RTI Finance/GAP Insurance
If your vehicle is written off or stolen, standard motor insurance usually only pays out the current market value, which can be thousands less than what you originally paid or still owe on finance. That’s where GAP Insurance (Guaranteed Asset Protection) comes in.
Chris Knott offers Return to Invoice (RTI) and Finance GAP Insurance to bridge that gap, covering the shortfall between your insurer’s payout and either the amount you paid for the car or the outstanding finance balance. It’s smart, affordable protection that ensures you’re not left out of pocket when the unexpected happens.
Why Choose Chris Knott for 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 £139 for 3 years’ cover
- Covers new and used vehicles up to 10 years old
- Suitable for vehicles worth up to £125,000
- Reimburses up to £500 of Car Insurance Excess
- A temporary replacement vehicle can be arranged (up to agreed specified limits)
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.
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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 £139 for 3 years’ protection and is available on vehicles valued right up to £125,000.
We can arrange policies for vehicles less than 10 years old.
GAP Insurance, also known as Guaranteed Asset Protection Insurance, is designed to protect you financially in the event that your vehicle is written off or stolen. It comes into play when there is a significant difference between the amount you owe on your car loan or lease and the actual cash value of the vehicle.
GAP Insurance therefore covers the difference between what you owe on your vehicle and what your insurance company would pay if your vehicle was declared a total loss.
It can be used to cover both new and second-hand vehicles, provided they are less than 10 years old.
There are several types:.
- Replacement GAP Insurance: With this policy, you will receive a payment that covers the difference between the total loss payment and the cost of replacing your car with one of the same make, model and specifications.
- Return to Invoice GAP Insurance: This type of cover pays the difference between the price you paid for your car and the total loss payment offered by your insurance provider.
- Contract Hire GAP Insurance: If you still have outstanding repayments in your car lease agreement, this cover will financially protect you.
- Return to Value GAP Insurance: If you bought your car second-hand, this can be a useful policy because it covers the difference between your insurer’s payout and the value of your car when it was brand-new.
At Chris Knott Insurance, we offer Return to Invoice (RTI) GAP Insurance.
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 can also refund your motor excess in the event of a total loss, up to £500, if recovery from a third party is not possible.
Whether you have purchased your vehicle outright, on PCP, or personal contract hire – 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 – and must be purchased within 90 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.
It depends on your situation and your evaluation of risk.
Cars depreciate in value over time, some more quickly than others. If your car is written-off or stolen, you may find that the payout offered by your insurance company doesn’t completely replace what you paid. If you purchased your vehicle on finance, this could mean that you have to continue making payments for a car that you no longer own. This can make it more difficult for you to afford to buy a replacement car.
If you’d like peace of mind that you will receive financial protection to bridge this payment gap, then GAP Insurance may be worth it for you.
GAP Insurance may be a good fit for you depending on how you bought your car and how much your car is likely to lose its value over time.
If you used a significant loan to purchase your car, you may want to consider GAP Insurance. This is because it will cover any outstanding payments that may not be met by your car insurer’s payout for your written-off vehicle.
It may also be useful if you have your car on a long-term lease. Losing your car could leave you with a substantial bill should the worst happen.
GAP Insurance may also give you peace of mind if you are worried about your car losing value. A car that has depreciated significantly could mean you get a much smaller payout in the event of a write-off than what you paid for the car.
It is not a necessity to have GAP Insurance if you are leasing a car, but it may suit some people. This is particularly the case if you are renting a car long term. Some leases will have clauses on mileage written into the agreement. If your car is written-off or stolen, you may have to pay a substantial bill, which may not be fully covered by your insurance payout.
Please note that we are unable to arrange GAP Insurance for leased vehicles.
Like all forms of insurance, there are exclusions.
To qualify for GAP Insurance, your car needs to be under 10 years old. Cars that don’t meet these requirements will be excluded from the policy.
It won’t cover the cost of repairs or damage that doesn’t result in the loss of your car. GAP Insurance will also not cover you if you voluntarily give up your loan or lease. It is designed to come into play if your car is involuntarily lost through theft or accident.
To learn about other possible policy exclusions, speak to your insurer or broker.
GAP Insurance typically lasts for three years. However, it is best to carefully check your policy and speak to your insurer or broker to make sure you know how long your cover is valid for.
No, you can’t.
GAP Insurance needs to be purchased within 90 days of buying your vehicle. After this time, you won’t be able to apply for GAP Insurance.
The cost of GAP Insurance is dependent on several factors.
This includes the value of the car you have purchased, how long you would like the policy to be in place for, and your chosen excess. Our policies start from £139 including Insurance Premium Tax.
To get an accurate quote for your RTI GAP Insurance, speak to one of our experienced Car Insurance team members.
This product is designed for:
- Customers buyers vehicles with an invoice price of £5,000 and over, and an age of less than 10 years old at the point of sale.
- Customers who are residents of the United Kingdom, Channel Islands or Isle of Man and who purchase an eligible motor vehicle (new or used) which is up to 3.5 tonnes in the United Kingdom from a supplying dealership.
- Customers who purchase the eligible vehicle on a PCP (Personal Contract Purchase) or HP (Hire Purchase) finance agreement provided by the motor dealership and are responsible for paying outstanding amounts to the finance company if the vehicle is classified as a total loss.
- Customers who are buying the eligible vehicle with personal funding i.e. bank payment.
- Customers who have comprehensive motor insurance protection for the entire term of the GAP cover.
This product is not suitable for:
- Customers purchasing vehicles with an invoice price £0 – £4,999 and that are aged 10 years and over, at the point of sale.
- Customers purchasing vehicles that are not right-hand drive cars.
- Customers who are leasing their vehicle.
- Customers purchasing vehicles that are Grey Imports, emergency vehicles, commercial vehicles over 3.5 tonnes, taxis, courier vehicles, buses, minibuses, coaches, trucks, motor homes, trailers, heavy goods vehicles, licensed private hire vehicles, daily rental vehicles, breakdown and recovery vehicles.
- Customers purchasing vehicles that are used or insured for hire and reward, dispatch, driving school tuition, chauffeuring, road racing, track days (timed or untimed), rallying, pace-making, speed testing or any other competitive event.
- Customers who intend to modify the vehicle after the purchase date.
- Customers who do not have, nor intend to have a comprehensive motor insurance policy for the entire term of the GAP cover.
- Customers whose motor insurance policy provides a new for old scheme/like-for-like replacement vehicle in the event of a total loss, for the entire term of the GAP policy proposed.
- Non-UK, Channel Islands or Isle of Man residents.
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