What is RTI Gap Insurance?

Return to Invoice Gap Insurance (RTI) is the best protection for both new and used car purchasers. Available to customers that have purchased with cash, used finance, placed the vehicle under contract hire or lease agreements, Return to Invoice protection pays the difference between the total loss 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 back in the event of a complete vehicle loss through an accident resulting in an insurance write-off, or a theft resulting non-recovery of the vehicle.

The advantage of using Return to Invoice Gap Insurance is that it helps to refund the vehicle’s 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 for cash, using a loan or even when using finance options.

How does RTI Gap Insurance work?

Here’s an example:
Amount Paid for Car (Invoice Price) – £ 16,000
Value of your car at Total Loss – £ 10,000
RTI Gap Insurance Pay-out – £ 6,000

This type of gap insurance applies to all vehicles registered and used within the United Kingdom. The vehicle needs to have a comprehensive motor 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.

Contemplate where you would be right now if your car happened to be stolen or written-off by your motor insurer due to an accident. The value of your vehicle is calculated on the day of the total loss, and due to depreciation, there could be a significant difference between what you paid originally and your pay-out, leaving you with debts or payments outstanding on a vehicle that you have not even had the opportunity to truly enjoy yet.

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.