GAP & Return To Invoice Insurance
Buying a car is one of the largest purchases you may make during your lifetime, yet it is also one of the most vulnerable of all your investments. Car crime, insurance write-offs and depreciation are all hazards of modern motoring. Your insurance company may be able to cover most of the damage, but who will pay for your outstanding finance payments? Who will pay for the difference between your insurance company's payout and the original price you paid for your vehicle?
Don't gamble with the large investment you've made in your vehicle. Check out the valuable cover that either Guaranteed Asset Protection (GAP) or Return To Invoice (RTI) Insurance can offer you.
Guaranteed Asset Protection (GAP) Insurance
A total loss need not be a total disaster. If your car is stolen or written-off, GAP will pay the difference between the amount paid by your insurance company and any outstanding finance on the vehicle. (Subject to the limits set out in the policy document).
Is there a maximum amount GAP will pay?
Customers can select a claim limit to suit the cost of the vehicle. Claim limits from £5,000 to £25,000 are available.
Can you give me an example of how GAP works?
If you paid £10,000 for your car it was stolen and not recovered (inside the duration of the policy) and your motor insurance pay out is £6,000 but your outstanding finance payment was £9,500, the GAP insurance will payout £3,500. It's that simple!
Can it be transferred if I sell the vehicle?
Unfortunately not, the insurance only covers the person or company who paid for the insurance whilst the vehicle is under their ownership.
What is the maximum term I can have?
Customers can select policy terms that range from 12 months cover to 60 months cover in line with the finance agreement but will cease earlier upon the occurance of any of the following events: a paid claim or the repossession of the insured vehicle if subject to a credit agreement.
Return to Invoice (RTI) Insurance
If your vehicle is stolen or written-off, Return to Invoice (or RTI as it's known) Insurance will pay the difference between the amount paid by your insurance company and the price you originally paid for the vehicle. (Subject to the limit set out in the policy document).
Is there a maximum amount RTI will pay?
Customers can select a claim limit to suit the cost of the vehicle. Claim limits from £5,000 to £25,000 are available.
Can you give me an example of how RTI works?
If you paid £12,000 for your car it was stolen and not recovered (inside the duration of the policy) and your motor insurance pay out is £7,000, RTI can pay the difference of £5,000 to top it back up to the original £12,000. It's that simple!
Can it be transferred if I sell the vehicle?
Unfortunately not, the insurance only covers the person or company who paid for the insurance whilst the vehicle is under their ownership.
How long will RTI cover last?
Cover is available for up to three years (depending on premium paid), or when you sell or transfer ownership of the vehicle, whichever is the sooner; but will cease earlier upon the occurance of any of the following events: a paid claim or the repossession of the insured vehicle if subject to a credit agreement.
Why not combine them both?
Combined GAP and RTI products are designed to protect you in the event of an accident regardless of how you originally purchased the vehicle. If you have paid for the car outright, you will need our Return To Invoice (RTI) cover to ensure you get back what you paid for the vehicle in the event of a claim. If you are paying for the car on a finance agreement, then our Guaranteed Asset Protection (GAP) cover will make sure that if your insurance payout falls short, you won't be left with the outstanding finance that you owe. Of course, this is subject to the terms and conditions contained in the policy document.
To find out more about our GAP and Return To Invoice insurances, please speak to your Sales Specialist or Business Manager in your local dealership.
