Back To Invoice GAP Insurance (Purchase payment protection)

We can offer back to invoice GAP Insurance to cover up to three years from the date of purchase of the vehicle. Back To Invoice GAP insurance is suitable to cover vehicles that are purchased outright or as an alternative to 'Finance GAP' Insurance. 'Back To Invoice' is not suitable for vehicles being used on contract or lease hire for which we have 'Contract Hire/ lease Hire GAP Insurance'. Our policies cover second hand vehicles as well as options for Taxis and Driving school use.

If the vehicle is purchased outright then 'Back To Invoice' GAP Insurance is the sole option. However, if the vehicle is being purchased on Finance should you go for 'Finance GAP Insurance' or 'Back To Invoice GAP Insurance'? There are three main factors you should consider.

• Back to invoice GAP insurance will pay out more in the event of a claim - as the benefit returns you to the initial cost of the car/ van rather than the amount outstanding on the loan.
• 'Back To Invoice' can only be purchased for THREE years - Finance GAP Insurance can be purchased for up to FIVE years.
• 'Back To Invoice' is relatively more expensive (as more will be paid out in the event of a claim.

An example of the difference between 'Back To Invoice' and 'Finance GAP Insurance'.

Here is an example between 'Back To Invoice' and 'Finance': suppose you have a vehicle that you paid £10,000 and, nearly three years later, it was declared a total loss - The insurers estimated the value as £5,000 and there was £5,500 remaining on the loan.

With 'Back To Invoice'  you would be paid £5,000! (£10,000 - £5,000).
With 'Finance', you would be paid £500! (£5,500 - £5,000)

Naturally we can't advise you which to take as it depends on your circumstances, however it is important to realise the different payment possibilities.

Our Back To Invoice GAP Insurance Rates

This form of GAP insurance is suitable for UK cars, light vans, driving school cars and Taxis under 5 years of age at inception. Second Hand Vehicles are acceptable. To qualify you must have bought the vehicle less than 6 months ago.  You can select 1, 2, or 3 years cover - all for a single premium. All quotes Include IPT (currently 5%). The benefit period commences from the date you bought the vehicle. You can buy for cars bought outright or on Finance.

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To choose the correct insurance policy decide on the maximum benefit and the type of vehicle. Then select the length of cover wanted. You can select a higher maximum purchase price to obtain a higher maximum benefit if you so desire - but can't select a lower maximum purchase price than your actual one. You can view the policy wording and key facts documents by clicking the appropriate link.

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When you complete the form, the information will be provided for you to check to ensure that the correct details are entered - and you will also be given links to the appropriate policy summary/ key facts document and a sample policy summary, as well as our online terms for this product. Once you confirm everything then you will be taken to our credit-card process facility (PAYPAL) to complete purchase. On payment we will send you electronic versions of the documents mentioned above. We aim to process your application on the same business day for applications made before close of business and on the next business day for later applications - of course you can always call us.

To return to the GAP Insurance Introductory Page with details of Finance, Back To Invoice and Contract Hire policies

Our home page with details of other policies

B. Portwood & Co Ltd, 145 Newgate Street, Bishop Auckland, Co Durham. DL14 7EN Tel 0844 8262616 is authorised and regulated by the Financial Services Authority.