Below are some of the common questions we get asked which may help you.
A. Guaranteed Asset Protection is a supplement to your motor insurance. All vehicles will depreciate in value over time so if yours is written off, the chances are your motor insurance settlement will be much less than you originally paid in the first place. Guaranteed Asset Protection will pay the difference between the original purchase price and the motor insurance gross valuation, meaning that you have some extra finance to assist you to purchase a replacement vehicle.
A. Your policy will last for a maximum of 36 months from the date that the cover starts.
A. To qualify for cover, your vehicle must not have exceeded a purchase price of £25,000, 10 years of age or 100,000 miles at the policy start date.
A. Unfortunately we are not able to renew your policy upon expiry or transfer it to a new vehicle or owner.
A. If you make a claim on your Guaranteed Asset Protection policy, you will not be required to pay an excess contribution. However this insurance does not cover any excess applied by your motor insurer, so please contact your motor insurer direct to clarify this.
A. Your Guaranteed Asset Protection policy has a maximum claim limit of £10,000 or the difference between the purchase price and the motor insurer’s gross valuation at the date of total loss, whichever is the lowest. Your policy will allow you to make one claim during the duration.
A. You must have fully comprehensive motor insurance in place at all times whilst the Guaranteed Asset Protection policy is in force.
A. No. If your vehicle has been modified from the manufacturers’ original specification, we will not be able to provide cover to you.
A. Yes. Your Guaranteed Asset Protection policy will be underwritten by Ageas Insurance Limited, Ageas House, Tollgate, Eastleigh, Hampshire, SO53 3YA.
A. Providing your vehicle fulfils these parameters at the date your policy begins and you follow the terms and conditions, your policy will payout the difference between the vehicle purchase price and the Motor Insurer’s gross valuation before deductions for excess etc., at the time of Total Loss (“write-off”), irrespective of the age or mileage at the time.
