RTI/GAP Insurance

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What is Gap Insurance?

GAP Insurance covers the difference between the early settlement balance of your contract and the market value in the event of the vehicle being considered a total loss because of accidental damage, fire or theft. Normally you would be responsible for this shortfall amount.

Why does my company need this cover?

  • More than 1000 vehicles are stolen every day in the UK
  • More than one third of vehicles stolen are never recovered
  • Vehicle crime represents 25% of all crime in the UK

Insurance companies will only pay out the market value of the vehicle at the time of the loss, not the total amount you owe the finance company.  An insurance write-off could leave you thousands of pounds worse off.  GAP insurance will protect you against this financial loss.

Your benefits:-

  • Covers the difference between the market value of you vehicle and any outstanding loan on your vehicle up to a maximum of £10,000 (subject to eligibility)
  • Reimbursement of your Insurance Excess up to £250 if you are unable to claim it from a third party
  • Cover lasts for a maximum of 5 years
  • One single premium

One off premium from £249.00 per vehicle (includes insurance premium tax)

Eligible Vehicles:-

  • Vehicles up to £75,000 invoice price
  • Cars and commercial vehicles up to 3.5 tonnes & Minibuses
  • Cars and commercial vehicles up to 6 years old
  • Applies to all finance agreements

Major Exclusions:-

  • Vehicles written off whilst driven illegally or under the influence of drugs or alcohol.
  • Vehicles not covered by a fully comprehensive road risk motor policy.
  • Vehicles used for hire or reward.
  • Vehicles left unattended where the keys have not been removed, doors left unlocked and any immobiliser and/or alarm not activated.

What is Return To Invoice (RTI) Insurance?

If your vehicle is written off as a ‘total loss’ by your insurance company, you will only be paid the ‘current market value’ of the vehicle at the time of the loss, NOT WHAT YOU ORIGINALLY PAID and therefore not enough to buy the same vehicle again.

Why do I need this cover?

If you thought that having your vehicle stolen or written off would never happen to you, did you know?

  • More than 1,000 vehicles are stolen EVERY day in the UK
  • More than one third of vehicles stolen are NEVER recovered
  • Vehicle Crime represents 25% of all crime in the UK

Fortunately, we can soften the blow with Return To Invoice Insurance, it pays out as a supplement to your comprehensive motor insurance, so you can afford to replace your vehicle with a similar model.

Your Benefits

  • RTI pays the difference, up to a maximum of £20,000 between your insurance company payout and the original price you paid for the vehicle
  • Reimbursement of your Insurance Excess up to £250 if you are unable to claim it from a third party
  • Covers you for a maximum of 3 years
  • One single premium includes finance shortfall cover too

One off premium from £339.00 (per vehicle) for vehicles over £25,000 invoice price.

Eligible Vehicles

  • Vehicles up to £75,000 invoice price
  • Cars and commercial vehicles up to 3.5 tonnes & Minibuses
  • Cars and commercial vehicles up to 6 years old
  • Applies to all purchase agreements

Major Exclusions

  • Vehicles written off whilst driven illegally or under the influence of drugs or alcohol.
  • Vehicles not covered by a fully comprehensive road risk motor policy.
  • Vehicles used for hire or reward.
  • Vehicles left unattended where the keys have not been removed, doors left unlocked and any immobiliser and/or alarm not activated.

PHVC is an appointed representative of Premia Solutions Ltd who is authorised and regulated by the Financial Conduct Authority.  FCA number 486374

Need a quote?
Call Now: 01489 580333

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