"Hi, my name is Simon England, MD of ALA Insurance Brokers.
This video is going to discuss Vehicle Replacement Insurance.
Vehicle Replacement Insurance is slightly different to that of Back To Invoice in that it looks to replace the car rather than get you back to invoice price - so if you got a good deal on the car which you may not be able to repeat, or concerned about price rises whether through VAT or manufacturing price increases - this will protect you against that, because no matter how much that car costs to replace, we'll replace it, obviously up to claim limit that you buy.
This will be for a new car if it's indeed a new car that you bought - or if you say you bought the policy for a 2 year old car and in 3 years time it was written off, we'd replace it with a 2 year old car.
Now, in the event of a claim and we're unable to replace the vehicle for you we will give you the replacement value alternative, we will pay you that instead of just the invoice price, it will be the cost to replace that we will pay you."