If you have fully comprehensive car insurance and you want to protect your financial position in the event of a 'total loss' insurance claim, Shortfall Insurance is worth considering.
You can't keep your eyes on your car all the time but you can ensure a level of additional protection with Shortfall Insurance. There are two types available which take effect when your motor insurer declares your vehicle a 'total loss':
- Shortfall Insurance: GAP, offers Citroën Financial Services customer's protection against the finance liability between the market value* of their vehicle (typically the insurance settlement) and your outstanding finance balance.
- Shortfall Insurance: VRI, is the ultimate Shortfall Insurance product which makes it easier for finance or cash customers to get a like-for-like replacement vehicle, with the gap covered between the market value* (typically the insurance settlement) and the original invoice price of the vehicle.
Call us to Find out more about Shortfall Insurance.
*Market Value is the settlement amount your Shortfall Insurer will expect your motor insurer to offer you in the event of a total loss. The market value will generally be determined using trade valuation publications such as Glasses Guide. It is a condition of a Shortfall policy that you do not accept your motor insurer’s settlement offer before speaking to your Shortfall insurer as this ensures an agreement on valuation can be reached.