At Marriott ŠKODA, we understand the importance of protecting your assets when it comes to high-involvement purchases, such as a car. Our combined Guaranteed Asset Protection incorporates Return on Invoice cover (RTI) and Finance Guaranteed Asset Protection (Finance Asset Protection). Taking out this protection policy ensures you are covered in the unfortunate event that your vehicle is written off.
RTI is designed to pay the difference between a settlement made by your vehicle insurance provider and the original cash price paid for the vehicle after a write off.
Finance Asset Protection pays the difference between the settlement made by your vehicle insurance provider and the amount outstanding on the finance agreement - often known as a settlement figure.
No matter how you paid for your vehicle, the Combined Guaranteed Asset Protection will pay out the greater option of the RTI or Finance Asset Protection amount, up to the purchase price of the vehicle. (Exclusions apply).
If you paid £18,500 for your vehicle and it is written off, the insurance company will pay out the vehicle value at the time of the write off, for example £12,000. An RTI pay-out of £6,500 will top it up to the price you originally paid.
If at the time of the write off, you owe £19,200 on your finance agreement. The insurance company pays out £12,000 (value at the time). A Finance Asset Protection pay-out of £7,200 makes up the difference.
|Asset Protection Pay-out||£7,200|
As with all insurance policies there are some circumstances for which Combined Guaranteed Asset Protection will unfortunately not cover you. You must have in place a fully comprehensive motor insurance policy issued by an authorised UK motor insurer which insures against accidental loss and/or damage to the vehicle throughout the period of insurance. In the event your motor insurer rejects your claim and a settlement payment is not made you will not be covered by this policy.
Any recoverable Value Added Tax (VAT) where you are VAT registered.
Additional costs within the finance settlement for anything other than the purchase of the vehicle. This includes but is not limited to; administration charges, option to purchase charges, late payment charges and arrears, early settlement charges.
Which means any sum outstanding from a previous finance agreement, transferred to the new vehicle finance agreement.
IMPORTANT: Financial Conduct Authority regulations require us to provide you with a separate Combined Guaranteed Asset Protection Key Information document. You are unable to purchase this facility until one day has passed, following receipt of the information outlined in that document. We will contact you on the 4th day to discuss the facility further, however, should you require more immediate cover, you have the right to conclude purchase on day 2 or day 3 by contacting your Sales Consultant. Combined Guaranteed Asset Protection is an OPTIONAL facility available from this dealership. Our sales consultants will be happy to answer your questions or clarify the policy benefits and exclusions. You should be aware that similar plans may be available elsewhere to purchase directly. However, as with any insurance policy, you should confirm that the cover levels of alternative facilities are suitable for your needs.
*You should note that there are certain limitations in terms of the maximum amount you may claim. For full benefits and exclusions, please refer to sections titled ‘What is covered?’ and ‘What is not covered?’ of the policy terms and conditions which will be provided on request.
†This facility is only available to customers that hold live Combined Asset Protection, SMART, Alloy or Tyre policies. *SMART Protection is subject to the terms and conditions contained in the policy schedule. In addition you should note there are certain limitations in terms of the maximum amount you may claim. Please ask us for further details. Bodyshop repairs are guaranteed as per the repairer’s standard Terms and Conditions.