Wagonex Ltd. Insurance Terms of Business
Please read this carefully as it sets out our Insurance Terms of Business and contains important information which sets out the basis on which Wagonex Ltd trading as Wagonex and Wagonex.com will provide insurance services to you as a consumer of the firm.
Please contact us immediately if there is anything in these Terms of Business which you do not understand or with which you disagree. We are happy to answer any questions and willing to explain these terms and the reasons for them.
YOU ARE DEEMED TO HAVE ACCEPTED THESE TERMS OF BUSINESS UNLESS YOU ADVISE US OTHERWISE WITHIN 7 DAYS OF RECEIPT.
About Us
Wagonex Ltd is authorised and regulated by the Financial Conduct Authority as an insurance intermediary. Our Firm Reference Number is 789510. You can check these details online using the Financial Services Register at https://register.fca.org.uk/ or by contacting the Financial Conduct Authority Consumer Helpline on 0800 111 6768.
The firm is also authorised by the Financial Conduct Authority for consumer credit activities for which it has permission for credit broking.
Wagonex Ltd. is registered in England & Wales number 10312289 with its registered office Wagonex Limited, Tramshed Tech, Pendyris Street, Cardiff, CF11 6BH.
Our Service and The Insurance Product we Offer
We offer information only about a policy from one insurance undertaking without giving you advice or a personal recommendation.
We provide motor insurance from a single insurer, Admiral Insurance (Gibraltar) Limited, which is owned by Admiral Group Plc, although we are not required by contract to do so. Admiral Insurance (Gibraltar) Limited has its registered office at PO Box 575, First Floor 24 College Lane, Gibraltar, GX11 1AA and is licensed by the Gibraltar Financial Services Commission to carry on insurance business under incorporation number 85455
The insurance is managed and administered via Veygo which is a trading name of Able Insurance Services Ltd, an insurance intermediary, authorised and regulated by the Financial Conduct Authority, Firm Reference Number 311649. Able Insurance Services Ltd is a subsidiary of Admiral Group Plc.
You can find more information about Veygo by Admirals insurance product in their Monthly Insurance Subscription Guide and Insurance Product Information Document (IPID).
You will not receive advice or a recommendation from us on any product but we will offer you products that meet your demands and needs and give you enough information for you to choose whether or not to proceed.
We generally act on your behalf in arranging your insurance, but we’ll make clear at the outset whether we are acting for you or for the insurer in particular circumstances.
Insurer Security
The insurers we use are regulated and are required to have adequate capital resources. However, we cannot guarantee the solvency of any insurer we place business with. An insolvent insurer may be unable to pay claims or may be unable to pay them in full and you may have to pay a further premium to pay for alternative insurance cover.
How we are Paid
In return for placing business with insurers and other product providers, we receive a commission or arrangement fee from the insurers which is a percentage of the annual premium that you are charged.
You are entitled, at any time, to request information regarding any arrangement fee which we may have received as a result of placing your insurance business or arranging premium finance.
Please be assured that at no time will the way in which we are remunerated conflict with our responsibilities to meet your needs and treat you fairly.
Administration Fee
Wagonex do not currently charge any administration fees for the set up or management of your insurance policy. Any charges, if applicable, will always be agreed with you in advance of them becoming due.
Insurance Documents
Your insurance document will be issued electronically, as part of our efforts to reduce our carbon footprint. We strive to operate in an environmentally acceptable and responsible way. You will also benefit from receiving your insurance documents sooner. If this method is not acceptable to you, you can request that we issue your insurance documents by post free of charge.
Identity Checks
To verify your identity, we will use public and personal data which we obtain from a variety of sources. This includes credit reference agencies and other external organisations which would have been contacted in order to agree your vehicle request. Some searches may appear on your credit report whether or not you choose to buy from us.
Your Duty of Disclosure
Under the Consumer Insurance (Disclosure and Representation) Act 2012 it is your duty as a consumer to take reasonable care not to make a misrepresentation to an insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.
Mid Term Adjustments (MTA)
When making a change to your insurance policy after its start date, this is considered as an MTA. For example, changing your address or changing your vehicle after your insurance policy has started.
An MTA may result in either an increase or decrease in premium; this will be confirmed to you before the change is made. Your monthly insurance payments will be updated to reflect any change in premium.
Insurers may decline to accept an MTA request; in these instances, if the MTA is required then you may need to cancel your policy and seek insurance from another provider, to continue with your vehicle subscription or lease. Requests for MTAs should not be considered as applied until you have received confirmation from us. If in doubt, contact us for confirmation of the MTA status.
Extending your Insurance
When your insurance is coming up to expire, we will email you, in good time, to ask if you need to extend your insurance.
Extending your insurance may result in either an increase or decrease in premium; this will be confirmed to you when the policy is extended and your monthly insurance payments will be updated to reflect any change in premium.
Your policy will not automatically extend, therefore we require your instruction if you wish to continue your insurance. To extend your insurance, or if you wish to amend any of the details you must email us at insurance@wagonex.com, or call us on 020 3002 0976 before your policy expires.
Insurers may decline to accept an extension request; in these instances you may need to seek insurance from another provider to come into place once your insurance expires. Requests for extensions should not be considered as applied until you have received confirmation from us. If in doubt, contact us for confirmation of the extension status.
It is important that you check the details we hold are correct and up to date; any errors can impact your insurance covers meaning that your policy may not be in force and claims could not be paid.
Where you identify differences in your circumstance you must call us to inform us what has changed. We remind you of your obligations under Duty of Disclosure (above).
Cancellations
Please contact us on insurance@wagonex.com if you wish to cancel your insurance. You will be entitled to a full refund if you cancel before your policy has begun. There is no cooling off period, however there is no early cancellation fee charged for cancellations after a policy has started. If your period of cover has started, a risk-based refund will be calculated by the insurer, that considers the duration of cover and the level of risk incurred. If any refund is due, it will be returned to the original payment method within 3-10 days.
MAY WE REMIND YOU THAT IT IS A REQUIREMENT OF THE VEHICLE SUBSCRIPTION OR LEASE SERVICE TO HOLD COMPREHENSIVE COVER ON THE VEHICLE.
Missed Payments
Where a monthly insurance payment is unsuccessful, you will be provided with 3 days notice to make your missed payment, otherwise your insurance policy will be cancelled.
Missed payments will automatically be reattempted on the final day before cancellation, or you can contact us on 020 3002 0976 to make your payment over the phone. Please note that our opening hours are 9am - 5pm Monday to Friday (excluding bank holidays).
MAY WE REMIND YOU THAT IT IS A REQUIREMENT OF THE VEHICLE SUBSCRIPTION OR LEASE SERVICE TO HOLD COMPREHENSIVE COVER ON THE VEHICLE.
If you Have a Complaint
We are committed to treating customers fairly and encourage our customers to inform us when dissatisfied with the service we have provided.
In the event you are dissatisfied with any aspect of our service, and you wish to make a complaint, you can:
Write to us at: Wagonex Limited, Tramshed Tech, Pendyris Street, Cardiff, CF11 6BH
Call us on: 020 3002 0976
Email us at: complaints@wagonex.com
NOTE: Be sure to provide your phone number and reference number in your correspondence.
If you are not satisfied with the outcome of your complaint, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) as an eligible complainant.
You can contact them by writing to them at:
Financial Ombudsman Service
Exchange Tower
Harbour Exchange Square
London
E14 9SR
Or by contacting their Consumer Helpline on 0800 023 4567
Or via their website www.financial-ombudsman.co.uk
If you do decide to refer a complaint to the Financial Ombudsman Service your legal rights will not be affected. We will provide a summary of our complaints handling procedures should you make a complaint which we cannot resolve informally and at any other time, upon your request.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, also without any upper limit. The compensation scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or 020 7741 4100 or by visiting http://www.fscs.org.uk/
Governing Law
The laws of England and Wales govern this agreement and any dispute is subject to the jurisdiction of the English courts.
Your Personal Data
We take your privacy extremely seriously and we will only use your personal details in line with our Privacy Policy. Please read our Privacy Notice carefully, and contact us immediately if you have any queries. Where necessary, for example where we would like to use your data for some direct marketing purposes, we shall ask for your specific consent to do so. Your personal information includes all of the details you have given us to process your insurance policy and vehicle request (we will not ask for more information than is necessary). We may share your data with Third Parties for the provision and ongoing performance of your insurance policy. Your data may be transferred outside the UK. We will not sell, rent or trade your data under any circumstances. All of the personal information you supply to us will be handled strictly in accordance with the applicable Data Protection regulations and legislation.
How to Claim
All claims will be handled by Veygo on behalf of the insurer. If you need to make a claim, their contact details are as follows:
To make a claim: 0333 016 5112
To make a windscreen claim: 0333 220 2025
Further details can be found in your policy documentation, and in Veygo by Admirals Monthly Insurance Subscription Guide and Insurance Product Information Document (IPID). You should contact the insurer directly as soon as you become aware of any incident which could give rise to a claim.
You will also need to notify your vehicle supplier, whose contact details can be found on your Wagonex profile. If in doubt about whom you should contact, or if you require our assistance in relation to a claim or potential claim you can contact us at insurance@wagonex.com 020 3002 0976.
Money laundering/Proceeds of Crime
We are obliged to report to the National Crime Agency any suspicion of money laundering or terrorist financing activity and we are prohibited from disclosing any such report.
Adequacy of Insurance Values
It is the responsibility of the insured to ensure that all sums insured and policy limits are adequate for their needs. It is strongly recommended that the appropriate professional (e.g. Insurance Adviser/Surveyor/Accountant) be consulted to ensure that the sums insured and limits under the policy are suitable for your needs.
Conflicts of Interest/Customers Best Interests
As an insurance intermediary we generally act on your behalf in arranging your insurance and assisting in managing your insurance policy; we will always act honestly, fairly and professionally ensuring your best interests are our priority. In certain circumstances we may act for and owe duties of care to insurers and/or other parties. Where we become aware of any actual or potential conflict of interest with our duty to you, we will inform you of the situation and the options available to you before we proceed.
Termination
You or we may terminate authority to act in connection with your insurance arrangements at any time. Notice of termination must be given in writing and will be without prejudice to the completion of any transactions already commenced. Any business currently in progress will be completed unless we receive instructions to the contrary. Any premiums or fees outstanding will become payable immediately. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice.
