Vehicle Shortfall Insurance
Up to 4 years' cover from £8.99 per month
Plus first month's cover free of charge
For Enquiries and Claims Call 01926 622661
Accidents Happen
Unfortunately accidents do happen, but what would you do if your vehicle was involved in an accident and was written off? Likewise, if your vehicle was stolen and not recovered what would your options be?
We've Got You Covered
Our VSI has been specifically designed to supplement your comprehensive motor insurance policy and will pay the difference between the price you paid for the vehicle and the greater of the current market values* or your insurance company settlement.
Benefits of VSI
The policy also provides these benefits:
Insurance excess
Provides cover for your motor insurance policy excess up to a maximum of £300 (where this cannot be recovered from anyone else).
Finance gap
Where the finance to purchase your vehicle is arranged by Arnold Clark, the policy will pay the Shortfall between the motor insurer’s settlement and the greater of the Cost and the amount required to settle the finance.
The Cost of the vehicle includes the following Arnold Clark products when you buy them at the same time as the vehicle:
Service Plan or Clark Plan
Any Service Plan or Clark Plan from the range of Arnold Clark servicing and MOT plans.
Autocare
The Arnold Clark mechanical breakdown warranty product.
Protect
The Arnold Clark paint and upholstery protection product.
The Cost*
The Cost is the sale price of the insured vehicle and includes the any of the following items when purchased at the same time:
- Factory or dealer-fitted options and accessories;
- Arnold Clark Service Plan, Clark Plan, Autocare and Protect;
- Any vehicle manufacturer specific servicing product up to a value of £500) and/or;
- any vehicle manufacturer specific warranty product up to a value of £500.
The Cost takes into account any discounts applied and excludes:
- Any vehicle tax, fuel or insurance premiums included in the sale price; and
- VAT if you are VAT registered and can recover the VAT; and
- Any debt transferred from a loan or finance agreement connected with the purchase of a different vehicle.
For non Arnold Clark products purchased prior to vehicle delivery Arnold Clark VSI will also cover a vehicle manufacturer specific servicing or warranty product (each up to a value of £500).
4 years' protection
Low-cost monthly premium
First month's cover free
Vehicle Shortfall Insurance is a pay-as-you-go monthly policy that provides up to four years’ protection for a low-cost monthly premium:
£8.99
per month
For vehicles that cost no more than £15,000.
Provides up to £15,000 of total benefit.
Plus, your first month of cover is free of charge.
£12.99
per month
For vehicles that cost more than £15,000 but less than £50,000.
Provides up to £25,000 of total benefit.
Plus, your first month of cover is free of charge.
£15.99
per month
For vehicles that cost between £50,000 and £100,000.
Provides up to £35,000 of total benefit.
Plus, your first month of cover is free of charge.
Accident claim example
Mrs Warren of Edinburgh bought a 4-month-old vehicle from Arnold Clark for £20,795.
21 months later Mrs Warren was involved in an accident when an oncoming vehicle turned into the path of her vehicle. The vehicle was written off by her insurance company after having been declared a total loss and the insurance company agreed to settle the claim for £14,295.
While the motor insurance excess was recovered from the third party, Mrs Warren was still out of pocket by £6,500.
Fortunately, Mrs Warren had taken out Vehicle Shortfall Insurance and was protected. As a result a cheque was issued for the sum of £6,500 covering the difference between her insurance company payout and the VSI Cover Sum.
Mrs Warren - Edinburgh
VSI Cover Sum
£20,795
Insurance company settlement
£14,295
VSI payment
£6,500
The names of individuals and places in these otherwise true examples have been changed.
Theft claim example
Mr Knox of Leeds was delighted with the 2½-year-old vehicle which he had purchased from Arnold Clark for £5,838.
However, almost 3 years later his vehicle was stolen as part of a house burglary and was never recovered. With his insurance company having considered the claim Mr Knox received an insurance company settlement of £3,500.
This settlement resulted in a shortfall of over £2,300 against the £5,838 he had originally paid for the vehicle.
Having taken out an Vehicle Shortfall Insurance policy Mr Knox was protected in the event his vehicle was written off as a result of accidental damage, fire or theft. As such a cheque for £2,338 was subsequently issued to Mr Knox to cover the shortfall.
Mr Knox - Leeds
VSI Cover Sum
£5,838
Insurance company settlement
£3,500
VSI payment
£2,338
The names of individuals and places in these otherwise true examples have been changed.
Vehicle eligibility
Available on new and used cars under six years old at point of purchase.
Monthly premiums
Vehicle Shortfall Insurance monthly premiums are collected by monthly Direct Debit and include Insurance Premium Tax (IPT) at the current rate. IPT rates may change during the course of your policy and as a result the monthly premiums will change.
Enquiries and claims
Call our dedicated Helpline on 01926 622661 (Monday to Friday: 9am to 5pm) for advice and assistance. If you need to make a claim, an initial assessment of your claim will be made and providing everything is in order, a claim form will be issued to you for completion.
To find out more about our Vehicle Shortfall Insurance
Where, in a total loss situation, you accept an offer of settlement from a motor insurer of less than the current market value at the time of total loss before making a claim on this policy, then the VSI insurer reserves the right to assess the loss by reference to the current market value (i.e. the published ‘Glass’s Guide’ market valuation at the time of the total loss).