RTI Gap Insurance

Nowadays, it has become so much cheaper and more time efficient to shop online. With merely a few clicks of a button, your products are chosen, and the purchase completed. The same can be said for RTI gap insurance with Click4Gap.

RTI, also known as Return to Invoice insurance, is the best protection for both new and used car purchasers. Available to customers that have purchased with cash, using finance, placing the vehicle under contract hire or lease agreements. Return to Invoice protection pays the difference between the total loss (through an accident resulting in an insurance write-off, or a theft resulting in loss of vehicle) depreciated value of the vehicle, and the original price paid for the vehicle. In other words, with Return to Invoice Insurance (RTI) you can be sure you will receive the full purchase value (amount stated on the invoice) back in the event of a complete vehicle loss.

Another type of gap protection is Vehicle Replacement Insurance (VRI, suitable for new car owners alone. Whether you purchase your vehicle using cash, contract hire, leasing agreements or finance (credit borrowed from a financial institution) you qualify for this cover and protection. Once protection is purchased, your vehicle is safe. In the event of a theft or an accident (wherein your comprehensive motor insurer has deemed the car a write-off) Vehicle Replacement gap Insurance (VRI) will provide you with a brand new car of the same make or type, even in the event of drastic price changes. The risk and effort involved in a total loss situation is dramatically lessened, with the vehicle never being worth less than your comprehensive motor insurer’s settlement figure.

There is also a Finance Gap Insurance package that will cover the difference between what remains outstanding on your vehicle (in terms of the loan between you and your financial institution) and what your comprehensive insurance company values your vehicle at on the day of the total loss event. When leasing a car, it is common, if not compulsory, to automatically be offered the gap insurance package from the same motor insurer as insures your vehicle.

In today’s insurance world, it is most unlikely that the payout you receive from your vehicle insurance will be sufficient enough to purchase a replacement vehicle of the same make or type without having to pay off existing finance or money out of your own pocket. The RTI gap insurance policy provides the difference between your insurance payout and what you originally had paid for your new or used vehicle.

If your new or used car is declared a write-off by the comprehensive motor insurance company that you have your policy with, as a result of perhaps a serious accident or even theft, they will only pay out the value of the car as calculated on the day the incident occurred. In most cases this will end up being far less than what you paid for initially when you purchased the car or perhaps could have sold it for privately. All motor vehicles decrease in price significantly during the first twenty-four months of your purchase – this is termed ‘depreciation’.

The RTI gap insurance will pay out the full difference between your car’s original purchase value (as stated on the invoice), and the amount that your comprehensive insurance policy will pay out. For a detailed finance gap, RTI or VRI insurance quote, feel free to contact Click4Gap at any time.

If you still need reasons to purchase the RTI gap insurance policy, contemplate where you would be right now if your car happened to be either stolen or written-off by your comprehensive motor insurance company due to an accident. The value of your vehicle is calculated on the day of the accident, and due to depreciation, there could be a significant difference between what you paid originally and your payout, leaving you with debts or payments outstanding on a vehicle that you have not even had the opportunity to truly enjoy yet. Even if the insurance company settles the debt, you still will not have a means of transport or a deposit to place on your next motor vehicle purchase.

The advantage of using Return to Invoice gap insurance is that it helps to refund the depreciation, so you get back what you originally paid for the car. It is available on new and used cars and it is available when buying on cash, loans or even using finance options.

A disadvantage of Return to Invoice insurance is that it may not be transferred when you wish to sell the vehicle and it does not provide any benefit for any road costs such as road tax.

RTI gap insurance also known as Return to Invoice Insurance, is a gap policy that will cover you for the difference for what you paid for the car (original invoice price) and the depreciated insurance payout in the event of a total loss incident with your vehicle.

The total loss of your brand new or second-hand motor vehicle does not need to be a disaster. In the event of your car being stolen or written-off by your comprehensive motor insurance organization, Return to Invoice insurance will help to refund the full difference between what you paid for the purchase of your vehicle and what your insurance company pays out (usually a much depreciated value for the car).

Return to Invoice gap insurance is a great way to cover your new or used car, purchased either cash or with finance options. This insurance cover and protection helps to pay out the difference between the pre-accident, or theft, depreciated value of your vehicle from your comprehensive motor insurance company and the original amount that you paid for the vehicle, which guarantees you getting back the full price on what you originally paid for the vehicle.

For example, if you purchase a vehicle valued at eighteen thousand pounds, your insurance settlement for the vehicle will be fourteen thousand pounds, and the gap policy payout will be four thousand pounds. The motor insurance company has calculated the depreciated value of your vehicle at four thousand pounds, while the gap policy will refund you the difference in full.

Finance gap protection is another option that can be offered to you if you have taken out finance for you vehicle, although simply choosing RTI gap insurance will substantially improve the benefits from your claim and the amount paid out.

Return to invoice insurance, or RTI gap insurance, is a policy that helps you the customer - when your new or second-hand vehicle is stolen or written-off by your comprehensive insurer due to an accident - to get the value you paid for the car initially and not simply the depreciated insurance value for your car. All new cars will depreciate in value during the first few years (a second-hand car will depreciate too, but to a lesser extent) starting from the moment you drive your new (or used) car off the car lot, or out of the dealer’s showroom. So, if your car is stolen or involved in an accident and your comprehensive motor insurer declares the car a write off, the RTI policy will pay out the difference for what you paid for the car on purchase and the depreciated pay out from the insurance company.

RTI gap insurance is a middle-of-the-range insurance policy gap product, specifically designed to return your original invoice cost of your vehicle to you in the event of total loss of your vehicle either due to it being stolen or involved in an accident.

These types of gap insurance policies apply to all vehicles registered and used within the United Kingdom. The vehicle needs to have a comprehensive insurance policy, and be no more than seven years old. RTI gap insurance packages are there to help you, the customer, get the balance between the original purchase price of the new or used car and the value your comprehensive motor insurance company pays out. Contact Click4Gap for any queries, and to find the best rates when it comes to Return to Invoice gap insurance.