LEASING brokers have been seizing the opportunity to provide Look After My Car (LAMC) membership to their customers for free.
The membership gives leasing brokers’ customers access to a range of insurance products and services, including GAP insurance.
“We have seen an unprecedented increase in enquiries from leasing brokers over the past few months,” says Robert Sleat, Head of Leasing Brokers and Telesales at Premia Solutions, the company behind LAMC.
Robert recently highlighted the need for GAP insurance, following a dramatic rise in insurance write-offs from about 380,000 vehicles being written off a year to more than 500,000 write-offs in 2024, along with a significant rise in vehicle thefts.
He says that many brokers now recognise that GAP insurance helps them to protect their customers against these risks, which would otherwise leave their customers with outstanding payments on their lease.
How does Look After My Car work?
Leasing broker customers can get GAP insurance free for three months through LAMC. They can then extend this to full cover to include things like a refund of the initial rental, a hire car for up to 30 days and £500 towards their insurance excess in the event of a write-off, and an additional £500 annually towards their insurance excess even for non-write off incidents. They can also receive a £500 inconvenience payment if their leased vehicle is written off.
As the leasing broker is simply a passive introducer and does not sell the insurance products there is no need for them to have Financial Conduct Authority (FCA) approval, according to Robert.
"What’s more, brokers are financially incentivised for providing leads to LAMC. They can do that manually with each individual vehicle, or LAMC can supply a spreadsheet for them to complete once a week or they can use an API."
Differentiator for leasing brokers
Robert says that offering LAMC membership free of charge to customers can be a differentiator for leasing brokers and he is aware of some leasing brokers who have lost business due to a competitor offering LAMC membership.
Geeta Badhan of Central UK Vehicle Leasing (left) says that partnering with LAMC has enabled the brokerage to offer its customers solutions to the financial challenge of their lease car being stolen or written off “without the complexity of regulatory permissions and compliance for the sale of insurance products ourselves”.
“The process is simple: we pass on customer details securely to LAMC, and Robert and his team follow up directly with customers to explain the services available,” Geeta says.
“The feedback has been fantastic – many customers appreciate the benefits offered and often ask to renew their membership with their new lease after experiencing it for the first time.”
First Vehicle Finance has been recommending LAMC membership to its customers for more than a year now and its Managing Director Richard Mayle says it’s made a “huge difference” to customer satisfaction.
“The membership offers services that cover the bodywork and alloy wheel refurbishment takes away a lot of the lease-end stress, and the optional lease GAP insurance gives clients full peace of mind,” he says. “It’s a simple, value-adding bolt-on that makes our service stand out.”
Suhail Vohra, Sales Manager at Motor Select, says that LAMC has become a key part of its customer retention strategy.
“In such a competitive leasing market, having a value-added product like LAMC really sets us apart. The membership enhances the overall leasing experience, the SmartPlus package protects customers from unexpected costs, especially when paired with lease GAP insurance.”
How can leasing brokers make Look After My Car available to their customers?
It’s really easy, simply give Robert Sleat, Head of Leasing Brokers and Telesales, a call on 07708 480899 or email robert.sleat@premiasolutions.com. Robert is happy to have a chat to discuss any questions a broker may have and whether it would work for them.
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Sarah Tooze has been an automotive journalist for more than 15 years, specialising in the fleet and transport sectors. She has held senior positions at industry-leading B2B titles Fleet News and Smart Transport, and led campaigns championing motorists as consumer editor for online used car marketplace Heycar and motoring advice website HonestJohn.co.uk. In 2017 she won the Newspress Automotive Business Journalist award.
