Redundancy Insurance

Overview

A check box displayed on the Quotes / Contract tab and Quotes / Lease tab allows you to select Redundancy Insurance for the quote.

Redundancy Insurance is a funded amount and is shown in the Broker section of the Quotes / Finance tab.

Your preferred selection can be set using the Contract Types / Details "Quote Redundancy Insurance" check box.

Insurance disclosures validation can be added for including Redundancy Insurance by selecting Contract Types / Details "Validate Redundancy Insurance" check box.

The field label "Redundancy Insurance" can be renamed to display the name of your insurance product.

Access to the "Rate" field can be role restricted.

If you are not using this product, it can be hidden in the quote tabs. Contact your Account Manager for assistance.

Calculation Triggers

The value of redundancy insurance is re-calculated whenever the check box is selected.

De-selecting the check box will remove the amount.

Entering '0' will de-select the check box.

Changing the values of "Effective Date", "Term", "Vehicle on Road" or "Financed Amount" will trigger a re-calculation.

"Delivery State" can also trigger a re-calculation if your insurance calculations are configured to use this variable.

By extension, changing a vehicle's options will affect the "Vehicle on Road" or "Financed Amount", so they will in turn, trigger a re-calculation of redundancy insurance.

A value can be manually entered, or a calculated value can be over-written either by;

  1. entering an amount directly in the Quotes / Finance tab

  2. entering a percentage in the Quotes / Lease tab

Copied quotes do not re-calculate redundancy insurance. You can force a re-calculation by removing and then re-selecting redundancy insurance with the check box.

Redundancy Insurance Lock

Use the lock to hold the redundancy insurance total constant, regardless of other changes you make to the quote.

When the "Total" is locked, you cannot edit the Quotes / Finance "Redundancy Insurance" or the Quotes / Lease "Rate %". They are disabled unless the lock is un-checked.

Changing the vehicle's value will change the displayed "Rate %" displayed, the "Total" will remain constant.

If the lock is not selected, the insurance value will recalculate when a quote change triggers this.

Calculation

Open the Redundancy Insurance spreadsheet to see how the redundancy insurance is calculated in detail. Brief notes are below;

  1. The value used to calculate redundancy is as follows;

    • If redundancy_insurance_basis is 'on-road-price-gross', then the value is "Vehicle on Road".

    • If redundancy_insurance_basis AND commission_rate_basis are "Amount Financed", the value is "Amount Financed" but excluding both "Commission" and "Redundancy Insurance"

    • In all other scenarios, the value is "Amount Financed" less "Redundancy Insurance"


    2. The system can deliver either a fixed premium value or can multiply a factor and add a margin.

    3. If no values are populated in qt_redundancy_insurance_rates, the calculation will be triggered but returns a 0 value.

Troubleshooting

Visit the main Troubleshooting page for a list of all the available problem-solving tips.

Quotes / Lease - Redundancy Insurance - does not default into new quotes

If Contract Types / Details "Quote Redundancy Insurance" is checked and "Redundancy Insurance" does not calculate, there are three reasons this can happen.

  1. There are no records stored in the [qt_redundancy_insurance_rates] table. If the rates are missing, "Redundancy Insurance" will not default on, as it cannot be 0.

  2. You have stopped using "Redundancy Insurance" and the [qt_redundancy_insurance_rates] table are set to 0 to prevent rates from calculating. If the rates are 0, "Redundancy Insurance" will not default on, as it cannot be 0.

  3. The chosen vehicle has a value that is higher than the [qt_redundancy_insurance_rates]upper_limit value of the available records. In this case, no records are considered a match, and no value will be applied.

To investigate and check your set-up, exporting data from the table [qt_redundancy_insurance_rates] and review the current values in this table.

Set-up Notes

Item

[table]field

Description

Field Name

[gb_controls]quote_redundancy_insurance_label

Update this control if you want a different screen name to appear for the "Redundancy Insurance" field.

Insurance Basis

[gb_controls]redundancy_insurance_basis

Choose to have your calculations performed on either the value of "Vehicle On Road" or "Amount Financed"

Insurance Basis

[gb_controls]redundancy_insurance_calculation_method

Use either a 'fixed' or 'multiplier' calculation for deriving the insurance value.

Commission Basis

[gb_controls]commission_rate_basis

If set to 'financed-amount', this will affect the Redundancy calculation.

Rates or Margins

[qt_redundancy_insurance_rates]

Populate with the desired rates or margins for the calculation.

State

[gb_states]state_id

If you use "Delivery State" as a variable, populate [qt_redundancy_insurance_rates]state_id to link with [gb_states]state_id where required. You do not have to populate [qt_redundancy_insurance_rates] for all states. E.g. If only ACT requires a different value, you can hold one record for ACT and another for all other states.

To hide this product, add entries to gb_role_restrictions for each role you want to hide the fields from.

Note: If you do this, remember that prior quotes with this product included can still be copied or edited and if the user is restricted from seeing the product, they will not be aware of it's existence.