PistonHeads

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PistonHeads is working as a GAP Insurance introducer for ALA IB Limited trading as ALA Insurance Brokers, who is Authorised and Regulated by The Financial Conduct Authority. FCA Firm Reference No 571109. Registered in England, number 06833207. Registered office: ALA IB Limited, Unit 3, Park Farm Courtyard, Easthorpe, Malton, YO17 6QX

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Back to Invoice GAP Insurance

Back to Invoice GAP Insurance is also known as Return to Invoice GAP Insurance.


What is Back to Invoice Plus GAP Insurance?

This GAP Insurance policy will, in the event of a total loss, pay the difference between the comprehensive insurer’s market value settlement and the original vehicle invoice price or the finance settlement figure, whichever is higher at the time.

POLICY WORDING POLICY SUMMARY QUOTE ME


How does this policy compare to Vehicle Replacement Plus?


Back To Invoice
Pays you back to the price you paid for the vehicle or your finance settlement figure if that is higher.
You get back the money you paid for your vehicle to use as you wish.
Settlement paid to you in the event of a claim.
For vehicles bought outright or on finance.
For vehicles up to 10 years old, no upper mileage limit.
No ongoing age or mileage limit.
Available for vehicles with an invoice price of up to £150,000
Vehicle Replacement
Pays up to replacement cost of a vehicle matching the original or your finance settlement figure if that is higher.
Protects from potential manufacturer price increases or discounts that are no longer available.
Settlement paid to you in the event of a claim.
For vehicles bought outright or on finance.
Available for vehicles with a purchase price of up to £150,000.
Available for vehicles less than 4 months old, purchased within the last 60 days.
1500 maximum mileage limit at policy start date.
No ongoing mileage limit.


Can I buy Back to Invoice Plus?

The answer to this is yes if:

  • Your vehicle was purchased in the last 60 days, this policy can be bought for vehicles of any age
  • You have owned your vehicle for more than 60 days, this policy can be purchased for vehicles which are less than 10 years old
  • Your vehicle is owned outright OR on a Hire Purchase (HP) or Personal Contract Purchase (PCP)
  • Your vehicle was purchased from a VAT registered dealer
  • Your vehicle is not excluded as one of the following: Taxi, mini cab, driving tuition vehicle, courier or delivery vehicle of any type or any private or public rental vehicle or any rally, competition or off-road vehicle of any type. Please see our full exclusions to check your vehicle isn't on the list.

    Any Commercial Vehicle over 3500kg, Motorcycle, Motor Scooter or Moped. Any left hand drive vehicle and a vehicle which does not meet UK or EC approval or is not commercially available in the UK direct from a manufacturer or its authorised importer or dealer. Any taxi, mini cab, driving tuition vehicle, courier or delivery vehicle of any type or any private or public rental vehicle or any rally, competition or off-road vehicle of any type.

If your car has been bought from a private seller please look at the details for our Agreed Value GAP Insurance policy or contact one of the ALA team on 01653 916280



Back to Invoice Plus Cover Features:

  • Cover available for up to 4 years
  • Covers vehicles up to £150,000 (cars only - other limits apply for commercial vehicles)
  • Covers up to £250 of your comprehensive insurance excess
  • No market value, Glass’s Guide maximum payout or pre-approval clause
  • Combination Back to Invoice and Finance GAP policy – see examples below
  • Cover available for up to 365 days after delivery of vehicle
  • Policy transfer – pro rata transfer of unused premium if you change your vehicle, with no admin fees
  • Any amendment made FREE of charge
  • Discounts for multiple policy purchases
  • We guarantee to match any comparable online GAP quote


Back to Invoice Example:

Our Back to Invoice GAP Insurance will pay either the amount outstanding to your finance company or back to your invoice depending which figure is higher at the point of a claim.
Your invoice value of: £20,000
The amount owed to the finance company at the point of claim: £21,000
Your comprehensive market value insurance payout: £15,000
Our Back to Invoice GAP Insurance payout: £6,000
Comprehensive insurance payout + ALA GAP Insurance payout = £21,000
(Leaving you clear of any owed finance on your vehicle)
Alternatively...
Your invoice value of: £20,000
The amount owed to the finance company at the point of claim: £18,000
Your comprehensive market value insurance payout: £15,000
Our Back to Invoice GAP Insurance payout: £5,000
Comprehensive insurance payout + ALA GAP Insurance payout = £20,000
(Then you would need to pay the £18,000 owed to the finance company but you get to keep £2000)