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What is Total Loss Cover?

A costly insurance write-off could leave you out of pocket at the very time you need to pay for a new car. At PSA Finance, we understand how much of an impact this can have on your budget and wallet.

 

How does Total Loss Cover Insurance work?

With our Total Loss Cover insurance, we could cover you for the gap between the market value of your car and either the original invoice price or the outstanding balance on your finance - whichever is the higher amount.

This means there is no costly payout for you, making finding a replacement vehicle much more achievable. With our Total Loss Cover, you can put the incident behind you and get on with finding your new car.

In addition, we will also provide you with a £500 payment towards any expenses you may incur whilst you are without a vehicle, for example to cover taxi fares or hire a replacement vehicle.

Contact your local dealer today to find out more.

 

Total Loss Cover key features & benefits

  • Total Loss Cover is available on both new and used vehicles
  • Financial protection ensuring that you aren't left out of pocket
  • Covers the gap between the Motor Insurer's market valuation and the original invoice price of the car for up to 3 years or up to 4 years depending upon the cover you chose
  • In the event of an approved claim, we will provide up to £350 towards your excess motor insurance and £500 loss expenses
  • Two levels of cover. Up to 36 months or 48 months with an additional 12 month cover provided for any finance shortfall. Premiums can be made monthly or paid as a one off lump sum

 

Please speak to your dealer for full terms, conditions and limitations.

 

Terms & Conditions


In months 49 to 60 you are only covered for the difference between the market value of the vehicle and the finance settlement.

This insurance is underwritten by MAPFRE Asistencia Compañia Internacional de Seguros y Reaseguros Sociedad Anonima, Alpha House, 5th Floor, 24A Lime Street, London, EC3M 7HS.

Company Number: FC021974. branch Number BR008042. MAPFRE Asistencia Compañia Internacional de Seguros y Reaseguros Sociedad Anonima is authorised by Dirección General de Seguros y Fondos De Pensiones and is subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available on request.

The insurance is administered by Abraxas Insurance Administration Services Limited trading as PSA Finance Insurance Administration Services who acts on behalf of the Insurer. Abraxas Insurance Administration Services Limited is authorised and regulated by the Financial Conduct Authority with FCA number 308702. Abraxas Insurance Administration Services Limited is registered in England and Wales with company number 02928787 and its registered office is at One Victoria Street, Bristol Beidge, Bristol, BS1 6AA.

PSA Finance UK is part of the PSA Group and is responsible for arranging this product. PSA Finance UK Ltd (company registration number 01024322) whose registered office address is at 61 London Road, Redhill, Surrey RH1 1QA. Transactions entered into for the above-insured products are covered by the Financial Ombudsman Service dispute resolution scheme and the Financial Services Compensation Scheme.