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Gap Insurance for Alfa Romeo

 

Gap Insurance for your Alfa Romeo can protect you against financial loss caused by the depreciation of your vehicle if the motor insurer writes off the vehicle due to accident, fire, theft or flood.

 

Alfa Romeo is one of the most iconic motoring brands in history. The Italian thoroughbred has charmed millions of drivers for over a century.

 

Owning an Alfa Romeo is not just about the car itself, but also about the whole driving experience it offers - from its beauty to its racing pedigree and on to handling dynamics that have put it at the top of many 'driver's choice' lists.

 

The brand's sporting focus has made it popular with car enthusiasts, and Alfa Romeo is also one of the most desirable brands on the road.

 

But what happens when you need to claim against your motor insurance?

 

Suppose you're unlucky enough to write off your Alfa Romeo during an accident or suffer theft, fire or flooding damage. In that case, a typical motor insurer could decide to pay you the market value of your car.

 

In many cases, the motor insurer's market value is less than you paid for it.

 

The difference between what you paid for your Alfa Romeo and its then, current market value is called depreciation.

 

Depreciation is a financial loss that can be difficult to absorb if you've financed your Alfa Romeo, which many people do.

 

Depreciation can be particularly difficult to manage if you're self-employed or run a business, as many of the country's high net worth individuals are.  Alfa Romeo Gap Insurance

 

However, there is an option to help combat this financial loss with GAP Insurance.

 

In addition to helping cushion the blow of depreciation, GAP insurance also ensures you don't end up footing the bill for the difference between your motor insurer's settlement and the cost of replacing a brand new vehicle.

 

GAP Insurance is available with most car finance providers, allowing you to insure against financial loss caused by depreciation.

 

What is GAP Insurance for Alfa Romeo?

 

GAP insurance is designed to protect you when your Alfa has been written off by the insurer to not leave you out of pocket.

 

GAP Insurance, also known as GAP Protection or Guaranteed Asset Protection, provides a lump sum payment if the insurance company writes off your vehicle due to accident, fire, theft or flood damage.

GAP Insurance ensures that you won't pay over the odds to replace your car if it's been written off in an incident that isn't your fault.

 

The big question is: How do you get GAP Insurance?

 

Do motor dealerships still sell Gap Insurance?

When you buy or lease the vehicle, you may be offered the official Alfa Gap Insurance by the franchised dealer. However, this Alfa Romeo Gap Insurance quote typically comes with a higher price tag than you can independently secure a Gap Insurance policy.

This can be because:

  • You pay a higher rate of Insurance Premium Tax (20%) than you do if your buy Gap Insurance independently (12%)
  • Motor dealers provide Gap Insurance in a different business model to insurance brokers. A stand-alone dealer will provide a relatively low number of Gap sales to include higher commission levels per sale.

The alternative to the manufacturer-branded Gap product is to buy Gap Insurance from an independent or specialist source. An example of such would be GapInsurance123.

 

Which type of Gap Insurance for your Alfa Romeo?

There are three types of Gap Insurance policy that GapInsurance123 can offer for your Alfa Romeo to protect you in the event of a total loss.

 

  1. Lease & Contract Hire Gap Insurance - to cover a shortfall between the motor insurance settlement and the outstanding lease settlement on your Alfa Romeo.
  2. Combined Return to Invoice Gap Insurance - to pay the difference between the motor insurers settlement and the HIGHER of the outstanding finance settlement or the original invoice price paid for your Alfa Romeo.
  3. Combined Vehicle Replacement Gap Insurance - to pay the difference between the motor insurance settlement and the HIGHEST of the outstanding finance settlement, the original invoice price paid, or the equivalent replacement Alfa Romeo model costs at the time of claim.

 

Gap Insurance for Alfa Romeo from GapInsurance123 FAQ's

 

Which Alfa Romeo models can GapInsurance123 Gap cover protect?

Alfa Romeo models that are less than ten years old and have covered less than 100,000 miles at purchase are eligible for cover (please check individual policies for eligibility)

Models covered include:

  • Alfa Romeo 159
  • Alfa Romeo 159 Sportwagon
  • Alfa Romeo 4C
  • Alfa Romeo Giulia
  • Alfa Romeo Giulietta
  • Alfa Romeo Mito
  • Alfa Romeo Stelvio

Please note we cannot cover any Quadrifoglio (aka Cloverleaf) versions of any Alfa model.

 

When can I buy Gap Insurance for my Alfa Romeo?

With GapInsurance123, you can buy Gap cover within 90 days of the Alfa Romeo purchase only. If you are over that period, please give us a ring, and we will see if we have any alternatives with other insurers. Gap Insurance for Alfa Romeo

 

Who is eligible for Gap Insurance from GapInsurance123?

If your Alfa Romeo is on a lease with no option to own, the Gap Insurance cover must go in the leaseholders' name. If this is a company, it must be in the company name with an officer or director as the nominated policyholder.

If the Alfa Romeo is on finance, with the option to own it, then the Gap cover must go in the name of the person who has finance and V5C in their name.

The Gap Insurance policyholder must also be fully comprehensively insured on the vehicle.

 

Which type of Gap Insurance is best for my Alfa Romeo and me?

The answer depends on how you have secured your vehicle. If you are on a lease with no option to own, i.e. a contract hire agreement, then your only option is a Lease & Contract Hire Gap policy. Why is this? It is because your sole liability is to pay off the lease if Alfa Romeo is written off.

If you pay cash or take your Alfa Romeo purchase on PCP, HP or a bank loan, you either own the car right away or have the option to at the end of the finance agreement. You can look at either Combined Return to Invoice or the Combined Vehicle Replacement Gap products in this situation.

The difference between Invoice and Replacement Gap products from GapInsurance123 is simply that the Replacement Gap cover also looks at the future replacement cost. If this is higher than the original invoice price, you get a higher settlement.

With Combined Return to Invoice Gap, you are capped at the higher invoice price or finance settlement only.

Which is best? The choice is yours.

 

Who is GapInsurance123?

GapInsurance123 is a trading style of Aequitas Automotive Ltd.

Aequitas Automotive Ltd is a registered company in the UK (company reg number 7347616) and is authorised and regulated by the Financial Conduct Authority (FRN 821163).

GapInsurance123 was established in 2011 as an independent Gap Insurance provider. Over the past decade the 

GapInsurance123.co.uk website has been featured by the likes of Which?, Money Saving Expert and Honest John.

Current Gap Insurance products on GapInsurance123 are underwritten by Arch Managing Agency Limited. Arch Managing Agency Limited underwrite this policy on behalf of a consortium of Lloyd's of London syndicates.

All GapInsurance123 Gap Insurance policies offer protection from the Financial Services Compensation Scheme for eligible policyholders.

Why not get a Gap Insurance quote for your Alfa Romeo and see how easy protecting yourself with GapInsurance123 can be?