This type of GAP cover bridges the shortfall between your car’s depreciated value and the price you first forked out, keeping you covered if it’s written off or stolen.
Older cars don’t drop as sharply, but many people still want protection when buying expensive used models or when they’ve already owned the car for a while. That’s exactly where Return to Value GAP Insurance earns its place.
How does Return to Value GAP insurance work?
Not every type of GAP cover fits used cars, but RTV does. It’s most often used for cars that are two or three years old and still have plenty of depreciation ahead of them.
Here’s the difference:
- Return to Invoice GAP Insurance tops up your insurer’s payout to the price you originally paid on the invoice. This is great for brand-new cars.
- Return to Value GAP Insurance instead uses the market value of the car on the day you bought the policy. That’s what makes it a strong option for nearly-new or second-hand cars.
So if you’ve bought a used car, or you’ve had your vehicle for a little while but still want protection against further depreciation, RTV is the cover that makes sense.
Do I need RTV GAP insurance?
It won’t be right for everyone. If your car’s already older and not worth much, your insurer’s payout will usually reflect its actual value pretty accurately. Therefore, a GAP top-up isn’t necessary.
But RTV could be a smart move if:
- Your car is nearly new, but not brand new
- You’ve invested in an expensive used model
- You want to guard against future depreciation, not just today’s value
- You’ve had your car for a while and want to lock in what it’s worth now
Keep in mind: RTV won’t give you enough for a brand-new replacement. But it does protect the money you spent, even on an older car, and that peace of mind matters.
Buying RTV GAP insurance
You can usually pick it up at the dealership, but beware. Their price is rarely the best, and the process can be confusing. Instead, Insureworks will clearly explain:
- How long the policy lasts
- What payout limits apply
- Whether there are restrictions based on mileage, age, or condition
The takeaway
Return to Value GAP insurance is designed for cars that aren’t brand-new, but still worth protecting against depreciation. It locks in the car’s value on the day you bought the policy, giving you a safety net if the worst happens.
Want more detail? Check out our Advice Centre for guides on all GAP insurance types. Or start your quick quote with us today.