FROM the beginning of July, commercial vehicle broker specialist, Vanarama, will take the innovative step of offering free redundancy and life event cover for all its van and car customers. It’s a first for the broker sector.
Vanarama says that, with the government’s furlough scheme phasing down employee support from August and with forecasts suggesting a significant unemployment crisis, it wanted to provide additional peace of mind to customers.
The offer is available to new customers who take a new lease out from 01 July 2020 and covers the following: redundancy; divorce or dissolution of a civil partnership; disability and death. Customers will not be charged for the costs of returning a vehicle.
For the self-employed, the cover is slightly different and limits any early termination exposure to a maximum of six months.
Andy Alderson, CEO of Vanarama said:
The Covid-19 pandemic and the associated fears of using public transport have seen a swell in interest in car purchase. People want to buy online, they want flexibility and with the introduction of the Vanarama Redundancy & Life Event Cover we are offering them the opportunity to do that with confidence and added security.
The insurance is provided by Autorama Ltd which trades its own underwriting as Vanarama Insurance Services and has provided the Redundancy Cover Terms & Conditions.
This story was updated on 02 July 2020. Originally a spokesperson had told Broker News that the insurance was provided by a third party and not Autorama Ltd.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.