Honest John

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Honest John is working as a GAP Insurance introducer for ALA IB Limited trading as ALA Insurance Brokers, who is Authorised and Regulated by The Financial Conduct Authority. FCA Firm Reference No 571109. Registered in England, number 06833207. Registered office: ALA IB Limited, Unit 3, Park Farm Courtyard, Easthorpe, Malton, YO17 6QX

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Back to Invoice GAP Insurance

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


What does Back to Invoice Plus cover?

This GAP Insurance policy will, in the event of a total loss, pay the difference between the comprehensive insurer’s settlement and the original vehicle invoice price or the outstanding finance, whichever is higher at the time.

It is suitable for new or used vehicles up to 10 years of age, owned outright or on finance, bought from a dealer or a private seller*, delivered within the last 180 days, or 365 days (if insured under a comprehensive Motor Insurance Policy which includes ‘New for Old’ cover for the first 12 months) and not an excluded vehicle.

Vehicles used in any sort of competitions or rallies. Vehicles used for racing, pace making, speed testing or in reliability trials; Vehicles not listed in Glass's Guide; kit cars; invalid carriages; commercial Vehicles of more than 3500kg gross weight. Any, taxi, mini cab, driving tuition vehicle, courier or delivery vehicle of any type or any private or public rental vehicle.


*If the car is bought privately and no VAT invoice is present, we will pay back to the Glass Guide value of the vehicle at the time of purchase.

POLICY WORDING POLICY SUMMARY QUOTE ME


How does this policy compare to Vehicle Replacement Plus?


Back To Invoice
Pays you back to the price you paid for the car or your finance settlement figure if that is higher.
You get back the money you paid for your car to use as you wish.
Settlement paid to you in the event of a claim.
For cars bought outright or on finance.
For cars up to 10 years old, no upper mileage limit.
No ongoing age or mileage limit.
Available for vehicles up to £250000.
Vehicle Replacement
Pays up to replacement cost of a car matching the original or your finance settlement figure if that is higher.
Protects from manufacturer price increases or discounts that are no longer available.
Settlement paid to you in the event of a claim.
For cars bought outright or on finance.
For cars up to 10 years old with less than 80,000 miles.
No ongoing age or mileage limit.
Available for cars up to £125000.


Back to Invoice Plus Cover Features:

  • Available up to 5 years for vehicles owned outright or on finance
  • We are fully authorised and regulated by the Financial Conduct Authority (FCA) and your policy is covered by the Financial Services Compensation Scheme
  • Pays as standard up to £250 of your Comprehensive Insurance excess
  • Our policies do not have a ‘Market Value Clause’
  • Our policies do not a have a ‘Glass Guide maximum retail value clause’
  • 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
  • Available for cars, vans and motorcycles up to 10 years old, delivered within the last 180 days, or 365 days (if insured under a comprehensive Motor Insurance Policy which includes ‘New for Old’ cover for the first 12 months)
  • Policy transfer – pro rata transfer of unused premium if you change your car, with no admin fees
  • Any amendment made FREE of charge
  • Discount available for renewal and additional policies
  • We guarantee to beat any comparable online GAP quote


Back to Invoice Example:

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