News

Merry Christmas from CIC!

by Gareth Evans on December 21, 2016

Our office opening hours over the festive period are as follows:

Friday 23rd December 2016 – 9.00 am – 12.30pm

Monday 26th December 2016 – CLOSED

Tuesday 27th December 2016 – CLOSED

Wednesday 28th December 2016 – 9.30am – 12.30pm

Thursday 29th December 2016 – 9.30am – 12.30pm   

Friday 30th December 2016 – 9.30am – 12.30pm

Normal hours resume on Tuesday 3rd January 2017.

WE WOULD LIKE TO THANK ALL OUR CUSTOMERS FOR THEIR SUPPORT DURING 2016 AND WISH EVERYONE A HAPPY AND PROSPEROUS NEW YEAR!

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Gareth EvansMerry Christmas from CIC!

Mind the GAP!

by Gareth Evans on September 15, 2016

Have you purchased a vehicle within the last 60 days or shortly planning on buying one?  Are you worried about protecting the value of your new vehicle if it is written off or stolen & not recovered?

You might think that GAP Insurance is a type of cover that is only offered by motor dealerships.  However, at CIC, we can offer this at premiums which are on average 40% cheaper than from a motor dealership.

Earlier this year, guidelines were introduced which changed the way that dealerships can sell GAP insurance.  The dealer now has to give you (the customer) four days from offering the pre-sale GAP information to allow you to shop around before committing to their policy.  This means that you have time to approach us and for us to save you money!

One of the reasons for this is that the dealership are required to apply an Insurance Premium Tax rate of 20% to match the VAT amount, rather than the current rate offered by us of 9.5%.

We currently offer the following types of cover:

Purchase Price Protection GAPThis pays the difference between the motor insurers total loss settlement at the time and the original net invoice price paid by you for the vehicle (up to an agreed benefit level).

Here is an example of how this works:

Vehicle Vauxhall Antara
Date of Purchase October 2013
Purchase Price £11,599
Date of Total Loss May 2016
Total Loss Valuation £8,250
GAP Claim Payment £3,349

 

Lease GAP – This pays the difference between the Motor Insurers total loss settlement and the Early Termination charge applied by the vehicle lease company.

Combined Purchase Price Protection & Finance Shortfall GAP – As well as paying the difference between the motor insurer’s total loss settlement and the original net invoice price paid for the vehicle for the first 3 years, the cover will revert to cover the difference between the motor insurers’ total loss settlement and the balance outstanding to the finance company in years 4 and 5.

Finance GAP – This will pay the financial shortfall between the motor insurer’s total loss settlement and the Early Settlement Amount owed to the Finance Company (up to the benefit level). The settlement is made direct to the finance company.

An example of this is as follows:

Vehicle Volkswagen Crafter
Date of Purchase October 2014
Purchase Price £21,000
Date of Total Loss June 2016
Total Loss Valuation £14,050
Finance Outstanding £16,173.40
GAP Claim Payment £2,123.40

 

Don’t miss the  opportunity to contact us for a quote on 01628 531411!

 

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Gareth EvansMind the GAP!

How we can help as an insurance broker

by Gareth Evans on February 18, 2016

We are often asked by customers how we can help as insurance brokers in comparison to direct or online insurers.

This video animation created by the British Insurance Brokers’ Association (BIBA) shows some of the ways that we can assist, especially if you are struggling to find appropriate cover or having difficulties with making a claim.

 

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Gareth EvansHow we can help as an insurance broker

Merry Christmas from CIC!

by Gareth Evans on December 24, 2015

Our office opening hours over the festive period are as follows:

Thursday – 24th December 2015 – 9.00 am – 12.30

Friday – 25th December 2015 – CLOSED

Monday – 28th December 2015 – CLOSED

Tuesday – 29th December 2015 – 9.30 – 12.30

Wednesday – 30th December 2015 – 9.30 – 12.30

Thursday 31st December 2015 – 9.30 – 12.30   

Friday 1st January 2016 – CLOSED

Normal hours resume Monday 4th January 2016.

WE WOULD LIKE TO THANK ALL OUR CUSTOMERS FOR THEIR SUPPORT DURING 2015 AND WISH EVERYONE A HAPPY AND PROSPEROUS NEW YEAR!

 

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Gareth EvansMerry Christmas from CIC!

Insurance Premium Tax (IPT) Changes

by Gareth Evans on December 3, 2015

As you might be aware, the Standard UK Insurance Premium Tax (IPT) Rate rose from 6% to 9.5% on 1st November 2015 in light of the Summer Budget announced by the Government in July.

This increase relates to all new business, renewals and mid-term additional premiums for mid-term adjustments.

New Business & Renewals:

All new business and renewals with an inception/renewal date on or after 1st November 2015 will be charged at 9.5%.

New business and renewals with an inception date prior to the 1st November 2015 will be charged at 6%.

Mid-Term Adjustments (MTAs):

For any MTA which results in a reduction in premium, the refund amount will reflect the original rate of IPT.  This means:

    • Effective date of MTA before 1st November 2015: 6%
    • Effective date of MTA on or after 1st November 2015: 6%

For any MTA which results in an additional premium, the amount will reflect the following rates of IPT:

    • Effective date of MTA before 1st November 2015: 6%
    • Effective date of MTA on or after 1st November 2015: 9.5%

The IPT charges outlined will be based on the effective date of a transaction.

Please do not hesitate to contact our team if you would like more information about these changes.

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Gareth EvansInsurance Premium Tax (IPT) Changes

New Website

by Gareth Evans on November 30, 2015

Welcome to the new website of CIC Insurance Services Ltd.

We will be using this page to post updates about the latest insurance news, advice and any company-related activities.

Watch this space.

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Gareth EvansNew Website