What is Asset Protection Insurance?
Asset Protection Insurance (API) is an extra level of protection should your car or van be written off or stolen and declared a total loss by your insurer.
Generally in the event of a total loss (insurance write-off), you'll be paid the market value for your vehicle by your insurer.
Our Asset Protection Insurer covers the difference between what you get from your insurer and what you paid for the vehicle in the first place, so you can replace it with a similar vehicle at no additional cost to yourself.
How does it work?
If your vehicle is written off or stolen, your insurer will likely pay you the market value of the car, which is also likely to be less than you paid for it originally, and less than any outstanding finance you may have on it, too.
This means that you'll have to make up the difference yourself, should you wish to buy a car of similar value, or settle the existing finance.
Asset Protection Insurance covers the difference between the vehicle's current market value and the net invoice price you paid for it, or any existing finance on the vehicle - whichever is greater.
A few things to keep in mind
The current market value is either your main motor insurer’s pre-incident value or, in some cases, the retail transacted value shown in Glass’s Guide (please see Terms & Conditions for more details).
- API is available for most used cars and provides cover for 24, 36, or 48 months.
- Your vehicle will not be covered if it’s stolen by anyone who has access to the keys, unless access was gained through forcible means
- Your vehicle must be used only for private use on a public highway
- Your vehicle will not be covered if no motor insurance settlement has been paid
- If you are offered a replacement vehicle and do not accept, this may result in no benefit being paid by the policy
- Your vehicle needs to be insured comprehensively
The information above is for reference only and does not include the full policy restrictions. It is important that you read the Terms & Conditions carefully for full details of cover levels and other exclusions.