If your vehicle is declared a total loss, your comprehensive insurance payout may not cover the total amount you paid for your vehicle, or the loan amount you still owe.
ŠKODA Value Protect Insurance helps to cover the shortfall and pays you the difference between a total loss payment and, either the loan settlement amount or the replacement vehicle value. Whichever is greater, up to the maximum sum insured under the cover option you select. Whether you have paid for your vehicle outright, or have a loan balance outstanding, Value Protect Insurance can help so a total loss doesn’t leave you out of pocket.
If your comprehensive motor vehicle insurance provides you a replacement vehicle benefit, you may wish to consider if Value Protect Insurance is right for you. If your vehicle becomes a total loss and you choose to receive a replacement vehicle, you will be entitled to a refund of the Value Protect Insurance premium.