Affected by LAMP going bust?
Certain competitors of ours sold GAP insurance policies underwritten by LAMP insurance in Gibraltar - an unrated insurer, which is now the fifth to have gone bust since 2016.
Unlike Enterprise and Elite (both of Gibraltar), along with Alpha & Qudos (both of Denmark) it would appear no other insurer was willing to step in to buy LAMP's scheme of GAP insurance (which would have enabled some kind of continuance of cover had one done so) and as a result all GAP insurance policies underwritten by LAMP were cancelled as of August 29th 2019.
LAMP policyholders were advised by our affected competitors that upon cancellation, they'd receive 90% of a pro-rata rebate of unused premium from the Financial Services Compensation Scheme. As a token gesture one of those competitors offered to pay a further 10%. All in, this is clearly meagre compensation in the absence of cover should those policyholders go on to have their vehicle written off.
Have you been left without cover?
If you've been left without cover as a result, subject to certain criteria we may be able to offer you Invoice GAP insurance for an ongoing period. Failing that, our Top-Up GAP insurance policy may be an alternative form of cover for you to consider too.
Who underwrites our policies?
Our GAP insurance policies are underwritten by a syndicate at Lloyd's of London - LLoyd's being rated A, AA- and A+ by three of the world's leading insurance rating agencies.
Whilst a UK-based A-Rated insurer can attract a little higher premium for the policy, the risks of buying a policy from an unrated, offshore insurer are, in our opinion and as demonstrated over the last 3-years and particularly with what's happened to LAMP policyholders, simply too great.
Get a GAP insurance quote
If you had GAP insurance underwritten by LAMP and you're seeking alternative cover, please contact us on 01484 490095 or by email to firstname.lastname@example.org and we can chat through how we may be able to assist.