RTI Gap Insurance

Now we assume you have the general idea about RTI Gap Insurance. The basics of this cover is that it will bridge the gap between your vehicles market value and the original invoice price you paid. So thats it really is it not, Return to Invoice Insurance explained? Actually no, there are several types of Return to Invoice policies available in the UK today.

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Deferred Return to Invoice Gap insurance

What is deferred Return to Invoice Gap Insurance ? How does deferred return to invoice gap insurance work? Deferred return to invoice gap insurance has all the features and benefits of a standard return to invoice gap insurance policy but allows you to defer the start date.

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Combined Return to Invoice Gap Insurance

Why is a combined return to invoice gap insurance different from a standard return to invoice style of cover? Standard return to invoice gap insurance pays the difference between your vehicles valuation and the invoice price you paid.

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Buy Gap Insurance?

Buy Gap Insurance?

Return to invoice gap insurance is just one style of gap insurance in fact there are many more.

There are so many different styles of gap insurance because we all want to protect ourselves in different ways.

Depending upon the type of vehicle you buy and how you pay there may be more suitable ways for you to protect yourself with gap insurance.

For example if you have just bought a new contract hire van then you would not be eligible for return to invoice gap insurance as you can never own the vehicle. But you should still be able to protect yourself with a form of gap insurance.

There are only really three different types of gap insurance and all the other styles are simply variations.

  1. Finance Gap protection
  2. Return to invoice gap protection
  3. Vehicle replacement gap protection

Finance gap insurance will only ever pay the difference between your vehicles valuation and the outstanding finance leaving you with no liability to your old vehicle. Variations of finance gap insurance include

  1. Contract Hire Gap protection
  2. Lease Hire gap protection
  3. Transferable Finance Gap protection

Return to invoice gap insurance will pay the difference between your vehicles valuation and the invoice price you paid. Variations include

  1. Combined Return to invoice
  2. Deferred Return to invoice

Vehicle replacement gap insurance will pay the difference between your vehicles valuation on the day it is written off and the cost you would need to spend to buy another vehicle which is the same age, mileage and condition as yours was on the day you bought it. Variations include

  1. Combined Vehicle rEplacement
  2. Deferred Vehicle replacement
Which type of gap insurance is best for you?

It may sound confusing but it really does not have to be. Simply decide what you wan to protect, when you want cover to start and finally do you need a financial element. For example

  1. You want to cover the replacement cost – ok you need vehicle replacement
  2. You have new for old on your own motor insurance – ok you need deferred
  3. You paid cash – you do not need a combined level of cover.

Over the coming weeks we will explore the pros and cons of each style of gap cover.

After all when it comes to gap insurance it should be all about you making informed choices.