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:

  1. The difference between the loan settlement amount and the total loss payment paid by your comprehensive insurance provider; or
  2. 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.
AWN LAPI Graph Image
AWN LAPI Graph Image

Asset Protection Product Brochure

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What is an API PLUS Benefit?

In addition to the Asset Protection Insurance Benefit, API PLUS Benefits will reimburse you for:

  • The excess paid by you to your comprehensive motor insurer.
  • Registration, stamp duty, delivery charges and CTP on your replacement vehicle.
  • 12 months comprehensive motor insurance on your replacement vehicle.
  • Up to 10 days vehicle hire.
Asset protection Insurance Coverage Options
Coverage Options Cover Benefit API Plus Benefit
Coverage A $5,000 $2,000
Coverage B $10,000 $2,000
Coverage C $15,000 $4,000
Coverage D $20,000 $7,000
Coverage E $30,000 $10,000

This page is for information purposes only. For full Product Disclosure Statements and coverage details, please refer to the Terms, Conditions, Limitations and Exclusions of the Policy by contacting your local AWN Authorised Agent.

Claim Payment Example - Coverage B
Vehicle Invoice Price (inclusive of on road costs) A $35,000
Outstanding Loan Balance B $38,942
Vehicle Insurance Payout C - $31,000
API Cover pays (plus API PLUS Benefit) B-C $7,942
Claim Payment Example - Coverage B
Vehicle Invoice Price (inclusive of on road costs) A $28,000
Vehicle Insurance Payout B - $22,000
No outstanding financier as purchased outright C $0
API Cover pays (plus API PLUS Benefit) A-C $6,000