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Combined GAP & RTI Insurance

Do you know how much you would be getting from your motor insurance policy if your vehicle was written off due to an accident, fire or theft?

Even with comprehensive cover, your motor insurance company may only pay-out the market value for your vehicle in the event of a total loss.

For example, if your vehicle cost you £14,000, its market value may have become £6,000 after two years, and this is what you will receive from your motor insurance company (minus any applicable excess). This means you will have lost £8,000.

How Combined Guaranteed Asset Protection works

Combined Guaranteed Asset Protection is designed to provide financial protection in the event of an accident or loss regardless of how you originally funded your purchase.

If you have paid for the car with a large deposit, the Return To Invoice (RTI) part of the policy could ensure you get back what you paid for the car in the event of a valid claim.

If you are paying for the car on a finance agreement, then the Finance Guaranteed Asset Protection (GAP) part of the policy may make sure that if your insurance pay-out falls short, you won’t be left with the outstanding finance.

For example

If you bought their vehicle outright and paid £26,500 for the car and your motor insurance pay out is £14,000, RTI can pay up to the difference of £12,500 to top it up to the original £26,500.

If you financed the vehicle and paid £26,500 and your motor insurance pay out is £14,000, and the outstanding finance payment was £17,500 Finance GAP insurance may pay out up to £3,500.

Combined Guaranteed Asset Protection will pay out the greater of the Finance GAP or RTI amount. It’s that simple!