FCA gives green light to new insurance product for car dealers

Used car marketplace Motorway has launched an FCA-regulated insurance product to help protect dealers from thousands of pounds in unexpected repair costs.

Called Motorway Protect, the proposition provides protection against sudden and unforeseen mechanical and electrical issues discovered after a vehicle is purchased.

It is eligible for vehicles up to 10 years old and 100,000 miles, with a limit of up to £5,000 per claim.

Claims are managed through an online portal, which is accessible 24/7, with decisions being made within two hours.

James Wilson, chief operating officer at Motorway, said: “We know that unexpected mechanical and electrical issues can be costly and time consuming.

“To address this, we’re introducing Motorway Protect, an industry-leading product, backed by trusted partners, at a highly competitive rate.

“The easy claims process and quick decision-making ensures a hassle-free experience, protecting dealers’ margins. We’re thrilled to offer this to our dealer partners.”

Partnership

The new insurance policy is being offered in partnership with Opteven UK, which are specialists in warranty and mechanical breakdown across Europe.

James Barr, head of national programmes at Opteven, said: “We are really excited to be partnering with Motorway.

“Motorway has a vision to build a better car market for everyone, harnessing the power of technology to deliver an amazing experience.

“In partnership with Opteven, this experience has now been further enhanced through the provision of a market leading insurance solution to give retailers that additional level of confidence when using Motorway.’’