Return to invoice (RTI) GAP insurance can help you climb out of a hole and stop you from hitting a mega financial snag.
Ooof! Watch out, that’s a steep drop! As soon as you climb into your new motor and roll off the forecourt, the value of the car starts to slide faster than your 0-60 time. Return to invoice GAP insurance ensures your finances don’t skid off the road when your car gets written off or stolen.
Think of RTI GAP insurance as a financial handbrake in a nightmare situation. It will ensure you’re not left footing the bill for something which you no longer own.
How does return to invoice GAP insurance work?
When the worst happens and your car is written off or stolen, your main car insurer will only pay out the car’s current market value. Due to pesky depreciation, that value will be significantly less than what you forked out for the car in the first place. This is where Return to Invoice GAP insurance kicks in.
RTI will bridge the gap between your car’s current market value and the price you originally paid. It gives you a financial safety net, so you’re not left out of pocket when the worst happens.
Is return to invoice GAP insurance worth it?
Let’s put some numbers on it. A £50,000 car will shed its value straight away. Within a year, it could be worth around £35,000. If it is written off or stolen at that point, your main insurer will only pay the £35,000.
With RTI GAP insurance, you’ll get a £15,000 shortfall to cover the difference between your insurer’s payout and the original invoice price. A soft cushion during a frustrating situation.
When can I buy return to invoice GAP insurance?
Generally, you need to secure RTI GAP insurance within the first 180 days of buying a new or used car. Regardless of that, it’s best to get sorted as soon as possible. The car will lose a massive chunk of money from the moment you roll off the forecourt.
Don’t leave yourself vulnerable to a financial hit because you left it waiting on your to-do list. You’ll only leave yourself exposed.
Who should buy RTI GAP insurance?
- If you’ve bought a car brand new, or nearly new
- Want to avoid being out of pocket if your car is written off or stolen
- Care about keeping your finances steady, even in unfortunate circumstances
- Want to get back on the road as soon as possible
How to buy Return to Invoice GAP insurance
Get a GAP insurance quote online with Insureworks. Insureworks is about making insurance easy. There are no mountains of paperwork, no confusing jargon, and certainly no time-wasting.
We have first-hand experience of how confusing RTI GAP insurance can be. Being forced to spend hours completing a boring life admin task is the last thing anyone wants to do. The good news is, those days are over. Our online tools let you get signed up in minutes, and if you ever need to make a claim, the process is just as quick. Insureworks also offers return to finance GAP insurance.