Promoted: Free 30-day GAP policy for PHers with ALA
Discussion
Hi TonyF55
Thank you for getting in touch and sorry we've not been able to confirm this before now - we do have the Initial Rental Cover in place but unfortunately the underwriters have decided that we cannot provide it retrospectively where a policy has been bought more than 30 days ago.
I'm sorry again
that we're unable to help with this at this point, if you do have any other queries please let me know.
Thanks,
Katie
Thank you for getting in touch and sorry we've not been able to confirm this before now - we do have the Initial Rental Cover in place but unfortunately the underwriters have decided that we cannot provide it retrospectively where a policy has been bought more than 30 days ago.
I'm sorry again
that we're unable to help with this at this point, if you do have any other queries please let me know.Thanks,
Katie
Hi Katie,
I should be getting my new car via Personal Contract Hire (for 24 months) in October. I was quoted a higher GAP insurance figure by the lease company (which I don't believe includes 'initial rental cover').
Could you let me know how the 'initial rental cover' works? For example if the car is written off anytime in the 24 months, would I get my initial rental paid back to me?
Thanks very much!
I should be getting my new car via Personal Contract Hire (for 24 months) in October. I was quoted a higher GAP insurance figure by the lease company (which I don't believe includes 'initial rental cover').
Could you let me know how the 'initial rental cover' works? For example if the car is written off anytime in the 24 months, would I get my initial rental paid back to me?
Thanks very much!
Hello there!
You're absolutely right
If at any point during the two year policy your lease car is written off by your insurer, the GAP insurance will cover the outstanding lease payments for your car, top up the insurer's market value settlement if required and, if you include Initial Rental Cover, give you back the initial rental you paid at the start of the contract.
This means you're clear of liability under the contract and you also get some money paid back to you to use as you wish, most likely for your next car
I hope this helps, if you have any other questions please let me know.
Thanks,
Katie
You're absolutely right
If at any point during the two year policy your lease car is written off by your insurer, the GAP insurance will cover the outstanding lease payments for your car, top up the insurer's market value settlement if required and, if you include Initial Rental Cover, give you back the initial rental you paid at the start of the contract.
This means you're clear of liability under the contract and you also get some money paid back to you to use as you wish, most likely for your next car
I hope this helps, if you have any other questions please let me know.
Thanks,
Katie
Can I get this right? If I have a 2010 used car that I pay 15k for and buy "back to invoice plus" from you for 5 year cover, does this mean that if the car was written off 4 years down the line and my insurance company decide to pay me 5k for it that you would pay me 11k to take me back to the invoice? I'm not clear if this is how this works or if it works by paying out to replace with a vehicle of a similar age? ie It gets written off in 4 years, insurance pays 5k and it costs 6.5k to buy a 2010 car like it so it only pays 1.5k?
In the quote system if you click the question mark by level of cover it says "Or, if you have bought a used car, we will replace it with a vehicle of a similar age as the one you bought." And I couldn't make out which way it worked from the policy wording either. Does this mean if I bought a 2010 vehicle now and it is written off in 4 years you will replace it with a 2010 vehicle (or a 2014 vehicle - which would be 6 yrs old in 2020. 4 yrs time, the time of the claim). Or do you just pay the difference between what my insurance gives me and 15k so I start again with 15k to buy a car?
In the quote system if you click the question mark by level of cover it says "Or, if you have bought a used car, we will replace it with a vehicle of a similar age as the one you bought." And I couldn't make out which way it worked from the policy wording either. Does this mean if I bought a 2010 vehicle now and it is written off in 4 years you will replace it with a 2010 vehicle (or a 2014 vehicle - which would be 6 yrs old in 2020. 4 yrs time, the time of the claim). Or do you just pay the difference between what my insurance gives me and 15k so I start again with 15k to buy a car?
Edited by skithepowder on Sunday 28th August 10:19
Hello skithepowder,
Just to confirm, first of all, that the Back to Invoice policy works by topping up your comprehensive insurance settlement up to one of two things; either the original invoice price (after discounts) or the outstanding finance whichever is the greater at the time of the claim. So, if after 4 years your 2010 car costing 15k was unfortunately written off and the comprehensive insurance paid out 5k then we would then pay 10k to get you back to the original invoice price.
If you were then to look at the Vehicle Replacement policy as an alternative, using the same vehicle as an example, this policy would pay up to the replacement cost of an equivalent car to the original car purchased. So the claims people would look at the replacement cost of a 6 year old car, matching the spec and mileage as it was when you took delivery. They would then settle to this amount even if this was more than what you originally paid. So if after 4 years your 2010 car originally costing 15k was written off and the comp insurance paid you 5k and a similar vehicle (2014 car with same spec and mileage as original car) at that point was costing 16k then we would pay you 11k.
On either policy the money is paid directly to you so you are not obligated to buy the same vehicle again, and potentially use it for something completely different!
I hope this helps
, but if you have any further queries or questions please just let us know.
Thanks,
Jason
Just to confirm, first of all, that the Back to Invoice policy works by topping up your comprehensive insurance settlement up to one of two things; either the original invoice price (after discounts) or the outstanding finance whichever is the greater at the time of the claim. So, if after 4 years your 2010 car costing 15k was unfortunately written off and the comprehensive insurance paid out 5k then we would then pay 10k to get you back to the original invoice price.
If you were then to look at the Vehicle Replacement policy as an alternative, using the same vehicle as an example, this policy would pay up to the replacement cost of an equivalent car to the original car purchased. So the claims people would look at the replacement cost of a 6 year old car, matching the spec and mileage as it was when you took delivery. They would then settle to this amount even if this was more than what you originally paid. So if after 4 years your 2010 car originally costing 15k was written off and the comp insurance paid you 5k and a similar vehicle (2014 car with same spec and mileage as original car) at that point was costing 16k then we would pay you 11k.
On either policy the money is paid directly to you so you are not obligated to buy the same vehicle again, and potentially use it for something completely different!
I hope this helps
, but if you have any further queries or questions please just let us know.Thanks,
Jason
Hi ALA team, I have a question if I may.
With vehicle replacement on a brand new car, if the brand new car (let's say an Audi S3 as an example) is written off after 3 years, would the vehicle replacement cover the cost of the equivalent model/spec latest newest generation S3, as the model would likely have been replaced by an updated version in this time period? Even if the equivalent car/spec is considerably more expensive (but within max claim limit £).
With vehicle replacement on a brand new car, if the brand new car (let's say an Audi S3 as an example) is written off after 3 years, would the vehicle replacement cover the cost of the equivalent model/spec latest newest generation S3, as the model would likely have been replaced by an updated version in this time period? Even if the equivalent car/spec is considerably more expensive (but within max claim limit £).
Hi T0M
Thank you for getting in touch.
The short answer to that is yes
we would always look at the cost of the updated/replacement/superceding model if the original is no longer made or available and cover any increase in costs usually associated with such an update, up to the maximum claim limit shown on the policy.
I hope this helps but if you have any other queries please let me know.
Thanks,
Katie
Thank you for getting in touch.
The short answer to that is yes
we would always look at the cost of the updated/replacement/superceding model if the original is no longer made or available and cover any increase in costs usually associated with such an update, up to the maximum claim limit shown on the policy.I hope this helps but if you have any other queries please let me know.
Thanks,
Katie
Hi
I've recently purchased a used 2016 car from a dealer for a price considerably under its market value (less than the glass's guide price of a lower spec 2015 model).
This means I would struggle to replace the vehicle for the invoice price if I needed to. This makes a "back to invoice" product unappealing.
Would vehicle replacement cover be better in this scenario?
Thanks
I've recently purchased a used 2016 car from a dealer for a price considerably under its market value (less than the glass's guide price of a lower spec 2015 model).
This means I would struggle to replace the vehicle for the invoice price if I needed to. This makes a "back to invoice" product unappealing.
Would vehicle replacement cover be better in this scenario?
Thanks
Hi Blun,
Many thanks for getting in touch.
I can confirm that in your situation having acquired the vehicle at such a reasonable price
that the Vehicle Replacement Policy would indeed be the better choice.
The Vehicle Replacement policy will cover the difference from your comp. insurance settlement, back up to the replacement cost of another vehicle matching the original car even if it has gone up in price.
I hope this makes sense but if you need any more help or advice please get back in touch or just give us a call.
Many thanks,
Jason
P.s Dont forget to use the "Piston12" discount code if you buy online!!
Many thanks for getting in touch.
I can confirm that in your situation having acquired the vehicle at such a reasonable price
that the Vehicle Replacement Policy would indeed be the better choice.The Vehicle Replacement policy will cover the difference from your comp. insurance settlement, back up to the replacement cost of another vehicle matching the original car even if it has gone up in price.
I hope this makes sense but if you need any more help or advice please get back in touch or just give us a call.
Many thanks,
Jason
P.s Dont forget to use the "Piston12" discount code if you buy online!!
Can someone help? I'm new to this site and can not start my out dissucions for 14 days so I apologise for jumping in this tread. Thing is I've had an email this morning stating that my car insurance has been cancelled. So I've called them asks why and they've said it's because the date I stated of me buying the car (Feb 2014) is not correct as they have done a hip check and infact I brought the car (September 2014) I can't help but feel I'm being screwed over buy such a stupid thing? Although when I purchased the policy I did say to the guy I can't remember so he said 'roughly'
Hi Scfcweller
I'm sorry to hear about the situation with your insurance. Is this relating to your car insurance, or a GAP insurance policy with us?
If it is a GAP insurance policy please could you send me some further details by email to katie@ala.co.uk and I'll be happy to look into this for you.
Thanks,
Katie
I'm sorry to hear about the situation with your insurance. Is this relating to your car insurance, or a GAP insurance policy with us?
If it is a GAP insurance policy please could you send me some further details by email to katie@ala.co.uk and I'll be happy to look into this for you.
Thanks,
Katie
and if you have any queries at all please just let us know.Gassing Station | General Gassing | Top of Page | What's New | My Stuff