You can’t keep your eyes on your car all the time but you can ensure a level of additional protection with us. Our Financial Shortfall Insurance has been designed to help protect you from losing out in the event of a ‘total loss’ insurance claim whether you are a cash buyer or have taken finance.
Motor insurers typically pay you the market value of your car at the time the incident occurred and not the price you originally paid.
Financial Shortfall Insurance makes it easier for you to get a ‘like for like’ vehicle replacement.
It covers you against the gap between the market value of your vehicle at the time of loss and either the original invoice price of your vehicle or the outstanding balance on your finance (if applicable), whichever is the higher claim amount.
This insurance is underwritten by MAPFRE ASISTENCIA Compañía Internacional de Seguros y Reaseguros Sociedad Anonima which is authorised by Dirección General de Seguros y Fondos de Pensiones and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority, number 203041. Details about the extent of regulation are available on request. MAPFRE ASISTENCIA Compañía Internacional de Seguros y Reaseguros Sociedad Anonima is incorporated and registered in Spain and registered as a foreign company in the United Kingdom with company number FC021974, acting through its UK branch with branch number BR008042 and its principal office is at Dixon House, 72-75 Fenchurch Street, London, EC3M 4BR.
This 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 1 Victoria Street, Bristol Bridge, 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 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.