Santander Consumer Finance has renewed a partnership with The Warranty Group to provide customers with insurance on vehicle financing contracts.

The original partnership dates back to 2011. It provides customers the option to sign up for a guaranteed asset protection (GAP) package at the point of financing, covering the outstanding amount on a contract in case the financed vehicle is lost or stolen.

The cover extends to a maximum of £100,000. Duration of the agreement can be between 25 and 60 months, and a new policy is provided in case the original vehicle is replaced.

Santander and The Warranty Group said they have revised pricing for the product in order to increase sales volumes. Particular thought was given to the product’s suitability to used car PCPs.

Andy Green, director of marketing and innovation at Santander Consumer Finance, said: “We see GAP as an important product to customers that provides essential protection against financial loss. It is a key part of our portfolio.

“Working with The Warranty Group over many years, we have gathered a lot of information about changing customers’ needs and preferences, and the new product is very much aimed at meeting these.

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“Certainly, when we first started working with TWG, PCP was a smaller part of our business. but it has grown substantially, and GAP has become ever more relevant as a result.”