Arnold Clark Finance and Insurance Products Training Modules

Vocabulary flashcards covering Vehicle Shortfall Insurance (VSI), Motor Insurance (ACIS & Driveaway), Autocare Mechanical Warranty, and Service & Clark Plans from Arnold Clark training modules.

Vehicle Shortfall Insurance (VSI)

An FCA-regulated General Insurance product designed to supplement a customer's comprehensive Motor Insurance Policy by paying the difference between the motor insurer's total loss payout and the greater of the original vehicle Cost (Return to Invoice) or the outstanding finance settlement.

Total Loss

An event in which an insured vehicle is either written off due to accidental damage or fire, or stolen and not recovered.

VSI Cost Definition

The sales price of the insured vehicle including factory- or dealer-fitted options and accessories, Service Plan or Clark Plan, Autocare, and Protect, but excluding vehicle tax, fuel, insurance premiums, and negative equity. Manufacturer servicing or warranty products are capped at a maximum of £500 each.

VSI Temporary Replacement Vehicle Benefit

A policy benefit that provides a temporary replacement vehicle for up to 30 days at a maximum value of £30 per day in the event of a total loss.

VSI Policy Excess Cover

Cover for the motor insurance policy excess up to a maximum of £500 in the event of a total loss, or up to £500 per year towards excess payments for claims not resulting in a total loss.

VSI Pricing and Benefit Tiers

Three monthly premium tiers based on vehicle Cost: £9.99 per month for vehicles under £15,000 (up to £15,000 total benefit); £12.99 per month for vehicles £15,000 to under £49,999 (up to £25,000 total benefit); and £15.99 per month for vehicles £50,000 to £100,000 (up to £35,000 total benefit).

VSI Vehicle Eligibility Criteria

Automated criteria requiring the vehicle to be a car, under 10 years old at purchase date, not part of the Value Range, and with a vehicle Cost between £5,000 and £100,000.

VSI Excluded Usages

Vehicle use as a taxi, for private hire, for driving school tuition, or for any competition, racing, or track days, as well as ownership by motor dealers or garages.

FCA '2 Clear Days' Rule (GAP Insurance)

A regulatory requirement mandating that two full clear days must pass between introducing a customer to a GAP insurance product and completing the sale (e.g., introduced Monday, earliest sale Thursday), unless the customer elects to opt out to purchase the following day (Tuesday).

Prescribed Information and Policy Summary Schedule (PIPSS)

A key document that records that the customer has been made aware of the VSI offer and explains the steps required if they choose to purchase VSI during the FCA '2 clear days' window.

Premia Solutions Limited

The administrator of the Arnold Clark VSI policy, located in Warwick, responsible for weekly documentation issuance, enquiries, claims handling, cancellations, and operating the My Premia portal.

Fortegra Insurance UK Limited

The underwriter of the Arnold Clark VSI policy, which in part reinsures through Artex Insurance (ACA7) IC Limited.

My Premia Portal

An online portal (https://www.mypremia.co.uk) where VSI policyholders can access documents, amend address or contact information, add cherished plates, change direct debit payment dates, lodge claims, submit complaints, or cancel their policy.

VSI Post-Delivery Sale Window

The rule establishing that after vehicle delivery has occurred, a VSI policy can only be sold within 30 days of vehicle delivery.

Arnold Clark Insurance Services (ACIS)

Arnold Clark's insurance intermediary, with offices in Glasgow and Edinburgh, offering motor insurance by searching a panel of 10 insurers (including Aviva, AXA, and Allianz) and providing short-term Driveaway cover.

Driveaway Motor Insurance

A standalone 5-day comprehensive private car insurance policy supplied by Tempcover since 1st April 2020, priced at £34.99 with an excess between £500 and £750 depending on driver age and car value.

Tempcover Driveaway Eligibility Criteria

Qualifying rules requiring drivers to hold a full UK or EU licence, be aged 21–75, have a UK postcode, and drive cars or light vans up to 3.5 tonnes valued between £1,500 and £65,000 and under 12 years old.

Driveaway Insurance Excluded Occupations

Occupations prohibited from Driveaway coverage, including couriers, fast-food delivery drivers, chauffeur or limousine hire drivers, taxi drivers or operators, and self-drive hire operators.

Cover Note

A temporary form of insurance certificate valid for 30 days that allows a vehicle to be taxed and driven while ACIS gathers outstanding documents like Proof of NCD, driving licences, and Direct Debit mandates.

Statutory Certificate of Insurance Requirements

Information required by law on every motor insurance certificate: vehicle registration mark, policyholder name, cover commencement and expiry dates, persons or classes entitled to drive, and limitations of use.

Third Party Motor Insurance

A level of motor insurance providing Road Traffic Act coverage with higher property damage cover for both on- and off-road use, but excluding damage to the policyholder's own vehicle.

Fully Comprehensive Motor Insurance

The most common UK motor insurance level, covering third party liabilities, fire, and theft, plus accidental damage to the policyholder's own vehicle regardless of fault, typically bundling emergency medical treatment, personal belongings, personal accident, and foreign travel.

Utmost Good Faith

The legal standard requiring customers to supply complete, accurate information without omissions on their Proposal/Statement of Facts; failing to do so may invalidate the policy or cause claims to be refused.

ACIS Monthly Payment Facility

A motor insurance financing facility requiring an upfront deposit followed by 9 monthly payments, which applies a $13\%$ flat rate of interest to the entire premium balance.

Autocare

A mechanical warranty product (not classified as general insurance and not regulated by the FCA) covering parts, labour, and VAT for repairing or replacing covered mechanical and electrical components that suffer unexpected failure.

Autocare Single-Claim Limit

The maximum claim payout limit of £6,000 for each separate, unrelated claim under an Autocare warranty, with no limit on the number or combined value of claims over the policy term.

Autocare Passenger Car Eligibility Criteria

Age and mileage thresholds determining eligibility for passenger cars: up to 5 years old / 100,000 miles or less; up to 6 years old / 50,000 miles or less; up to 7 years old / 60,000 miles or less; or up to 8 years old / 70,000 miles or less.

Autocare Commercial Vehicle Eligibility Criteria

Age and mileage threshold requiring commercial vehicles (designated as CDV or LCV) to be up to 4 years old with 70,000 miles or less.

Autocare Target Market

Customers purchasing vehicles that are either no longer covered by a manufacturer warranty or will be kept by the customer for longer than the remaining balance of the manufacturer warranty.

Autocare EV Excluded Components

Specific electric vehicle components explicitly excluded from Autocare cover: traction or drive batteries, auxiliary batteries, and battery-management systems.

Autocare Emergency Courtesy Vehicle Benefit

A courtesy vehicle provided through Arnold Clark Car & Van Rental for the first 48 hours following breakdown recovery, with a $20\%$ discount on standard daily charges applicable for subsequent hire periods.

Autocare Servicing Condition Permitted Variation

The rule permitting a variance of no more than $15\%$ from the manufacturer's recommended time or mileage intervals for servicing and maintenance without invalidating the warranty.

Autocare Supplementary Order Window

The regulatory rule allowing Autocare to be purchased as a supplementary order up to 60 days after the customer takes delivery of their car.

Autocare Cover Start Date

The defined commencement date for Autocare: calculated as the Arnold Clark 2-month warranty end date + 1 day, or the manufacturer warranty end date + 1 day.

Autocare Cancellation Window

A 30-day cancellation period starting from the contract entry date (vehicle collection) or supplementary order purchase date, subject to no claim-triggering incident having occurred.

Service Plan

An unregulated Arnold Clark service product based on manufacturer-specific standard service schedules, available for 2, 3, or 4 years on cars up to 42 months old (or older cars still under manufacturer warranty), which automatically includes due MOT test fees.

Clark Plan

An unregulated fixed-price service product based on the Arnold Clark standard service, available for 2 or 3 years, designed principally for older vehicles and redeemable exclusively at Arnold Clark sites.