Vehicle Asset Protection be covered for all eventualities

Vehicle Asset Protection Gap Insurance covers the financial difference between the motor insurers settlement figure for your vehicle (market value) and the original purchase price paid for your vehicle.

Think Facts

400,000 – 500,000

Number of vehicles which are declared insurance write-offs each year. These statistics incorporate accident damage, fire damage and theft

213,616 

Number of vehicles stolen in England and Wales between
Apr 2005 and Mar 2006

507,258

Thefts from motor vehicles between Apr 2005 and Mar 2006
10,000

Numbers of carjackings in the UK each year
(Data supplied by Home Office www.crimestatistics.org.uk)
2,734,360

Number of vehicles sold in 2006 in the UK (Data supplied by www.smmt.co.uk)

Vehicle Asset Protection 

Summary of Cover

This is a summary of the cover provided by the Supplying Dealer as an agent of the insurer, London General Insurance Company Limited. A copy of the full terms and conditions is available upon request. You are eligible to take out protection if on the Policy start date:

• If you are an individual you are over 18; and
• If the insured vehicle is less than seven years old and is the sole vehicle listed in the finance agreement; and
• The insured vehicle is covered by comprehensive motor insurance and you are the policyholder named on the comprehensive motor insurance policy; and
• You are the registered keeper and owner of the insured vehicle listed in the Cover Schedule; and
• The insured vehicle has a maximum purchase price of less than £75,000 at the date of purchase; and
• You are resident, or if you are a company are registered, in the U.K., Channel Islands or the Isle of Man.

The following are NOT ELIGIBLE:

• grey imports, emergency vehicles, taxis, buses, trucks, heavy good vehicles, light commercial vehicles,invalid carriers; or
• vehicles used for hire and reward (including but not limited to driving schools, courier vehicles, chauffeur services), road racing, tracked days (timed or untimed), rallying, pace-making, speed testing or any other competitive event,breakdown and recovery vehicles; or
• any vehicle which has been modified other than in accordance with the manufacturer’s specifications; or
• any vehicle owned temporarily or otherwise (resulting from trade-in or acquisition for the purposes of resale) by a business formed for the purpose of selling or servicing motor vehicles 

Benefit

In the event of a motor insurer declaring the insured vehicle a total loss due to fire, an accident or theft of the insured vehicle, the Policy will pay the greater of:

– Vehicle Replacement Insurance:

the difference between your comprehensive road risks motor policy
settlement and the purchase price, subject to the claim limit detailed on the Cover Schedule. This includes any excess up to £250 (if applicable under the Comprehensive Motor Insurance policy);

Financial Shortfall (GAP) Insurance:

the difference between your comprehensive road risks motor policy
settlement and the balance outstanding on your finance agreement
(excluding arrears), subject to the claim limit detailed on the Cover
Schedule. This includes any excess up to £250 (if applicable under the
Comprehensive Motor Insurance policy).

Please note:

• No amount will be payable in respect of any credit provided under the finance greement which exceeds the purchase price of the insured vehicle (the purchase price is the amount paid to purchase the insured vehicle excluding road fund licence, delivery charges, any discount, cherished number plate transfers, Retailer fitted accessories and any other administration fees, insurance premiums, subscription charges or warranty charges and VAT, if you are VAT registered;
• Benefit is conditional upon you receiving a total loss payment under your comprehensive motor insurance policy. This excludes any insurance excess you may have to pay your motor insurer. You should not accept any offer made by your comprehensive motor insurance underwriter(s) until we have given authority to do so.
• The vehicle is covered in the UK, Isle of Man and the Channel Islands. Please note: Cover is extended whilst the insured vehicle is in any country of the EU or EFTA, but only subject to your insurer extending your comprehensive motor insurance. For full details please refer to section 4 of the Policy terms and conditions.

Main Exclusions

No benefit will be paid:

• If the insured vehicle is not covered by comprehensive motor insurance at all times between the starting date and end date of the Policy.
• If the total loss occurs outside United Kingdom, Channel Islands or Isle of Man. Please note: cover is extended whilst the insured vehicle is in any country of the EU or EFTA for a period of not more than 30 days in any 12 month period, but only subject to your insurer extending your comprehensive motor insurance during such period.
• For any total loss due to the insured vehicle being driven by anyone not named on your comprehensive motor insurance policy.
• If you are offered a replacement vehicle under the terms of your comprehensive motor insurance policy, irrespective of your acceptance of the offer.
• Any claim where your comprehensive motor insurance provider has offered to repair the vehicle and you have requested the claim to be dealt with on a total loss basis.
• If the total loss occurred before the starting date of the Policy
  • For any finance due on or carried across to your insured vehicle from previous finance agreements.
• For any motor insurance excess above £250 or if the motor insurance excess is recoverable from a third party.

 A full list of exclusions is contained within section 4 of the Policy terms and conditions.

General