Return to Invoice, or RTI Gap Insurance, is a common form of Gap Insurance, widely available from motor dealers and online brokers alike.
This form of Gap Insurance can provide cover between the vehicle market value, if it has been written off, and the original invoice price you paid.
So if you pay 10,000 pounds for a vehicle in 2011, and it has a market value 3 years later of only 5,000 pounds, then RTI Gap Insurance can make up that difference if the vehcile is stolen or in an accident, and written off.
So who would buy RTI Gap Insurance?
As with all insurance policies, there will be some restrictions and requirements for the cover to be valid. As with all insurance, we would advise you to take a good look at the particular cover you are considering purchasing. However, RTI Gap Insurance is available for the following
- Periods from 1 to 5ears – typically dealers only offer 3 years RTI Gap Insurance, but there are brokers who can offer cover up to 5 years.
- For cars, motorbikes, motorhomes, driving school vehicles and even private hire taxi’s
- For cash or finance purchases, versions such as Combined RTI Gap Insurance and Deferred RTI Gap Insurance
- For new and used vehicles, with up to 50,000 pound claim limits, and 240,000 purchase price.
So where can you get RTI Gap Insurance?
Fortunately, RTI Gap Insurance is possibly the best known, and most widely available form of Gap Insurance in the UK today. Ceratinly your dealer should be able to provide it, although it is almost certain you will be able to purchase it online far cheaper.
The cover you have offered may have subtle differences between insurers. Be sure to check for things like your Policy Excess contribution (some charge you an excess, some actually contribute towards your motor insurance excess). Other features to check are if your factory fitted and dealer fitted options are included, and if there are any age restrictions on the drivers on the policy.
So there you have it, our brief guide to RTI Gap Insurance in all its glory!