Guaranteed Asset Protection For Your Car

The guaranteed asset protection usually pays the differences between the insurance settlements and the original purchase price. One can usually take this kind of measures in the unfortunate event that your car insurance may not cover all of the expenses. Generally, there are two types of guaranteed asset protection: Shortfall protection and Return to Invoice (RTI).

Each of the two forms of guaranteed asset protection allows you to either pay off any finance outstanding on your car and also allows you to purchase a replacement vehicle without spending too much money. The guaranteed asset protection will let you choose whether to protect the difference between the amounts paid out by your insurance company, in the case your car is utterly damaged and the balance of any finance agreement or to gain the original cash purchase price that you paid for your car.

To be able to take out the guaranteed asset protection cover, you must also have the full comprehensive motor insurance cover on your car. The guaranteed asset protection can be sold for new and also second hand cars. For those people that pay with cash they could get a RTI or Equity protection, which is a variation on the standard guaranteed asset protection. Thus, instead of paying the difference between the insurance claim and the outstanding finance, you can have the original cash investment of your car.

There are many benefits of the guaranteed asset protection. First, it provides you with the security that any investment made for your car are protected. The main purpose of the protection is that it aims to pay the difference between the total loss claims for a vehicle and the balance of all finance agreements. The guaranteed asset protection cover also provides total carefree in the case of having a car accident and really damaging your car. You can relax knowing that your asset is under protection.

You may ask who can get guaranteed asset protection. Well here are the facts. Usually to be eligible to purchase a guaranteed asset protection cover you must be at least 18 years old and the registered owner of the car. You should also have an insurance policy at a full comprehensive vehicle insurance company. You must also be a permanent resident of your country and at the same time to be comprehensively insured. For the vehicle to be eligible for guarantees asset insurance it must be under six years old, have a mileage under 80.000 km and have a term of finance equal to 60 months or less.

The guaranteed asset protection is very popular in UK. Here are some of facts that may convince you of the importance of taking care of your assets. Approximately 300 thousand cars were stolen in the UK in 2002-2003. Most of the cars that are stolen, one third are never recovered, thus having a guarantees asset protection RTI seems like a good idea. In the UK car crimes represent more than 25% of all crime, many of these cars being damaged and kept for evidence for a long period of time. Another concern is that every year over 800 thousand cars are being written on. These are just four of the reasons why you should ensure your car and get a guaranteed asset protection.

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