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3 year Gap Insurance (return to invoice) for a one-off premium of £57.39 (Honest John)

Found 16th Feb 2016

This is how to get 3 year Gap Insurance (return to invoice) for a car purchased for an example value of £8295.00 for a one-off premium of £57.39 from ALA Insurance which is recommended by HONESTJOHN.co.uk.

This insurance will cover the difference between what you paid for the car and what you get back from your insurance company if your car is written off within 3 years. E.g. your car is stolen or written off following an accident, your insurance company settles you £6000, the Gap Insurance will pay you the difference of £2295, so you receive the total amount you paid for your car.

The quote from ALA is £82, but also get a quote from MotorPocket.com and ask ALA to price match, not only will they match the price of £61.49, they will beat it by 20% of the difference.

So you can get 3 years return to invoice gap insurance for 3 years for £57.39, based on a purchase price of £8295 with a claim limit of £5000.

Gap insurance from the car dealership was over £300 and is nearly always far more expensive to buy from the car dealer than purchasing yourself separately.

Above is just an example based on £8295, after shopping around this was the best deal I could find. If you are in the market for gap insurance your premium could be more or less depending on the value of your car.

To get gap insurance from ALA you needed to have purchased your car after 21 Aug 15.

honestjohngap.co.uk/quo…s=1

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269 Comments

16th Feb 2016

Way, way cheaper than from a dealer.......nice one.

16th Feb 2016

Think this is well worth it, for such a cheap price compared to dealerships etc

16th Feb 2016

Great deal for that extra reassurance what if situation!

Not for me though but!

Heat added

16th Feb 2016

great price

16th Feb 2016

Good price, timely as I ordered a new car yesterday. Dealer wanted £299 and gave it a fancy name of Asset Protection and ALA wanted £200 but TCB reduces it by £20 if it tracks. Like the option of 5 years. Thanks OP

Edited by: "Ralph888" 16th Feb 2016

16th Feb 2016

Quite a lot of insurance companies do new for old within the first year.

If yours does, then defer the GAP cover as long as you can.

OP what's the quotes on a realistically priced new car?

16th Feb 2016

oddballjamie
Quite a lot of insurance companies do new for old within the first year.

NFU do it for two years, so on my two-year lease I don't need gap insurance at all.

16th Feb 2016

most decent insurers replace new for old in first 12 months of owning.

17th Feb 2016

Thanks, good price

17th Feb 2016

Insurance to cover pathetic ripoff insurance cover. Lol. Love it.

17th Feb 2016

It is kind of a joke how you need insurance to insure your insurance policy. Why can't your standard insurance just cover the actual cost and not the bare minimum.

17th Feb 2016

just wrote my car off and had gap insurance 123 they are similar prices all the time without price match and paid me out

17th Feb 2016

paid 599 last year from cargiant for the gap insurance. good find

17th Feb 2016

I wish I knew about this last month

17th Feb 2016

ebayoni
paid 599 last year from cargiant for the gap insurance. good find

17th Feb 2016

Thanks alot OP.
All done. Got the policy. Now all covered

27382383-ANr98

17th Feb 2016

How reputable are these? I was quoted £499 for my RS3 last night from Audi. This comes in at £229! Heat regardless

17th Feb 2016

adamc11
It is kind of a joke how you need insurance to insure your insurance … It is kind of a joke how you need insurance to insure your insurance policy. Why can't your standard insurance just cover the actual cost and not the bare minimum.

And yet they are allowed to get away with it still. It drives me crazy.

17th Feb 2016

chicaneuk
And yet they are allowed to get away with it still. It drives me crazy.

£57 for 3 years to do this.... Or pay an extra £50 per year to have this in your car insurance policy. Know which I would choose.

I went with ALA for mine and hopefully will never have to use it.

17th Feb 2016

chicaneuk
And yet they are allowed to get away with it still. It drives me crazy.

Only because there are people stupid enough to keep funding them lol

17th Feb 2016

If only I had a new car

17th Feb 2016

Not needed but good deal, heat added

17th Feb 2016

This is cheap. I paid 399 for mine about 3 months ago. Thanks for posting OP, I did not realise that there is so much difference.

17th Feb 2016

adamc11
It is kind of a joke how you need insurance to insure your insurance … It is kind of a joke how you need insurance to insure your insurance policy. Why can't your standard insurance just cover the actual cost and not the bare minimum.

Not really as the insurer would only pay out current market value, not what you paid for it. You could have a £500 banger and say you paid a billion pounds for it. Doesn't make it worth that does it!

17th Feb 2016

Is there a time limit after purchase for buying gap insurance? I picked up an XC90 in July and turned down the dealer gap insurance at more than £400, but this is offering it at £109...before the price match discount...

17th Feb 2016

oddballjamie
Quite a lot of insurance companies do new for old within the first year.

gobhoblin
most decent insurers replace new for old in first 12 months of owning.

Checked your policy if relying on "new for old" for the first 12 months of ownership, as often it is covered when the car is purchased brand new, if you are buying pre registered or used it might not apply.

17th Feb 2016

itsdavidjones1984
Not really as the insurer would only pay out current market value, not w … Not really as the insurer would only pay out current market value, not what you paid for it. You could have a £500 banger and say you paid a billion pounds for it. Doesn't make it worth that does it!

NCB protection is an insurance on your insurance. So is legal fees, breakdown cover is another insurance add on, as is increasing your excess. As with all insurances premiums, its always a good idea shopping around. A lot of companies will offer cheap base premiums and then make money out of the add ons.

Also try and arrange all of your insurance before the policy starts. Adding things on later on means you are basically held to ransom for the remaining year and a lot of companies will charge administration £s which can sometimes be more than the add-on cost.

Edit

Sorry that's not really a direct response to what I quoted, more of a random rant.

Edited by: "topss" 17th Feb 2016

17th Feb 2016

vassy201187
Thanks. Any preferred way to contact ALA for price match?

I telephoned them, they check the alternative quote whilst you are on the phone and confirm their revised price.

17th Feb 2016

the moral of the story, stop buying cars on finance

if you own it and its written off you get paid out what it would cost to replace like for like so you can do exacly that, or use the opportunity to get something different. the possibilities are endless

17th Feb 2016

You don't have to buy the car on finance to get GAP insurance. Car doesn't have to be new either. I have it on my 4 year old car bought outright. Generally, as long as you have bought it from a VAT registered dealer within the last 6 month you can get it but I don't know ALA's specific terms.

17th Feb 2016

djames108
the moral of the story, stop buying cars on finance :Dif you own it and … the moral of the story, stop buying cars on finance :Dif you own it and its written off you get paid out what it would cost to replace like for like so you can do exacly that, or use the opportunity to get something different. the possibilities are endless

And the moral of your story it seems, is that you don't understand GAP insurance.

17th Feb 2016

topss
NCB protection is an insurance on your insurance. So is legal fees, … NCB protection is an insurance on your insurance. So is legal fees, breakdown cover is another insurance add on, as is increasing your excess. As with all insurances premiums, its always a good idea shopping around. A lot of companies will offer cheap base premiums and then make money out of the add ons. Also try and arrange all of your insurance before the policy starts. Adding things on later on means you are basically held to ransom for the remaining year and a lot of companies will charge administration £s which can sometimes be more than the add-on cost.EditSorry that's not really a direct response to what I quoted, more of a random rant.

Why are you telling me? Lol

17th Feb 2016

djames108
the moral of the story, stop buying cars on finance

Do you want the car manufacturing industry to collapse? Because that's how you get the car manufacturing industry to collapse.

djames108
if you own it and its written off you get paid out what it would cost to … if you own it and its written off you get paid out what it would cost to replace like for like so you can do exacly that, or use the opportunity to get something different. the possibilities are endless

I don't think you're bright enough to understand GAP insurance. I have Back to Invoice on my car which means that in the event of a total loss claim, the insurance company will either pay the difference between the comprehensive insurance settlement and your original invoice, or the outstanding finance - whichever the greater. It makes no difference if I bought my brand new car on finance or outright with cash - I still get back what I paid for it back in 2014.

Edited by: "ollie87" 17th Feb 2016

17th Feb 2016

topss
And the moral of your story it seems, is that you don't understand GAP … And the moral of your story it seems, is that you don't understand GAP insurance.

i do, usually of you have an accident some time after buying your vehicle you owe more than its worth.

If you have no finance then there isn't an issue and your not out of pocket.........its not rocket science

stop buying stuff you can't afford then moan when it depreciates fast than you can pay it off. The world we live in today.......

Ideally you should have to specify with your insurance you have finance and show evidence of the outstanding amount and they should insure you for the value of the finance and not the car, unless the car is worth more. Obviously you couldn't take out a 10k finance for a 1k car it would have to be in reason.

Or is that too easy....? there probably making too much money the current way to want to change it

17th Feb 2016

I got a new car in Sept 2014 and turned it down.. does anyone know of any providers which will cover me for a decent price? Thanks

17th Feb 2016

itsdavidjones1984
Why are you telling me? Lol

You didn't read the last bit X)

"Sorry that's not really a direct response to what I quoted, more of a random rant"

17th Feb 2016

tan159
Insurance to cover pathetic ripoff insurance cover. Lol. Love it.

Correct, but as someone who's been stung in the past, a few extra quid to the cost of a new car can end up saving you 1000s!

17th Feb 2016

Only relevant if you pay list price - surely you can get this thrown in for free? Seriously, who pays list price for cars these days?

17th Feb 2016

djames108
i do, usually of you have an accident some time after buying your v … i do, usually of you have an accident some time after buying your vehicle you owe more than its worth.If you have no finance then there isn't an issue and your not out of pocket.........its not rocket science stop buying stuff you can't afford then moan when it depreciates fast than you can pay it off. The world we live in today.......Ideally you should have to specify with your insurance you have finance and show evidence of the outstanding amount and they should insure you for the value of the finance and not the car, unless the car is worth more. Obviously you couldn't take out a 10k finance for a 1k car it would have to be in reason.Or is that too easy....? there probably making too much money the current way to want to change it

Of course you might have a point if GAP insurance was only for financed cars. Which it's not. So no, you don't seem to understand it.

How about a lease car where someone pays an upfront deposit? A lot of insurers won't cover that deposit in the event of a write off. So a few weeks into the lease you could be £1000+ out of pocket. Hopefully you understand that leasing isn't always taken out by people who are trying to punch above their pay packets.

Also and more in direct response to your post, what if I purchase, like pay outright, no finance or lease, a car for £10,000. A year down the line it's worth maybe at best £9,000. Gets written off. Insurance will say it's worth less. So maybe you would get back £8,500. GAP insurance would cover you for the other £1,500. Seems pretty reasonable to me.

Now if you're happy with 'losing' £1,500 because you feel you have had that much use out of it, then that's fine, but then if you're of that mindset, then leasing is probably perfectly suited to you. It's not always about trying to drive or own something you can't afford outright. It can make financial sense. See, on one hand you seem to be trying to say be financially astute, but then your other comments lead me to believe you're not.

Edited by: "topss" 17th Feb 2016

3 year Gap Insurance (return to invoice) for a one-off premium of £57.39 (Honest John)

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