About Total Loss Protection Insurance
Our Total Loss Protection Insurance product has been designed to protect your customers when claiming a pay out on a total write-off loss. It can be a time consuming process and it is unlikely to fully cover the retail cost for an equivalent replacement vehicle or the costs of travel alternatives a claimant could face. Total Loss Protection Insurance covers this financial loss, as well as helping to remove the associated hassle and inconvenience this causes.
In the event of a total loss claim on the insured vehicle, the Total Loss Protection Insurance policy will pay out up to 20% of the underlying motor insurer’s final settlement figure, enabling the customer to purchase a similar vehicle at dealership retail cost. It also includes a contribution to the insured’s further transportation costs such as hiring a vehicle during the settlement period.
This product is a valuable addition to your offering as an enhancement to your personal motor and motorcycle insurance policies.
Total Loss Protection Insurance benefits of cover include:
- In the event of a total loss claim on the insured vehicle, the Total Loss Protection Insurance policy will pay out up to 20% of the underlying motor insurer’s final settlement figure
- Cover is available for private vehicles in the UK up to 10 years of age which are covered by a comprehensive or third party fire and theft motor insurance policy
- A contribution to the insured’s further transportation costs such as hiring a vehicle during the settlement period
- The policy is provided on an annual basis with a maximum of £12,000 for the policy year
Why Total Loss Protection Insurance?
- Innovative product solution – in a growing marketplace
- Responds to calls for transparency and improved customer experience from add-on products
- A valuable insurance that will enhance your brand and private motor, commercial vehicle and motorcycle product offering