In the event that your vehicle is written off or stolen, your motor insurance will only cover the current market value. Asset Protection will cover the shortfall between the original price you paid or the outstanding balance on you finance agreement, whichever is greater. Asset protection makes sure you're in a position to purchase another vehicle of the same value.
As a customer you will receive either GAP or RTI insurance depending on how you paid for the car. If you paid for it outright, you will need Return To Invoice (RTI) insurance, to ensure you get back what you paid for the vehicle in the event of a claim.
If you are paying for the car on a finance agreement, our Guaranteed Asset Protection (GAP) insurance will make sure that if your insurance payout falls short, then you wont be left with the outstanding finance you owe. This is subject to the terms and conditions contained in the policy document.
Our combined GAP and RTI insurance incorporates both these types which could result in a greater payout for you as the customer, whatever the circumstance.
To protect your investment and for peace of mind, choose GAP to protect your finance, if an accident was to occur.
How does it work?
Let’s say your customer paid £18,500 for their car and their car is unfortunately involved in an accident and their motor insurance providers declare it a total loss. Using current market conditions the motor insurance provider values their car at the time of the accident as £12,000. However, they still owe the Finance Company £15,000. The GAP insurance may payout the £3,000 difference - it’s as simple as that!
For peace of mind and to protect your vehicle's needs, choose RTI.
How does it work?
Let’s say your customer paid £18,500 for their car and it is
unfortunately stolen and not recovered. The motor insurance provider
then declares it a total loss and they value their car at £12,000 using
current market conditions. The RTI insurance may payout £6,500 to ensure
your customer receives the total originally paid for their car - it’s
as simple as that!
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