What is Motor Top Up Loss Insurance?

Most of us appreciate that vehicle values depreciate over time, in fact, from the moment you drive a brand new vehicle off the forecourt it has already dropped in value.

However, what most don’t appreciate is that if your vehicle is then stolen, or written off due to a road traffic accident, your main vehicle insurer will only pay you a claim value based on the depreciated value, known as the market value.

This means that you could be left unlikely to receive a sufficiently large amount to purchase a new equivalent replacement – hence the Top Up Loss – to cover a shortfall in insurance cover.

This insurance enables you to insure some or all of that shortfall.

It is mainly used when:

• A GAP policy has expired (because they can’t be renewed) when the car has been retained and no longer qualifies for GAP cover.
• Because you drive a much treasured older vehicle
• For older family second cars
• For children’s older cars

The important thing is that if GAP insurance doesn’t cover it, the chances are (subject to the exclusions below), Motor Top Up Loss Insurance might.