GAP and RTI Combined Protection

Car crime is an ever-present risk in the UK – there is one car stolen for every minute of every day. Over a third of stolen cars are never found, and over half a million cars each year become total losses – so finding the right finance protection for your new car is crucial.

In the unfortunate event that you have to make a claim, most insurance policies will only provide cover up to the market value of your car at the time of loss, whether the cause is accidental or theft. This figure is likely to be far less than the amount you originally paid for the car and in some circumstances less than the finance balance outstanding at the time.

At Saxton 4x4 we provide you with a unique GAP/RTI Combined Protection policy which will cover you against financial loss should your vehicle be stolen and/or written off, filling the GAP between the current market value and either:

• Finance outstanding (GAP)
• Original invoice price (RTI)
• Replacement new for old

GAP/RTI Combined Protection

RTI/Finance GAP – In the event of a Total Loss being declared by your vehicle insurer, this policy is designed to pay for the financial shortfall between the insurance settlement and the original purchase price, or if greater, the amount required to settle the finance agreement up to the chosen liability.

Periods of cover availability are 36 or 48 months for Return To Invoice insurance which will apply if the vehicle was purchased as a cash transaction and up to 60 months if a financial agreement was arranged.

Availability claim liabilities are £5,000, £10,000 and £20,000 with a maximum of one claim being permitted during the insurance.

GAP – Guaranteed Asset Protection

If you have a fully comprehensive policy and need to make a total loss claim as the car has been written off by theft or accident, GAP will cover any shortfall between the insurance companies payout and your current finance balance outstanding ensuring no shortfall is due from you.

RTI – Return To Invoice

Total Loss RTI insurance will cover this same financial shortfall plus protect your original deposit so you will be able to purchase a replacement car of similar value, specification, age and quality to match your original car invoice value.

Can You Give Me An Example Of How GAP/RTI Works

If you paid £20,000 for your car, and your Motor Insurance payout is £12,000 and your outstanding Finance payment is £19,000, GAP Insurance will payout £7,000, If you don’t have any outstanding Finance the RTI will return you to the full £20,000 paying out £8000, it’s that simple!

What Is Covered

If within the Period of Insurance, an incident occurs which results in the insured vehicle being classed as a Total Loss by the Motor Insurance Policy underwriter, we will pay the financial shortfall between the amount you received from the motor insurance policy and the amount of any outstanding finance on the Vehicle, up to the sum insured in the event of your vehicle being a total loss following an incident during the period of insurance occurring whilst your vehicle is in Geographical limits.

Please refer to policy for full terms and conditions.