Promoted: Free 30-day GAP policy for PHers with ALA
Discussion
Hello from ALA Insurance, PistonHeads’ new GAP insurance partner!
For those of you that don’t already know us, we’re an online GAP insurance specialist and have been providing an alternative to dealer-sold policies for almost 10 years. We also have other products including Scratch and Dent, Alloy Wheel, Tyre, Excess and Key insurance.
The partnership came about because PistonHeads noticed that you guys have been talking about ALA for a number of years and some of you have bought from us. As with most partnerships we want something that will benefit everyone so we’re hoping this not only helps support the site but passes savings on to all you PHers (and needless to say a bit of business coming our way never hurts!)
We’re a family run company and we pride ourselves on excellent customer service. We won’t be using the forum to push the hard sell (and I'm pretty sure we wouldn't last that long here if we did). Our aim with this is to give consultative advice on GAP insurance generally, as we know it can be quite a complicated product.
So if you don’t know your BTI from your VRI or why you even need GAP in the first place, and then give us a shout, we’ll be happy to help!
Come and check us out on www.ala.co.uk/pistonheads/ and as we know you tend to like a discount we’ll be giving 12% off for all you PHers – just use PISTON12 on the quote page.
If you need anything just drop me a line.
Thanks,
Katie
katie@ala.co.uk
01653 916304
For those of you that don’t already know us, we’re an online GAP insurance specialist and have been providing an alternative to dealer-sold policies for almost 10 years. We also have other products including Scratch and Dent, Alloy Wheel, Tyre, Excess and Key insurance.
The partnership came about because PistonHeads noticed that you guys have been talking about ALA for a number of years and some of you have bought from us. As with most partnerships we want something that will benefit everyone so we’re hoping this not only helps support the site but passes savings on to all you PHers (and needless to say a bit of business coming our way never hurts!)
We’re a family run company and we pride ourselves on excellent customer service. We won’t be using the forum to push the hard sell (and I'm pretty sure we wouldn't last that long here if we did). Our aim with this is to give consultative advice on GAP insurance generally, as we know it can be quite a complicated product.
So if you don’t know your BTI from your VRI or why you even need GAP in the first place, and then give us a shout, we’ll be happy to help!
Come and check us out on www.ala.co.uk/pistonheads/ and as we know you tend to like a discount we’ll be giving 12% off for all you PHers – just use PISTON12 on the quote page.
If you need anything just drop me a line.
Thanks,
Katie
katie@ala.co.uk
01653 916304
Edited by ALA Insurance on Friday 9th September 10:52
Thanks eybic.
Hi Fake7, that's what I'm here for
GAP insurance is there to top up your comprehensive insurance settlement if your car is written off/ a total loss (accident, theft, fire, flood damage)
It's useful because almost all cars depreciate in value, which means any payment from your insurer is likely to be less than you originally paid for your car. The top up from the GAP policy means you're back in the same position you were in when you first bought the car. It's especially useful if you have finance, as sometimes your insurer's settlement won't be enough to cover the finance balance and it means you're not left with money to pay on a car that has been written off.
Let me know if you'd like more detail - this is a very broad description of GAP and there are a few different types of policies out there depending on your needs.
If there's anything else please let me know
Katie
Hi Fake7, that's what I'm here for
GAP insurance is there to top up your comprehensive insurance settlement if your car is written off/ a total loss (accident, theft, fire, flood damage)It's useful because almost all cars depreciate in value, which means any payment from your insurer is likely to be less than you originally paid for your car. The top up from the GAP policy means you're back in the same position you were in when you first bought the car. It's especially useful if you have finance, as sometimes your insurer's settlement won't be enough to cover the finance balance and it means you're not left with money to pay on a car that has been written off.
Let me know if you'd like more detail - this is a very broad description of GAP and there are a few different types of policies out there depending on your needs.
If there's anything else please let me know
Katie
glad we could help!Hi LordGrover
The "usual" GAP insurance policies (Back to Invoice/Vehicle Replacement) can be bought for used as well as new cars. Back to Invoice can be bought for cars up to 10 years of age and Vehicle Replacement for cars up to 7 years old. However they are time-limited, in that they have to be bought within 180 days of the taking ownership of your car.
There is another policy that we may be able to offer - if you'd like to PM me I can run through the details with you and get you a quote to see if it's something you would be interested in
Thanks
Katie
The "usual" GAP insurance policies (Back to Invoice/Vehicle Replacement) can be bought for used as well as new cars. Back to Invoice can be bought for cars up to 10 years of age and Vehicle Replacement for cars up to 7 years old. However they are time-limited, in that they have to be bought within 180 days of the taking ownership of your car.
There is another policy that we may be able to offer - if you'd like to PM me I can run through the details with you and get you a quote to see if it's something you would be interested in
Thanks
Katie
Hi Katie, can I just check I've understood this correctly. GAP insurance is there to cover my contracted payments should the car be written off.
For example, I've got a 2 year deal paying ~£300 p/m which I'm one month into. I write the car off tomorrow and my insurance covers the cost of the car, but the GAP insurance would be there to cover the rest of the monthly payments that I have signed up for?
Thanks
For example, I've got a 2 year deal paying ~£300 p/m which I'm one month into. I write the car off tomorrow and my insurance covers the cost of the car, but the GAP insurance would be there to cover the rest of the monthly payments that I have signed up for?
Thanks
Can anyone comment please on how a claim actually works from their own experience.
I understood that most comp policies paid the new replacemnt cost for cars less than 12 months old, which should be enough to clear the lease, and also mean that there is no risk to GAP insurers in the first 12 months.
I understood that most comp policies paid the new replacemnt cost for cars less than 12 months old, which should be enough to clear the lease, and also mean that there is no risk to GAP insurers in the first 12 months.
Sorry for the delay - new registrations are making the office a bit chaotic!
Moose1978, let me know if I've misunderstood, but it sounds like you're on a contract hire agreement where you pay an amount each month, hand the car back at the end and start again.
If this is the case you would need Contract Hire GAP. If your car is written off the GAP policy covers up to 100% of outstanding monthly payments. We also cover any difference between your insurer's payout and the amount the finance/lease company are expecting for the value of the car if there's a shortfall.
zeDuffMan - thank you! We always look VERY cheap in comparison to the dealers but as you've said you're getting a better level of cover they just charge a bit too much! Hopefully you'll never need it but we do get excellent feedback from our customers that have made a claim.
Vacumatic - I'm sure there are a few people who've had to use their GAP insurance and will be happy to give you some feedback we do have some video claims testimonials here from actual customers if these help at all!
Just on the topic of new for old, there are a number of insurers that offer this for brand new cars where you're the first registered owner. However if you have your car on a contract hire or lease agreement, as far as we understand it, this wouldn't benefit you that much, as even after the insurer's settlement you could still owe any monthly payments for the car left under the contract. This means that even if your insurer paid new for old you could still be left covering the rest of the finance.
This may not be the same on PCP or HP finance, or if you own your car outright, but GAP insurance has to be bought within 180 days of taking delivery of your car. There are some companies that offer deferred GAP policies where cover starts in year two but if for any reason your insurer only pays market value rather than new for old in the first year you won't be able to claim on the GAP. We don't offer deferred policies and recommend having GAP insurance from the beginning - it's a bit "belt and braces" but we do give you a FOC brand new policy matching the original if you do have a first year write off and your insurer pays new for old.
Hope this helps but anything else please let me know
Thanks,
Katie
Moose1978, let me know if I've misunderstood, but it sounds like you're on a contract hire agreement where you pay an amount each month, hand the car back at the end and start again.
If this is the case you would need Contract Hire GAP. If your car is written off the GAP policy covers up to 100% of outstanding monthly payments. We also cover any difference between your insurer's payout and the amount the finance/lease company are expecting for the value of the car if there's a shortfall.
zeDuffMan - thank you! We always look VERY cheap in comparison to the dealers but as you've said you're getting a better level of cover
they just charge a bit too much! Hopefully you'll never need it but we do get excellent feedback from our customers that have made a claim. Vacumatic - I'm sure there are a few people who've had to use their GAP insurance and will be happy to give you some feedback
we do have some video claims testimonials here from actual customers if these help at all! Just on the topic of new for old, there are a number of insurers that offer this for brand new cars where you're the first registered owner. However if you have your car on a contract hire or lease agreement, as far as we understand it, this wouldn't benefit you that much, as even after the insurer's settlement you could still owe any monthly payments for the car left under the contract. This means that even if your insurer paid new for old you could still be left covering the rest of the finance.
This may not be the same on PCP or HP finance, or if you own your car outright, but GAP insurance has to be bought within 180 days of taking delivery of your car. There are some companies that offer deferred GAP policies where cover starts in year two but if for any reason your insurer only pays market value rather than new for old in the first year you won't be able to claim on the GAP. We don't offer deferred policies and recommend having GAP insurance from the beginning - it's a bit "belt and braces" but we do give you a FOC brand new policy matching the original if you do have a first year write off and your insurer pays new for old.
Hope this helps but anything else please let me know
Thanks,
Katie
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