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Asset Protection Insurance

What is Asset Protection Insurance?

Asset Protection Insurance (API) is an extra level of protection for you should your vehicle stolen or written off and declared a total loss by your insurer.

How does it work?

If your car is declared a total loss by an insurer and you need to make a claim, you will be paid the current market value for your car. API covers the difference between what you paid for the car and what the insurer will pay you for it, meaning you can replace it with a car of similar value without having to make up the difference yourself.

Example:

  • You pay £12,000 for a new vehicle
  • At some point in your ownership, it's involved in an accident and declared a total loss by your insurer
  • They agree to pay you £8,000 for the insurance claim, which is the market value of the vehicle at that time
  • If you've taken out Asset Protection Insurance, you'll receive the difference between the insurance claim and the price you paid for the vehicle, in this case, £4,000
  • You can then purchase a vehicle of the same value without using any more of your own money

For more information about Asset Protection Insurance, please speak to a Business Manager at your local Evans Halshaw dealership for more information.

Does this replace my regular vehicle insurance?

No, your vehicle still needs to be insured by law, and to take out an API policy it needs to be insured comprehensively.

Can I use get an API policy on a vehicle I use for business?

No, API only applies to private use of a vehicle on a public highway.

What if my car is on finance?

Having an API policy will help you settle any existing finance agreement in the event your vehicle is stolen or written off. Otherwise you would have personally fund the difference between the market value of your car and any remaining finance that is owed.


How long am I covered for?
API is available for most cars and vans for a period of between 24-48 months, depending on how long you want it for.