If you have bought or are buying a car or van and benefiting from a high level of discount, you could have little or no assurance that you could receive the same vehicle at the same level of discount if you needed to replace it in the future.
Additionally if the amount of VAT should rise again or manufacturers increase their prices, the amount you paid for your vehicle at the time of purchase would be a lot lower than it could be in the future.
There is also a chance that the reverse could happen, and the cost of buying the vehicle again could be less than you originally paid, meaning we pay up to a lower figure than your invoice price.
Our VRI Plus policy, will pay the difference between your motor insurer’s settlement and the cost of replacing it at the time of the claim, with one of the same make, model specification, age and mileage as the vehicle when you originally purchased it.
For example, if you pay £20,000 for your vehicle and it is subsequently written off, your insurance company may settle at £9,000. The cost of replacing that vehicle with a like- for- like new vehicle might be £22,000. We would then pay the £13,000 difference to a supplying dealer to get you a vehicle of the same Make, Model, Specification and Age as the one you originally purchased.