Premia Solutions

Premia Solutions: vehicle protection for the British automotive sector

Premia Solutions Limited is a UK company that designs and markets insurance and protection products for vehicles, aimed at the automotive sector. Its activity is structured around four main lines: GAP insurance, paint and fabric protection, SMART insurance, and tyre and alloy wheel insurance. The company states it has over one million live policies and more than 2,000 dealerships working with it, and presents itself as a partner to the sector.

GAP Insurance: covering vehicle depreciation

GAP insurance is designed to cover the financial shortfall that can arise when a vehicle is written off or stolen. The company explains that, in most cases, a vehicle starts to depreciate from the moment it leaves the dealership, at a rate that depends on its age and mileage. In the event of an accident, fire or theft, the motor insurer usually pays out only the market value at the time of loss, which may be less than the original value and leave a shortfall relative to the outstanding finance or the cost of replacing the vehicle with an equivalent one.

Premia Solutions offers three GAP options depending on how the vehicle is purchased or financed:

• Finance GAP: covers the difference between what the motor insurer pays and the amount needed to settle the finance agreement. It also covers any initial rentals and contributes towards the motor insurance excess.
• Return to Invoice Insurance: covers the difference between what the insurer pays and the original invoice price of the vehicle, including manufacturer and dealer fitted accessories. In addition, it contributes towards the motor insurance excess.
• Vehicle Replacement Insurance (VRI): covers the difference between what the insurer pays and the cost of a new vehicle, even if there have been price increases due to model changes or inflation. It also contributes towards the motor insurance excess.

Tyre and Alloy Wheel Insurance

This product protects against the unexpected cost of repairing or replacing a tyre and repairing alloy wheels. The company notes that kerbs, potholes and debris frequently damage wheels, and that this is the most common damage to new vehicles. Alloy wheels can be repaired quickly and professionally, with no excess to pay, and if a tyre needs to be replaced due to accidental or malicious damage, it is replaced on a like-for-like basis, without compromising economy or safety. Repairs are carried out at a time and location convenient for the customer and are guaranteed.

SMART Insurance: cosmetic damage repair

SMART (Small to Medium Area Repair Technology) Insurance addresses minor cosmetic damage, such as minor dents, small scratches and scuffs, which affect the vehicle's value. Compared with the traditional method of leaving the car at a body shop for several days with a large bill, this product offers fast, effective solutions through a nationwide network of mobile repairers who assess and repair the damage at the owner's convenience. Repairs are guaranteed for the lifetime of ownership of the vehicle and the product protects the motor insurance premium and no claims bonus.

Paint and Fabric Protection

Premia Solutions' paint and fabric programme includes various products that use paint and upholstery chemistry technology to protect the vehicle. Through a two-stage process, the paintwork is sealed against external weathering and the interior is protected against staining. The company highlights that it keeps paint and upholstery in pristine condition, protects the car from the realities of everyday life, and that its application is hassle-free.

Corporate structure and regulation

Premia Solutions Limited is authorised and regulated by the Financial Conduct Authority (FCA) under FRN 310089. Its registered office is at 20 Fenchurch Street, 5th Floor, London EC3M 3BY, and its registered number is 4088720. The company states its intention to be the most trusted and respected insurance product and service provider to the UK automotive industry.

Location and contact

20 Fenchurch Street 5th Floor London EC3M 3BY