Policy will pay out up to 20% of the underlying motor insurer’s final settlement figure
AXA Assistance has launched a total loss product for brokers and insurers, designed to address delays and financial losses associated with motor write-off claims.
The new policy, available for private and commercial vehicles up to 10 years old, will pay out up to 20% of the underlying motor insurer’s final settlement figure in the event of a total loss claim on the insured vehicle.
It also includes a contribution to the insured’s further transportation costs such as hiring a vehicle during the settlement period.
AXA Assistance director of account management Rick Ware said: “Currently, a claim pay out on a total write-off loss can take a number of weeks to settle, and is unlikely to fully cover the retail cost for an equivalent replacement vehicle, as well as the costs of travel alternatives a claimant could face. Total Loss Protection is designed to cover this financial loss, as well as helping to remove the associated hassle and inconvenience this causes.
“As a global brand we see real growth opportunities in this new market, so have launched Total Loss Protection, bringing our expertise in developing and delivering effective and relevant add-on products, whilst responding to the needs of customers. This product also reflects the demand for clear and appropriate insurance cover, by offering choice and flexibility.”