA/NV (FSMA registration number A). You can check this on the FSMA s register by visiting the FSMA s website or by contacting the FSMA on +32(0) QOVER, coverholder at Lloyd s. Lloyd s is the world s specialist insurance and reinsurance market, bringing together an outstanding concentration of underwriting expertise and talent. It is often the first to insure emerging, unusual and complex risks. Around 80 syndicates are underwriting insurance at Lloyd s, covering all classes of business. Together they interact with thousands of brokers daily to create insurance solutions for businesses in over 200 countries and territories around the world. Lloyd s insures the majority of FTSE 100 and Dow Jones industrial average companies. Lloyd s enjoys strong financial security supported by excellent ratings. Visit for more information. 8

9 How to make a claim? All claims are settled by an independent professional adjuster offering you the best and fairest treatment. If there is an event that could result in a total loss claim, you must contact us as soon as possible. Please be digital when contacting us! You can reach us by: Sending us an to claims@qover.be with all relevant and required documents Visiting our website and use the claim form Calling us on All claims must be notified as soon as reasonably possible and in any event within 30 days of any total loss. You will have to send the information hereunder to the GAP Insurer or the claim adjuster. You must comply with the claims procedure as explained in the General Policy Conditions, the Policy schedule and by the GAP insurer or the claim adjuster. Important: Do not accept any settlement from your comprehensive motor insurer without contacting first the administrator or the claim adjuster. The policyholder must provide us or the claim adjuster or the GAP insurer with accurate and complete information and supporting documentation, so that the GAP insurer or the Claim Adjuster may determine the specific circumstances, the causes and the extent of the damage, the identity of all those involved, and any witnesses. In addition, the policyholder must take all reasonable measures to prevent or limit further loss. In order to authorise a claim, the GAP insurer or the claim adjuster will require: Your personal and vehicle details (name, vehicle, license plate, coverage); and Full details of the damage; and A copy of your Full-Casco Policy Schedule; and In the case of theft, you must report the incident to the police and advise the GAP insurer or the Claim Adjuster of the crime reference number. If you accept a settlement offer from your motor insurer prior to or without our consent, as set under Article 76 of Insurance law, and it results in a prejudice to us we will deduct the amount of such prejudice from the claim payment to be made by us to you. For example, if your comprehensive motor insurer should pay you the market value of your vehicle and the chosen value (applied without our consent) happens to be underestimated in comparison with the actual market conditions, we would suffer a prejudice therefrom, in which case we might consider the market value of your vehicle based on the EuroTaxGuide instead. After the claim notification, you must provide us with: A copy of the expert report (if applicable); and Your motor insurer s written confirmation that the motor insurance settlement has been paid following your claim for total loss and the terms on which the motor insurance settlement was made; and Your original invoice or equivalent proof of payment relating to the insured vehicle. Note that this insurance contract is subject to an insurance tax and to legal fees, meaning that within our insurance prices, is included an insurance tax and legal fees percentage of 16,75%. Qover SA/NV RPM FSMA A IBAN: BE Siège Social: Rue Eugène Toussaint 54 bte Brussels Belgium Siège d exploitation: Rue des Palais Brussels Belgium VERSION