Guaranteed Asset Protection is GAP for short. Although there are various particular forms of GAP insurance, its main goal is to safeguard your finances should a total loss claim arise. Although many plans are bought for brand-new cars, if preferred GAP Insurance can be obtained on old models. Driving by its very nature can be intrinsically risky; vehicles are an expensive and frequently long-term investment. Sadly, there is no way to ensure the state and condition of your car.
The automotive market has rather high depreciation. While some secondhand cars might depreciate by as much as 20% in the first six months, up to 77% of the value of a brand-new car can disappear during a three-year period. Add this to the fact that vehicle theft has accounted for almost one in seven crimes, there has been a 7% increase in vehicle theft in 2018, and a 30% increase since 2015, not to mention the high rate at which vehicles are written off, GAP Insurance tries to provide some much needed indemnity should anything untoward happen to your vehicle.
About ALA
Insurance cover created with love, skill, concern and all the right motives. ALA offer open and honest information to assist the customer and they have a professional UK based customer support team to assist the customer in making the right choice for them.
Being the 2024 finalists of the Institute of Customer Service awards in the Customer Focus category, ALA guarantee to deliver excellent customer service. ALA agile team is never a phone call or email away, and this includes Charley or Liv or Callum or Charlotte or Leana – their customer support will always be excellent.
ALA know that buying insurance can be quite a confusing process and so by treating their customers fairly and providing them with as much non-biased information as possible; those questions do not have to be confusing.
Being an FCA authorized company ALA are able to provide you with the professional insurance policies created based on ALA experience in the sphere. It is their vision that ALA want to offer cover that is 100% correct for every single client they have, and at the right cost.
GAP cover gets you back on track
Reboot with the help of ALA’s GAP cover. If you make a claim for a total loss, GAP insurance will pay the difference between what you have to pay and what your insurance company pays out. When your insurance company total your car because it was stolen, damaged, burnt, or flooded, they will only give you the value of the car at the time. It is possible to end up losing thousands of pounds due to this.
For new cars, the depreciation rate can be as high as 70% within the first three years while for used cars, it can be as low as 20% in the first half of the year.
ALA GAP Insurance Policies
- Do not include market value clauses
- Pro rata transfer of unused premium if you change your car, with no admin fees
- Are underwritten by highly rated underwriters Financial and Legal.
- Allow 120 days to make a claim
- Do not include market value clauses
GAP Plans
Back to Invoice Plus
Applicable to both new and secondhand automobiles that are up to ten years old and are owned outright or obtained through financing. You are qualified for this type of coverage if you have purchased a vehicle within the past 180 days (or 365 days if the vehicle has been covered by new for old cover within the first 12 months of ownership).
Vehicle Replacement Plus
A Vehicle Replacement Plus GAP Insurance policy will either pay the difference between the Comprehensive Insurance settlement and a) the cost of replacing your car as it was when originally purchased or b) the outstanding finance, whichever is higher at the time. It applies to vehicles that are owned outright or financed and for new and used vehicles that are up to 7 years old with less than 80,000 miles on the clock and delivered within the last 90 days.
Contract Hire Plus
Paying the difference between the outstanding rentals and the complete insurance payment, Contract Hire GAP Insurance offers valuable coverage along with any vehicle value deficiency should a total loss claim be made. New and used cars on contract hire and delivered within the last 365 days are fit for this kind of insurance. Securing Contract Hire GAP Insurance can help you to guard yourself from possible financial losses resulting from a total loss claim so that you may boldly enjoy your vehicle free from concerns about unanticipated costs.
Agreed Value GAP
Perfect for secondhand cars, ALA insurance has no mileage or age restriction; long as Glass’s Guide allows for the value of your vehicle. covers the difference between the Glass’s Guide retail value at policy acquisition and the comprehensive insurance settlement. Under this approach, ALA would not consider the vehicle’s initial purchase price.
Why GAP Insurance from ALA is Essential for New Car Owners
Your new automotive investment should thus be carefully protected. In event of a total loss, ALA’s GAP Insurance is a valuable extra protection that shields the client by paying the gap between the loan due balance and the car’s market value. Having ALA GAP Insurance lets you drive without thinking about it since you are financially well-protected. With ALA GAP Insurance, guard your new car right now before it is too late.
