We at Shortfall.co.uk understand that the whole concept of Shortfall Insurance for your Alfa Romeo can at times, be confusing.
This is why we strongly believe that if the content is presented in a straight forward, easy to understand manner, the whole concept of Shortfall Insurance for your Alfa Romeo becomes much clearer.
Gap Insurance is a supplementary insurance product that runs alongside your own motor insurance, it is designed to protect you in the event of your car being written off or stolen.
Not many people are aware of the fact that if your car was written off or stolen, your motor insurer would only pay a settlement of what your car was worth on the day it was declared a total loss.
Due to depreciation, this is likely to be a lot less than what your Alfa Romeo was originally worth, Industry experts actually say that the average vehicle depreciates by around 50% within the first three years of ownership. This is where Gap Insurance comes in.
Gap Insurance depending on which one you opt for will top up your motor insurance with the amount necessary to take you back to the original invoice price of your Alfa Romeo (Return to Invoice Gap Insurance), top up the your motor insurance with the amount necessary to purchase another Alfa Romeo, same, age, mileage etc as yours originally was when you drove it away from the showroom (Vehicle Replacement Gap Insurance) or simply clear any outstanding balance you may have on an agreement (Finance and Contract Hire Gap Insurance).
At Shortfall.co.uk, you can find policies for as low as £39.99 inclusive of insurance premium tax.
All our policies are genuine, tried and tested and protected by the financial compensation scheme.
On this page you will find three examples of our three most popular policy types:
Please consider the following facts:
An estimated 600,000 vehicles are written off each year in the UK.
The average vehicle depreciates by up to 50% in the first three years, including your Alfa Romeo.
In the unfortunate case your Alfa Romeo is written off, your comprehensive insurer will never pay you the original invoice price you paid.
Vehicle Replacement Shortfall Insurance is similar to Return to Invoice, as it is based around the same concept. However, it is important to stress that it has one fundamental difference.
Unlike Return to Invoice, Vehicle Replacement will take into account and provide you with the additional protection against any increase in the invoice price of your Alfa Romeo.
The cost to purchase your Alfa Romeo may have increased during the period of your ownership.
This can be down to a range of factors such as: an increase in VAT, labour or raw materials. However the most common factor is if the manufacturer, which in this case is Alfa Romeo introduce an upgraded version of your original model which consequently pushes the price of your now older version up.
If this is the case, Vehicle Replacement will bridge the financial Shortfall between what you receive from the comprehensive insurer, which will be the market value of the Alfa Romeo at the time it was written off and what you now need to purchase your original Alfa Romeo.
If your particular model is no longer available, then settlement will be based on the superseding model.
Please see the illustration of Jim and his Alfa Romeo which we hope will aid you with your understanding:
Jim pays £20,000 for his Alfa Romeo Giulietta. Three years later, he awakes to see that his Alfa Romeo has been stolen. Jim receives a settlement payment of £10,000 from his comprehensive insurer, given that this was the market value of his Alfa Romeo at the time it was stolen. Jim now has a Shortfall of £10,000.
This means that Jim is currently not in the position were he can purchase another Alfa Romeo, because he needs an additional £10,000. As you may already know, the basic Return to Invoice policy will just pay Jim this outstanding £10,000 Shortfall. However, Jim is later informed that the invoice price of his Alfa Romeo has increased by £2,000 to £22,000. This means that Jim now has a total Shortfall of £12,000
Return to Invoice Gap Insurance can provide a basic, however, secure form of protection for your Alfa Romeo.
If in the unfortunate case your Alfa Romeo is written off or stolen, in partnership with your comprehensive insurer, your Return to Invoice policy will return you back to the invoice price you originally paid for your Alfa Romeo.
Return to Invoice will bridge the Shortfall between what you receive from your comprehensive insurer, which will be the market value of your Alfa Romeo at the time it was written off or stolen and the invoice price you originally paid.
To help you understand, please see the example of Jim and his Alfa Romeo:
Jim pays £20,000 for his Alfa Romeo Giulietta. Three years later, he awakes to see that his Alfa has been stolen. Jim receives a settlement payment of £10,000 from his comprehensive insurer, given that this was the market value of his Alfa at the time it was stolen. Jim now has a financial Shortfall of £10,000.
This means that Jim is currently not in the position where he can purchase another Alfa Romeo, because he needs an additional £10,000.
Return to Invoice Shortfall Insurance will pay Jim this outstanding £10,000 and bridge the financial Shortfall that has occurred. As Jim was covered by his Shortfall Return to Invoice Gap Insurance policy, he will now be paid the difference between the market value of his car on the day it was written off (i.e his motor insurance settlement) and the invoice price he paid for the vehicle. Therefore, between the two insurers, Jim received the full invoice price of which he originally paid for the vehicle.
Finance and Contract Hire Gap Insurance is designed to protect any driver who has taken out a form of finance agreement to purchase their Alfa Romeo. This could be a Lease/Finance Hire agreement or a Contract Hire agreement.
If in the unfortunate case your Alfa Romeo is written off or stolen, you may still be liable for the remaining payments of your finance agreement. We have dealt with customers in the past who have been asked to pay back up to 90% of the outstanding balance.
Finance and Contract Hire Shortfall Insurance will pay the finance company this outstanding balance and remove any financial liabilities that have occurred under your name, allowing you to walk freely away.
It is important to note two important factors when considering this policy type. Firstly, you will not be paid any financial penalties which are as a result of a late payment and also this policy type cannot protect a loan shortfall if the agreement is not linked to a vehicle, for example if it is instead linked to a bank or a personal Loan.
Please see the illustration of Jim and his Alfa Romeo which we have put together to aid your understanding:
Jim takes out a five year finance agreement to purchase his Alfa Romeo. The finance agreement involves Jim paying set monthly payments of £400. Three years later, Jim is involved in a motoring accident that thankfully leaves him unhurt but his Alfa Romeo is written off. Jim has already paid three years of his agreement, which totals £14,400 (36 months x £400). Jim is however, still responsible for the remainder of his finance.
Finance and Contract Hire Gap Insurance will simply clear any outstanding finance that remains after the motor insurance valuation, leaving Jim with no financial liability.
From free policy transfer to no market value clauses, from guaranteed best prices to pro rata refunds, but don't take our word for it way not compare our level of cover and see how a Shortfall Gap Insurance policy could protect your Alfa Romeo.
Our policies pay £750 towards the cost of your own motor insurance excess.
You can Transfer your policy at any time to another eligible vehicle free of charge.
All of your Alfa Romeo's Factory fitted options are covered.
We do not limit the purchase price of your Alfa Romeo to a percentage of any guide price.
We do not have a market value clause on settlement.
We do not charge for name, address and registration number changes.
Our customer service call centre is completely UK based.
Our claims team are UK based.
All Policies are backed by the Financial services Compensation Scheme.
You have a 30 day cooling off period during which time you can cancel and proving you have not attempted to make a claim receive a full refund.
You can cancel at any time and receive a pro-rata refund less a nominal administration fee charged by the underwriters.
You can defer the start date of your policy completely free of charge.
The list goes on, however, we hope that by now you can appreciate that our policies are amongst the most comprehensive in the UK today.
Industry experts estimate that the average vehicle, including your Alfa Romeo can depreciate by up to 50% in the first three years. We at Shortfall.co.uk understand that no driver what so ever wants to hear this, because after all, you have just paid a large amount for your Alfa Romeo at the local dealership and then soon after you are told that half of this invoice price which you paid, will in theory vanish within the first three years during the period of your ownership.
This is why it is so important to consider Shortfall Insurance, which can provide you with solid protection against depreciation.
No one, no matter what experience or expertise they may have in the motoring industry can give you a precise figure of what your Alfa Romeo will be worth in three or four years time. However 'What Car' have made available estimated depreciation rates for Alfa Romeo by taking into account past and current depreciation rates and average Alfa Romeo driver usage and mileage.
Below by using these figures from 'What Car', we have designed an Alfa Romeo Giulietta depreciation guide to help you recognise the true impact of depreciation on your finances.
Example 1 –
Alfa Romeo Giulietta Hatchback 1750 TBi Cloverleaf 5dr
Invoice you paid - £25,530
Year 1 – £15,356
Year 2 – £12,604
Year 3 – £10,355 – You will see that within the first three years, your Alfa Romeo has lost £15,175 in value
Year 4 – £8,854 – You will see that within the first four years, your Alfa Romeo has lost £16,676 in value
Example 2 –
Alfa Romeo Giulietta Hatchback 2.0 JTDm 140 Lusso 5dr
Invoice price you paid - £21,250
Year 1 – £13,549
Year 2 – £11,124
Year 3 – £9,150 – You will see that within the first three years, your Alfa Romeo has lost £12,100 in value
Year 4 – £7,801 - You will see that within the first four years, your Alfa Romeo has lost £13,449 in value
Example 3 –
Alfa Romeo Giulietta Hatchback 1.6 JTDM 105 Lusso 5dr
Invoice price you paid - £19,950
Year 1 – £12,950
Year 2 – £10,625
Year 3 – £8,724 – You will see that within the first three years, your Alfa Romeo has lost £11,226 in value
Year 4 – £7,449 – You will see that within the first four years, your Alfa Romeo has lost £12,501 in value
Example 4 –
Alfa Romeo Giulietta Hatchback 1.4 TB 120 Lusso 5dr
Invoice price you paid - £19,015
Year 1 – £11,978
Year 2 – £9,852
Year 3 – £8,078 – You will see that within the first three years, your Alfa Romeo has lost £10,937 in value
Year 4 – £6,927– You will see that within the first four years, your Alfa Romeo has lost £12,088 in value
Example 5 –
Alfa Romeo Giulietta Hatchback 2.0 JTDM 170 Veloce 5dr
Invoice price you paid - £23,450
Year 1 – £14,574
Year 2 – £11,976
Year 3 – £9,826 – You will see that within the first three years, your Alfa Romeo has lost £13,624 in value
Year 4 – £8,400 – You will see that within the first four years, your Alfa Romeo has lost £15,050 in value
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The company was founded as A.L.F.A. which is an acronym for 'Anoima Lombarda Fabbrica Automobili', English for 'Lombard Automobile Factory'. The company is well known for its production of luxury cars and its involvement in car racing.
The company was first founded as A.L.F.A by a group of Italian investors who took over a Darracq factory in Italy, which was a French automobile company.
In 1915, the company was taken over by business man Nicola Romeo in 1915, giving the company its second name. Throughout the 1910's, Alfa was involved in a range of manufacturing businesses including machine tools and military equipment.
As a result the car division did not become known until the 1920’s when it introduced the 6C sand 8C series. These models were looked upon as luxury sports car aimed for the Italian upper class.
The 1920’s was a successful decade for Alfa Romeo as they won several Motorsport competitions. Most notably, one of most successful drivers was Enzo Ferrari, the man who would later go on to create the legendary Ferrari brand.
The company however began to experience financial difficulties at the start of the 1930’s and it was took over by the Italian government. The government changed the course of Alfa and began mass production of modern, more affordable cars, including the Sedan 1900. In 1986, the government sold Alfa to FIAT.
The Alfa Romeo badge consists of emblems from fifth century Italy.
In 2002, Alfa Romeo branched into the yacht market and launched the Alfa Romeo I, a super maxi yacht which featured in several yachting competitions.
Alfa Romeo’s current portfolio consists of successful models such as: Mito, Giulietta, 159, Mito QV, Giulietta QV and 159SW.