Learn more about APEX
( Asset Protection & Excess Cover )
What is Asset Protection & Excess Cover Insurance?
When you drive away with your reconditioned vehicle, it begins to depreciate in value almost immediately. Should the worst happen—whether it’s due to an accident, fire, or theft—your motor insurer will typically only pay out the current market value of your vehicle. This is often significantly less than what you originally paid, leaving you with a financial gap. If you have a finance agreement, you could even end up owing more than your car is worth.
That’s where Asset Protection & Excess Cover Insurance comes in. It helps cover this shortfall, ensuring you don’t need to dip into your savings or take out loans to get back on the road.
What IS and IS NOT insured
Read below to find out more
What is Insured?
In the event of a Total Loss, this policy will pay the following:
- Financial Compensation: You will receive the greater of the following:
- Return to Invoice: The difference between the insured value of your vehicle and the original purchase price*, which includes any factory-fitted options and dealer-fitted accessories (up to £1,500 including VAT). This helps you recover what you initially invested in your vehicle.
- Financial Shortfall: If you have outstanding finance on your vehicle, the policy covers the gap between the insured value and the finance company’s settlement figure, ensuring you are not left with a financial burden after a total loss.
- Premium Reimbursement: If your policy is claimed on, you will receive an amount equal to the premium you paid for this policy, offering additional peace of mind.
- Maximum benefit: Up to £50,000, ensuring significant financial support during a difficult time.
- Motor Insurance Excess Coverage: The policy will also cover the motor insurance excess amount, up to £500, if it cannot be recovered from any liable third party. This means you won’t have to worry about out-of-pocket expenses when filing a claim.
- Temporary Replacement Vehicle Contribution: If you need a temporary replacement vehicle while yours is being sorted, this policy provides a contribution for up to 30 days at a maximum of £30 per day, inclusive of VAT. This ensures you can maintain your mobility without interruption.
Additional Excess Cover
- Should you have a successful claim under your motor insurance policy that is not related to a total loss, this policy will reimburse the applicable excess, up to a maximum of £500 per policy year. This feature provides further financial protection for everyday incidents.
What’s Not Insured?
- General Exclusions: Discounts, delivery charges, number plates, road fund licence, registration fees, administration fees, fuel, protection kits, cherished number plates, insurance premiums, and warranty charges.
- Finance and Value Exclusions: Finance arrears, negative equity, and VAT reclaimable by VAT-registered individuals. Grants, scrappage schemes, cash back schemes, and battery hire or leasing costs.
- Claims Handling Exclusions: Deductions by the motor insurer for damage unrelated to total loss claims. Claims where the insurer offers repairs instead of a total loss.
- Replacement Vehicle Exclusions: Replacement vehicle entitlement under comprehensive insurance excludes Return to Invoice or Financial Shortfall benefits.
- Insurance Coverage Exclusions: Vehicles under motor trade insurance or those not covered by comprehensive insurance at the time of loss.
- Additional Costs Exclusions: Costs from temporary replacement vehicle agreements. Additional excess reimbursement if the claim doesn’t exceed the policy excess or is for glass repair or routine servicing.
We understand that budgeting is important when it comes to protecting your investment. That’s why we offer flexible payment options for our Asset Protection & Excess Cover Insurance.
- Monthly Payments: You can choose to pay for your insurance monthly, making it easier to fit into your budget without a large upfront cost.
- 0% APR: Enjoy the convenience of paying monthly with no additional interest charges. This means you’ll only pay the premium amount over the policy term.
- No Credit Checks: We believe in making our insurance accessible, which is why there are no credit checks required when opting for monthly payments.
By choosing our payment plan, you can secure your vehicle without compromising your financial flexibility.
£9.99 per month
FAQs
Your Essential Guide to Protecting Your Investment with CarSupermarket.com
What is Asset Protection & Excess Cover Insurance, and why do I need it?
How does this insurance protect my finances, especially if I finance my vehicle?
Is there a maximum limit on what I can claim, and what types of cover are included?
How quickly does the cover start, and can I afford it?
Is this insurance easy to understand, and what if I change my mind?
Guaranteed Asset Protection (GAP)
This part of the policy is a lifesaver if you financed your vehicle. It makes sure you won’t be stuck with outstanding finance payments after your car is written off.
For example, if you bought your car for £18,000 and, unfortunately, it’s written off, your insurer might only pay out £16,000. If you still owe £22,000 on your finance agreement, that leaves you with a £6,000 shortfall.
With this policy, you’ll receive a GAP payout of £6,000, covering that difference. It means you won’t have to fork out thousands to your finance company for a car that’s no longer on the road!
Return To Invoice (RTI)
This part of the policy is essential if you purchased your vehicle outright. It guarantees that you’ll receive back the full amount you paid for your car, as long as your claim is valid.
For example, if you bought your car for £18,000 and it’s written off, your insurer might only pay out £16,000 based on its current value assessment. This leaves you with a £2,000 shortfall.
But with RTI cover in place, you’ll get an RTI payout of £2,000 to bridge that gap, ensuring you receive the original amount you invested in your vehicle.
Ready to Protect Your Investment?
To make your purchase seamless and straightforward, simply complete the form below. If you have any questions or need assistance, don't hesitate to speak with your sales advisor at the CarSupermarket.com showroom. Your peace of mind is just a step away!
*Purchase price is the amount paid to purchase the vehicle, including any factory-fitted options and dealer-fitted accessories up to £1,500 including VAT but excluding any discount and/or contribution and all other items listed under the definition of 'Purchase Price' in the policy terms and conditions. The maximum benefit payable under this section of the policy is the purchase price of the vehicle, up to a maximum of £50,000.
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