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Total Loss Protection

Total Loss Protection

If your car were to be involved in an accident, stolen, destroyed by fire and declared a total loss by your insurance provider, what would you do?

If this were to happen, your insurance provider is most likely to pay you the market value of the vehicle and not what you originally paid for it. This means you would be left with the shortfall between the market value and the original invoice price.

Depending on which policy type you choose, total loss protection insurance is designed to help you:

Cover the difference between the payment received from your motor insurance company and the price you paid for the vehicle or cost to settle your outstanding finance, whichever is greater.
- Or -
Cover the difference between the payment received from your motor insurance company and the cost of a replacement vehicle or cost to settle your outstanding finance, whichever is greater.

 

  • Benefits
  • Vehicle replacement
  • Return to invoice
  • Contract Hire
  • What's Covered
  • What is not covered
  • Eligibility
  • How to make a claim
Benefits of Total Loss Protection
  • Covers you for up to 3 years (Remaining finance cover up to 5 years).
  • Covers you for up to £450 of your motor insurers excess.
  • On approval of your claim, and if required, you will be provided with a temporary replacement vehicle for up to 40 days.
Vehicle Replacement Insurance

If your new vehicle is declared a total loss by your insurance provider, Vehicle Replacement Insurance (VRI) is designed to put you back in a brand new like for like vehicle, even if the replacement vehicle costs more than the one you originally purchased.

Original Purchase Price £20,500
Your Insurance Provider Pays You £14,000
Replacement equivalent Vehicle £21,200

The insurance policy pays an amount to replace your original vehicle with one of the same specification - in this example that would be £7,200

The VRI element of this policy runs for 24 or 36 months from when you purchased your vehicle. If you still have finance on the vehicle after this period, the cover will continue for up to 60 months but changes to Finance GAP - paying the shortfall between the motor insurance settlement figure and the Early Settlement Amount that you owe to your finance company.

Please note: If your motor insurance policy has a new vehicle provision and you decline the offer of a new vehicle, then we will pay the difference between the insured vehicle and the net invoice selling price of the insured vehicle, or the finance settlement, whichever is the greater and not the cost of the vehicle.

 

Please note: If your motor insurance policy has a new vehicle provision and you decline the offer of a new vehicle, then we will pay the difference between the insured vehicle and the net invoice selling price of the insured vehicle, or the finance settlement, which ever is the greater and not the cost of the vehicle.

Return to Invoice Insurance

We also offer Return to Invoice Insurance (RTI), this insurance policy is designed to Cover the difference between the payment received from your motor insurance company and the price you paid for the vehicle or cost to settle your outstanding finance, whichever is greater.

Original Invoice Price £15,500
Your Insurance Provider Pays You £7,000

The insurance will cover the amount to take you back to your original invoice price – on this example that would be £8,000.

The RTI element of this policy runs for 24 or 36 months from when you purchased your vehicle. If you still have finance on the vehicle after this period, the cover will continue for up to 60 months but changes to Finance GAP - paying the shortfall between the motor insurance settlement figure and the Early Settlement Amount that you owe to your finance company.

Ask your sales executive for more information or a personalised quote

 

 

Contract Hire

Contract Hire Finance GAP pays the difference between the market value and the outstanding finance on the vehicle up to a maximum of £10,000 (subject to eligibility)

Current Market Value £8,000
Outstanding Finance  £10,000

Finance GAP will cover the amount to pay off any outstanding rentals – in this example £2,000.

We will also cover up to £250 of your motor insurance excess in the event of a fault claim.

What's Covered?

Vehicle Replacement Insurance

  •  If your vehicle is written off, we cover up to £450 towards your motor excess, where this cannot be recovered from a third party.
  • All factory fitted accessories that are detailed on the original invoice.
  • All dealer fitted accessories that are detailed on the original invoice and are listed on the manufacturers’ price list.

 

Return to Invoice Insurance

  •  If your vehicle is written off, we cover up to £450 towards your motor excess, where this cannot be recovered from a third party.
  • All factory fitted accessories that are detailed on the original invoice.
  • All dealer fitted accessories that are detailed on the original invoice and are listed on the manufacturers’ price list.

 

Contract Hire

    •  If your vehicle is written off, we will cover your initial deposit payment up to a maximum amount of £2,000.
    • The maximum benefit under this policy is £10,000 as detailed on the policy schedule.
    • The policy runs for up to 60 months or until your contract hire agreement expires, whichever occurs first.
    • If your vehicle is written off, we cover up to £450 towards your motor excess, where this cannot be recovered from a third party.
Whats Not Covered

Like all policies of this type there are some circumstances that this insurance does not cover, which include;

    • This insurance will not cover the cost of any road fund licence, new vehicle registration fee, delivery charge, paintwork and/or upholstery protection kits, administration fee, fuel, insurance premiums (including this premium), warranty premiums, service plans, finance carried over from a previous vehicle, any finance arrears or associated costs.
    • Any claim caused by the failure of the battery on an electric vehicle due to defects in material, workmanship, or manufacturing processes.
    • A total loss where the person in charge of the vehicle is convicted of drink driving or under the influence of drugs.


For a copy of the full terms and conditions, please contact your supplying dealership.

Eligibility

You are eligible if at the start date;

  • For Vehicle Replacement Insurance - Your insured vehicle is less than or equal to 180 days old and covered less than 250 miles at the time you purchase the policy
  • For Return to Invoice Insurance - You insured vehicle must be a vehicle retailed by JCT600
  • You are the registered keeper of the insured vehicle
  • Your insured vehicle is covered by fully comprehensive insurance
  • You are not purchasing a vehicle over 3.5 tonnes, an emergency vehicle, taxi or vehicle used for hire or reward, a bus, truck, motorcycle, vehicles used for deliveries or dispatch, road-racing, rallying, pace-making, speed testing or any other competitive event.
  • The term of the finance agreement on the insured vehicle is less than or equal to 60 months
  • You are a permanent resident of the United Kingdom, Channel Islands or Isle of Man
  • Ask your sales executive for more information or a personalised quote.
How to make a claim

Before you accept any offer or valuation from a motor insurer, you must notify the administrator. If you accept an offer of settlement from the underwriters of the Motor Insurance Policy of less than the current Market Value of your vehicle before contacting the administrator, then we reserve the right to assess the loss at the current market value of the vehicle by reference to Glass’s Guide Retail Transacted value at the date of total loss.

You can manage your policy by creating a ‘MyPremia’ account with the Administrator by logging onto https://www.mypremia.co.uk/ and clicking ‘Register Account’. Your ‘MyPremia’ account will allow you to access your policy documents, update personal details and submit or manage a claim.

Alternative contact details can be found within your policy document.

The full list of limitations, exclusions, terms and conditions is given in the Total Loss Protection policy document.

Policy administered by

Premia Solutions Limited
3 Corunna Court
Corunna Road
Warwick
CV34 5HQ

Premia Solutions Limited is authorised and regulated by the Financial Conduct Authority.

Associated with

  • Santander Logo
  • Ben Logo
  • BVRLA Logo
  • MotoNovo Logo
  • Motor Ombudsman Logo
  • Northridge Logo
  • Top Track 100 Logo
  • Premia Solutions Logo
  • Solera CAP HPI Logo