Asset Protection shields you from financial loss providing you with the option of purchasing a replacement vehicle. It helps to bridge the payment gap safeguarding your money and keeping you on the road. The good news is that Asset Protection Insurance is paid out in addition to the comprehensive motor insurance claim settlement, and it's available on new and used vehicles. Talk to a local retailer for more information on asset protection.


What Is Asset Protection Insurance?

If your vehicle is written off through accidental damage, fire or theft, there are two types of Asset Protection Insurance cover available to you:

Asset Protection (Shortfall Protection)
This covers the difference between what the comprehensive motor insurance company pay outs and what you owe on your finance agreement, up to £10,000. You will be covered for the full term of your finance agreement of up to maximum of 5 years.

Asset Protection Plus (Return to Invoice)
We'll give you a claim limit of up to £25,000 (depending on the vehicle purchase price). This should cover the difference between how much the comprehensive motor insurance company compensates you and what you paid for the vehicle.

How can I take out Asset Protection Insurance cover?

Your Retailer has a brochure and application form and you just make a single payment to cover you for up to three years with the Asset Protection Plus option and up to five years with the Asset Protection option. You must also have a Comprehensive Motor Insurance policy in place for the duration of the cover.


How does Asset Protection work?

Here are examples of how the two options could work for you. These figures are used as a guide only.

Eligibility

You will be eligible for Asset Protection Insurance provided you are;
• aged at least 18 years
• permanently resident in the UK, Channel Islands or Isle of Man, remaining so for the period of this Asset Protection Insurance
• comprehensively insured currently and for the period of this Asset Protection Insurance.

Benefits - Asset Protection (Shortfall Protection)
In the event of the insured vehicle's total loss, Volkswagen Financial Services (UK) Limited will be paid, on your behalf, an amount equal to the shortfall between the insurer's settlement (or the vehicle's market value if greater) and the settlement figure agreed with Volkswagen Financial Services (UK) Limited. Such amount shall not exceed £10,000.

Benefits - Asset Protection (Return to Invoice)
In the event of the insured vehicle's total loss you or Volkswagen Financial Services (UK) Limited will be paid an amount equal to the difference between the invoice price and the insurer's settlement amount (or the market value of the vehicle if greater). Such an amount shall not exceed £15,000.

Exclusions
Cover is not provided if:
• The vehicle is used as an emergency vehicle, courier or for delivery services, as an invalid carrier or is used for hire or as a taxi.
• The vehicle is used for road racing, rallying, pace-making, speed testing or any other competitive event.
• Vehicle modifications are other than in accordance with manufacturer's specifications; the total loss results from you, or any other person with your general consent driving the vehicle without a valid driving licence, when intoxicated or under the influence of drugs and or alcohol.
• Comprehensive motor insurance policy exceeding £100
• Vehicle written off as a result of: driver being under the influence of alcohol or drug, an unlicensed driver.

General Conditions
Asset Protection Insurance is underwritten and administered by London General Insurance Company Limited . This summary of cover does not override the Group Policy's terms and conditions, a copy of which is available on request.
Asset Protection Insurance parties are free to choose the applicable law. Without agreement to the contrary, English Law will apply. Residents of Scotland, Wales, Northern Ireland, Channel Islands or the Isle of Man may commence legal proceedings in local courts.

Policy/agreement numbers should be quoted for a speedy resolution. If you are still dissatisfied you should the Managing Director of Pinnacle Insurance plc should be contacted.

Any further problems should be addressed to:

The Insurance Ombudsman Bureau (IOB)
South Quay Plaza, 183 Marsh Wall, London, E14 9SR

In instances where the IOB cannot consider complaints, this procedure will not prejudice your right to take legal proceedings. Volkswagen Financial Services (UK) Limited undertakes to comply with the Association of British Insurers Code of Practice for the selling of General Insurance. Designated as a company agent, the companies it represents accept all responsibilities. A copy of the Code is available on request. Volkswagen Financial Services (UK) Limited undertakes to comply with the Association of British Insurers Code of Practice for the selling of General Insurance. Designated as a company agent, the companies it represents accept all responsibilities.