RTI Finance / Gap Insurance
Return to Invoice (RTI) Guaranteed Asset Protection (GAP) Insurance ensures you receive the price paid for your vehicle – or the value of the outstanding finance – in the event of a total loss claim (write-off).
- Available from £147 for 3 years’ cover
- Covers new and used vehicles up to 10 years old or 100,000 miles
- Suitable for vehicles worth up to £180,000
- Reimburses up to £250 of Car Insurance Excess
In the event of a theft or a write-off, your insurer may only cover the market value of the vehicle. This is likely to be less than the amount you paid, owing to depreciation. Return to Invoice GAP Insurance allows you to recover the amount paid, so you can clear any remaining finance or buy a new vehicle.
Well, Chris Knott Insurance (who runs the C4owners Insurance scheme) has come up trumps again!
Just had my Home Insurance renewal in and they have reduced my premium by £73.44 p.a. (28%) from that quoted at renewal by… Churchill! Oh and the cover is better as well.
Your RTI Gap Insurance Questions Answered
What is RTI/Finance GAP Cover?
In the event of a total loss, your Comprehensive Motor Insurance policy will only pay you the market value of your vehicle at the time of the loss. However, you may have outstanding finance owing on the vehicle which is greater than that market value. In any case you’ll get back less than you paid for, or owe, on the vehicle.
Return to Invoice (RTI) GAP Insurance covers you for 3 years and gives you back the difference between your motor insurer’s payout and the net purchase invoice price or the outstanding finance amount (whichever is greater) so you can buy another car for the original value.
Chris Knott RTI/Finance GAP Cover costs from just £147 for 3 years’ protection and is available on vehicles valued right up to £180,000.
GAP cover from Chris Knott Insurance starts at just £147 for 3 years’ cover on vehicles less than 10 years old, with fewer than 100,000 miles on the clock.
How does RTI Finance GAP Insurance work?
RTI Insurance Example:
- The original vehicle purchase price is £35,000.
- Car Insurance pays £25,000 (the market value) in the event of a total loss.
- RTI GAP Insurance pays out £10,000.
- The GAP Insurance covers the difference in values, so you don’t end up out of pocket.
Simply call your insurer’s claims line in the event of an accident or theft.
Chris Knott RTI/Finance GAP Cover also refunds your motor excess in the event of a total loss, up to £250.
Which vehicles qualify?
Whether you have purchased your vehicle outright or on PCP, personal contract hire or lease – arranging RTI/Finance GAP Cover makes sense and provides valuable benefits at relatively little cost.
Cover is available for cars (and commercial vehicles up to 3,500kg) under 10 years old/100,000 miles – and must be purchased within 100 days of the vehicle purchase.
The cover is not available for kit-cars, invalid carriages, grey/parallel imports or vehicles not built for sale in the UK.
RTI/Finance GAP Cover effectively allows you to remove depreciation from the equation if you suffer a total loss within 3 years of arranging the protection and puts you back in your original position.