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Return to Invoice GAP Insurance

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


What is Return to Invoice Plus GAP Insurance?

If your vehicle is a total loss, due to an accident, theft, fire or flood damage, your motor insurer will only pay you the market value (second hand value) at the time.

Due to vehicle depreciation this will be much less than you originally paid for your vehicle. If you have finance, it might not be enough to cover the amount you owe.

ALA Return to Invoice GAP Insurance policy will pay the difference between the motor insurer’s settlement and the original vehicle invoice price, or the outstanding finance balance, whichever is higher at the time of the claim.

If your car is bought from a private seller we may be able to provide you with an Agreed Value GAP Insurance policy. Please contact one of the ALA team for more information.

POLICY WORDING IPID QUOTE ME


How does this policy compare to Vehicle Replacement Plus?


Return 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 7 years old, with fewer than 80,000 miles, purchased within the last 90 days.
No ongoing mileage limit.


Do I need Return to Invoice Plus?

The answer to this is yes, if you want to:

  • Protect the price you paid for your vehicle and cancel out the effects of depreciation
  • Be paid more than just the market value settlement at the time of a total loss
  • Have enough money to clear any outstanding finance in the event of a total loss AND be left with any amount remaining once this has been paid
  • Between the motor insurer and GAP cover, receive the full amount you paid for your vehicle – if you do not have any finance, this amount is yours to use as you wish

Can I buy Return to Invoice Plus?

The answer to this is yes if:

  • Your vehicle is less than 10 years old
  • You have owned your vehicle for less than 180 days OR less than 365 days if you have new car replacement cover from your motor insurer while the car is less than 12 months 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: 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. Please see our exclusion list 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.



Return To Invoice GAP Insurance Features:

  • Available up to 4 years for vehicles owned outright or on finance
  • Pays up to £250 or £500 of your Comprehensive Insurance excess (dependent upon underwriter and confirmed at time of purchase)
  • Our policies do not have ‘Market Value’, ‘Glass Guide maximum retail value’, or ‘Pre Approval’ clauses
  • Personal details can be amended free of charge
  • Policy transfer – pro rata transfer of unused premium if you change your vehicle, with no admin fees
  • Cover available for up to 180 days after delivery of vehicle, or up to 365 days if your vehicle is covered “new for old” by your motor insurer for the first 12 months
  • Discount available for renewal and additional policies
  • We guarantee to match any comparable online GAP quote
  • This policy is combined with Finance GAP, it will either pay back to the invoice price or the outstanding finance, whichever the greater. *see illustration below
  • We are fully authorised and regulated by the Financial Conduct Authority (FCA) and your policy has cover under the Financial Services Compensation Scheme


Return To Invoice GAP Insurance Example:

Our Return to Invoice 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 RTI Insurance payout: £6,000
Comprehensive insurance payout + ALA RTI 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 RTI Insurance payout: £5,000
Comprehensive insurance payout + ALA RTI Insurance payout = £20,000
(Then you would need to pay the £18,000 owed to the finance company but you get to keep £2000)


Read more on why ALA GAP Insurance policies are better than the rest or click the green button to get a quote...