What is Asset Protection Insurance (API)?
If your vehicle is declared a total loss due to an accident, theft or damaged beyond repair, there’s a good chance your comprehensive insurance payout will not cover the total amount you paid for your vehicle, or the amount you still owe on your loan. With Asset Protection Insurance whether you pay for your vehicle
outright or have financed it, you receive the greater of the following
up to the chosen benefit limit:
- The difference between the loan settlement amount and the
total loss payment paid by your comprehensive insurance
- The difference between the initial invoiced value of your vehicle
(which includes on road costs) and the total loss payment paid
by your comprehensive insurance provider.