Tyre and Alloy Insurance Explained

With UK roads in such bad condition, alloy and tyre damage is all too common these days and a serious concern for car drivers. This is where Tyre and Alloy Insurance comes in.

Tyre and Alloy Insurance has been designed to cover the costs of repairing your alloy wheels and/or the repair or replacement of your tyres if they are damaged during your lease contract.

It is a separate insurance policy to your standard motor insurance and may help to avoid any hefty end-of-contract charges due to damage to your alloy wheels or tyres outside of Fair Wear and Tear.

Tyre and Alloy insurance covers you for any sudden or unforeseen damage to your alloy wheels or tyres which requires a repair to be completed. Specifically, this includes:

• Up to ten repairs up to a maximum of £150 per repair where you scuff or damage your alloy wheel.
• If your alloy wheel is damaged beyond repair, a contribution of up to £150 towards the cost of a replacement alloy wheel.
• Unlimited puncture repairs up to a maximum of £50 per repair.
• If the damage to the tyre is beyond repair, or would fail a MOT test, cover for up to five tyre replacements. The maximum payable per tyre under this policy is £250 as detailed on the policy schedule.
• The maximum amount covered under the alloy wheel benefit of this policy is £1,500.
• The maximum amount covered under the tyre benefit of this policy is £1,250.

For full terms and conditions please refer to your policy document.

Not all damage is covered by Tyre and Alloy Insurance and you must make a claim within a specified time limit. Specifically Tyre and Alloy Insurance does not cover:

• Damage not reported within 30 days of the damage occurring.
• Damage that has been accumulated over an extended period of time and is not the result of a single incident, which is deemed to be wear and tear.
• Where the alloy wheel is corroded.
• Tyres which are below the legal limit at the time of the damage occurring.
• Manufacturer faults in respect of the alloy wheels or tyres.
• Damage present at the start of your policy.
• Damage caused as a result of a Road Traffic Accident, fire or theft of the wheels or tyres.
• Loss of use of your vehicle and/or any consequential loss of any kind.
• Damage caused by incorrect tyre pressure, incorrect wheel balancing, or defective steering, tracking.

For full terms and conditions please refer to your policy document.

Up to 36 months of cover is available with Tyre and Alloy Insurance. The cover runs from the start date, which for lease agreements is usually the date the insured vehicle is delivered. Cover will end date when:

• You have reached the end date as shown on your policy schedule, or;
• The date on which the maximum claims amount has been reached.

Please note, this insurance policy cannot be renewed and can only be taken out within 30 days of delivery of your lease vehicle.

As long as the damage meets the criteria, cover is provided for incidents which occur within the UK, Isle of Man, Channel Islands or a single trip to a member country of the EU that lasts no more than 60 days.

Cover only applies where the damage is a result of a sudden and unforeseen event. Accumulation of damage over time is not covered by this policy.

Cover will only apply to the alloy wheels fitted to the vehicle at the date of delivery and any subsequent replacements purchased where the wheel is damaged and replaced.

The main benefit of taking out Tyre and Alloy Insurance is you can maintain the appearance of your lease car throughout your agreed contract length. Repairing minor damage as it happens can help avoid costly end-of-contract charges when your vehicle is inspected at the end of your contract.

Other benefits include:

• Cover for up to £150 per alloy wheel claim.
• Cover for up to £250 per tyre claim.
• Up to 10 alloy wheel claims.
• Up to 5 tyre claims.
• If your wheel is damaged beyond repair, we will contribute up to £150 towards the cost of a replacement wheel.
• Unlimited puncture repairs, up to a maximum of £50 per repair.
• Cover your wheels and tyres for up to 36 months.

As with any insurance policy, it is important that you review the policy, including any exclusions to ensure that Tyre and Alloy Insurance is right for you. Things to consider which are not included in the policy include:

• General wear and tear or neglect.
• Damage caused as a result of a Road Traffic Accident.
• Damage caused by using your tyres at an incorrect pressure.
• Theft of alloy wheels.
• Manufacturing defects.
• Chrome wheels, or wheels of a split rim construction.
• Damage caused by a third party for general maintenance.
• Any damage incurred more than 30 days before a claim is reported.
• Vehicles used as emergency vehicles, driving school cars, or any other type of hire and reward are excluded.
• Vehicles used for road racing, rallying, pace-making, speed testing and any other competitive events are excluded.
• Commercial vehicles weighing over 3.5 tonnes, busses, vans and motorcycles are excluded.

Although Tyre and Alloy Insurance is not a compulsory policy, it is worth considering if you are worried about end-of-contract charges at the end of your lease contract. Damaged tyres and alloy wheels must be replaced or repaired before your lease vehicle is collected as they aren’t covered by general Fair Wear and Tear. Tyre and Alloy Insurance offers great peace of mind against those things you can’t control, like pot holes, debris and high curbs. 

You must provide full and accurate information to all questions asked. Your answers must be true to the best of your knowledge and belief. Your answers will form part of the statement of facts on which your policy will be based. If you become aware that information you have given us is inaccurate or has changed, you must inform us as soon as possible. Failure to do this may invalidate your policy and claims may not be paid.

You must be the UK registered keeper or hirer of the insured vehicle, and it is to be principally used in the UK, Isle of Man, Channel Islands or member countries of the European community.

You must advise us if you sell or transfer ownership of the vehicle. If the transfer of ownership is to a family member and within 90 days of the start date it is possible to transfer the cover. You will need to contact us to arrange the transfer.

You must make us aware of any change in circumstances that effect your eligibility for this policy.
All claims must be reported to us as soon as possible, and no later than 30 days after the damage to your tyre or alloy wheel occurred.

For all obligations please refer to your policy document.

Tyre and Alloy Insurance costs £299 for up to 36 months of cover. You can pay this as a one-off payment or spread the cost over 10 interest-free monthly direct debit payments of £29.90.

If you are interested in taking out Tyre and Alloy Insurance, please contact our Minor Damage Insurance team on 0161 300 7437 or email [email protected]

Tyre & Alloy Insurance is underwritten by Fortegra Europe Insurance Company Limited, who are authorised and regulated by the Malta Financial Services  Authority under reference no. C 84703 and subject to limited regulation by the Financial Conduct Authority under reference number 805770.

Fortegra Europe Insurance Company Limited

The Reed Centre

Blue Harbour

Ta’ Xbiex Marina

Ta’ Xbiex

XBX1027

Malta.

Claiming through SMART Insurance has never been easier thanks to Premia Solutions’ online claim portal. You can contact them by:

• visiting their policyholder portal at https://www.mypremia.co.uk; 
• calling 01926 622 660

From there, you’ll be asked to complete a claims form and return it back along with accompanying supporting photographs.

Once your form and photographs have been assessed – checked to see if they meet the criteria – and authorised a member of the team will talk you through the claims process and let you know what you need to do next.

If you have not made a claim and do not intend to make a claim you may cancel this insurance within 30 days of receiving the policy documents and receive a full refund of the premium.

If you cancel after 30 days you will pay for the number of months you have had the insurance for, rounded up to the nearest month, and the rest of the premium will be returned to you, minus an administration fee of £35.

For example:

• 36 months cover
• Premium paid £360
• Cancellation in month 12 leaves 24 full months remaining
• Refund of £240—£35 administration fee
• Amount to refund £205