Did you know that if you're car is written off or stolen for any reason, your insurer may only pay the current market value of the car, not the original purchase price of the car?
This is because many comprehensive motor insurers make a payment based on the market value of the car at the time of the total loss - not on the original purchase price. Any depreciation or loss in the value that takes place after you have taken delivery of your Ford may not be covered.
This is your potential loss; however Ford Asset Protection could cover you for this, and gives you peace of mind that you're not going to be out of pocket in such situations.
If you'd like to know more about Ford Asset Protection - get in touch with our team today.
Ford Asset Protection can protect you in a number of ways:
1. Settlement Offer
If your vehicle is written off and a settlement offer is made by your motor insurer (or 3rd party through an accident management company), we could pay you the difference between the amount paid out by your motor insurer (or 3rd party through an accident management company) and the original purchase price you paid for your vehicle.
2. Finance Agreement
If your vehicle is subject to a finance agreement and the early settlement amount is greater than the original purchase price you paid for your vehicle then we will pay you the difference between the amount paid out by your motor insurer (or 3rd party through an accident management company) and the finance early settlement amount. Any payment will be paid directly to the finance company on your behalf, and if there are any excess funds, these will be sent to you directly.
3. Lease or Contract Hire
If your vehicle is subject to a lease or contract hire agreement we could pay the difference between the amount paid out by the motor insurer and the early termination charge from the lease or contract hire company, as well as the original up-front payment you made in the form of rentals paid in advance.