Any mechanically propelled vehicle adapted for use on road, whether the power of propulsion is transmitted thereto from an external or internal source and includes a chassis to which a body has not been attached and a trailer, but does not include a vehicle running upon fixed rails or a vehicle of a special type adapted for use only in a factory or in any other enclosed premises or a vehicle having less than four wheels fitted with engine capacity of not exceeding 25 cubic centimeters (25 cc).
Insurance Encyclopedia
Vehicle replacement insurance
Like guaranteed asset protection – GAP – the policy pays out in the event of the vehicle being written off or stolen, but the benefit payable is the difference between the insurance company pay-out and the original invoice value. Cover is suitable for motorists who have wholly paid for their cars or paid large initial deposits. Policies run for two or three years as selected by the insured subject to a maximum benefit of £10,000.