ALA Vehicle Replacement (VRI) Gap Insurance Cover
Vehicle Replacement Insurance from ALA Insurance is available for cars up to 5 years old and cover is available for up to 4 years from the date that you took delivery of your vehicle. Cover is also available for vehicles that are financed, on a personal loan, or owned outright. Ala Vehicle Replacement Insurance is also available to both private individuals and companies.
Vehicle replacement gap insurance is particularly suited to new cars as it provides maximum financial cover in the event of a total loss claim!
Cover features:
- Available for 1 to 4 years
- Pays the first £250 of your insurance excess
- All named drives on the Fully Comprehensive insurance policy
- Maximum payout 105% of Glass’s Guide retail price
- Maximum level of GAP cover available is £125,000
- Available for cars and vans up to 3.5 tons (unladden)
- Available for new and nearly new vehicles (up to 6 months) only
- Replaces new for old or a similar age if a nearly new car bought
- Not available if bought from a private original
- Vehicles owned outright
- Vehicles on finance – Hire Purchase, Personal Contract Purchase (PCP), Lease Purchase agreements
- Free transfer for the remaining balance of the GAP policy if you change your vehicle before the insurance end date
- We cover under 18′s with a full driving licence.
- If your primary insurer replaces your vehicle new for old in the first and or second year, we will transfer the whole policy to your replacement vehicle FREE of charge.
- Any amendment you wish to make to your existing policy, for example; change of address or registration number can also be made, again FREE of charge.
Other Information
Company Owner: ALA Insurance Brokers LLP
Member of Regulated Body: FSA (Financial Services Authority
Insurance Underwriter: Guaranteed Protection Insurance Ltd
Example:
|
Original Cost of your car:
|
£20,000 |
|
Deposit:
|
£2,000 |
|
Amount of loan:
|
£18,000 |
| 18 months later the car is stolen or is in an accident and declared a total loss. | |
|
Amount still owing to your finance company:
|
£12,000 |
|
The insurance company pays you only:
|
£9,000 |
| Without a GAP policy, you will owe | £3,000 |
|
With Vehicle Replacement GAP
|
A new vehicle |
{ 2 comments… read them below or add one }
buying a Santafe it is registered by the garage and i will be buying it in 2 weeks
which insurance do i need as i will not be the first registered keeper do i need replacement new car or shortfall between amount i paid and insurance valuation?
Which ever it is the most the shortfall would be is less than 15k
regards
james
01569763131
Hi James
Well we can’t give you advice as to which policy you should take out as that is the responsibility of the motor dealer, provided of course they are FSA regulated?
Vehicle replacement cover will provide you with a replacement vehicle of the same specification/age etc as your Santa Fe. You can purchase VRI cover for both new and used cars. The other type of cover you should consider is Return to Invoice cover which will cover the difference between the insurance company valuation and the invoice price of your new car.