The value of a vehicle depreciates 60% in three years

Protect your customers against this loss for three years rising to four if a finance agreement was taken out.

Motor insurers will pay the depreciated value at the time of the claim, not the original value at the time of purchase. So, if they buy a car and two years later it is declared a total loss as a result of an accident, fire or theft, the motor insurer offers to pay out only 50% of the amount they originally purchased the vehicle for, claiming that this is the current value of the vehicle that was written off.

At this point the MIS Gap insurance steps in and pays the difference between the Comprehensive Insurance Settlement and the Purchase Price of the insured vehicle as confirmed by the net invoice selling price, or if greater, the amount of the finance agreement early settlement.

We will also cover their motor insurance excess up to £250 and in the event of a non fault accident, they will automatically have the benefit of our Motor Legal Expenses policy plus the provision of a replacement vehicle for 10 days.