Return to Invoice Gap Insurance

Compare RTI GAP Insurance 

 
Return to invoice gap insurance (GAP RTI insurance) can be a sensible choice when considering the risk of car ownership. It fills the gap between your car’s purchase price and a potentially lower insurance payout. In the end, it’s all about giving you peace of mind. Knowing that if your vehicle faces the unfortunate fate of being written off or stolen, you won’t be left grappling with the financial shortfall. This safeguard kicks in to cover the difference. It makes sure you’re back to your original purchase value, not just the market value at the time of the incident.  

What is return to invoice insurance, and why might I need it? 

Return to invoice insurance is also known as RTI GAP insurance or back to invoice gap insurance. It bridges the gap between the insurance payout and the original purchase price of your vehicle if it’s written off or stolen. This means if your car is considered a total loss after an accident, you’re not out of pocket. It’s especially handy when your main car insurance only covers the current market value, which can be significantly less than what you initially paid. In short, it’s a financial safety net ensuring you can get back your original investment. 

Is RTI GAP insurance different from agreed-value GAP insurance? 

There are multiple different types of GAP insurance, and each one is unique and suits specific circumstances. While RTI GAP cover is often called ‘back to invoice’ GAP insurance, these are essentially the same thing. It focuses on making sure you get back what you paid for your car if it’s written off or stolen. On the flip side, agreed value GAP insurance, or return-to-value GAP insurance covers up to an agreed-upon value. This will be decided and clarified when you take out the policy. But it can be the car’s market value at the time you are buying the policy. So RTI GAP cover is your go-to for matching your car’s purchase price, while return to value is about its worth at the time you take out the policy. 

Further information on the different types of GAP insurance.

How much does RTI GAP insurance cost, on average? 

When it comes to the cost of RTI GAP insurance, it is difficult to estimate without specific information. Prices vary based on your car’s value, the length of the policy, and the insurer you choose. The cost will also typically consider your personal details as well. The best way to get a tailored figure is to use our comparison platform. It’s all about comparing what’s out there to find a premium that suits your wallet. 

How is the cost of return to invoice GAP insurance calculated? 

Calculating the cost of your return to invoice GAP insurance looks into a few key areas. Think about the car’s purchase price, how quickly it depreciates, and the policy length you’re after. Insurers will also look at your risk profile. They’ll look at how you use your car and where it is kept. Essentially, they’re piecing together a puzzle of how likely it is they’ll need to claim on this policy, and how much the payout will be.  

Does the value of the car have a big impact on the cost of this insurance? 

Absolutely. The value of your car is a major player in determining your RTI GAP insurance cost. The more your car was worth when you bought it, the wider the gap could be between its purchase price and its value at the time of a claim. Higher-valued cars can lead to steeper premiums, due to the risk of higher payouts. 

Does my location affect the cost of this policy? 

Yes. Your location can definitely alter the cost of your RTI GAP insurance. If you’re in an area with high theft or accident rates, insurers might see more risk in covering your car. This can increase your premiums. 

Will my age affect the cost of RTI GAP insurance? 

Age comes into play when calculating your RTI GAP insurance premium. Generally speaking, younger drivers will pay higher premiums. This reflects the increased risk insurers associate with less experienced drivers. But remember, this is just one piece of the puzzle. Finding a competitively priced policy is still possible, especially when you shop around. 

Do insurers use the same risk factors to calculate the cost of return to invoice GAP insurance as they would for a normal car insurance policy? 

Insurers do use a similar set of risk factors for both RTI GAP insurance and standard car insurance policies. Here’s a quick rundown of what they typically consider: 

• Car’s Value – Higher value equals higher risk (and potentially higher premiums). 
• Driver’s Age – Younger drivers often face higher rates due to perceived risk. 
• Location – Higher-risk areas can lead to higher premiums. 
• Driving History – A clean record can help keep costs down, while a history of claims might push them up. 
• Car Usage – The more you drive, the higher the risk of something dangerous happening. 
• Value depreciation – If your car’s value depreciates at a high rate, this leaves more for GAP insurers to cover.  

Is RTI GAP insurance a legal requirement in the UK, or is it optional? 

RTI GAP insurance isn’t a legal requirement in the UK. It’s totally optional. But here’s the thing, it could be a financial lifesaver if your car gets written off or stolen. It’s about bridging the gap between your car’s market value and what you originally paid. Legal necessity aside it gives you greater peace of mind. 

Is it true I can only take out return-to-invoice GAP insurance if my car is brand new? 

Not necessarily. While return to invoice GAP insurance is often linked with new cars, some insurers do offer it for used vehicles too. The key is the car’s age limit set by the insurer, which typically ranges up to a few years old. So, if you’ve got a fairly new vehicle but it’s not brand new, you still might be able to cover it with RTI GAP insurance. Comparing options with a platform like ours can help identify which insurers can provide the coverage you need. 

What’s the best way to compare RTI GAP insurance? 

To thoroughly compare RTI GAP insurance, here’s what you can do: 

• Use Comparison Websites – Platforms like ours here at Quotezone.co.uk aren’t just helpful; they’re a smart way to get a range of quotes to compare. Our comparison website is a great way to improve your chances of securing a good deal. 
• Check Coverage Details – Not all policies are created equal, so look at what’s actually covered. 
• Consider the Price – Look for value, not just the cheapest option. 
• Read Reviews – See what other drivers are saying about their experiences with different insurers. 

Remember, taking a bit of time to compare can lead you to a policy that ticks all your boxes. Our platform is designed to take the hassle out of shopping around, giving you UK-wide GAP insurers to compare in one place.  

How can I find cheap RTI GAP insurance? 

Searching for cheap RTI GAP insurance doesn’t mean sacrificing quality. Here’s how to get a good deal: 

• Compare – Comparison websites like ours allow you to weigh up different options. 
• Look for Discounts – Some insurers offer discounts for a good claims history or bundling policies. 
• Assess Your Coverage Needs – Don’t over-insure. Tailor your policy to fit your actual needs. 
• Check the Excess – Sometimes, a higher excess can lower your premium. 

What happens if my car is written off and I don’t have RTI GAP insurance? 

Without return to invoice GAP insurance, if your car is written off, you’ll only receive the current market value of your vehicle from your main car insurer. This amount can be significantly less than what you originally paid or is outstanding on finance. Without this insurance, you could be left unable to replace the car with a similar model, or paying off a car you no longer have.  

Are there specialist RTI GAP insurance brokers I can speak to about my insurance requirements? 

Yes, there may be those who promote themselves as specialist RTI GAP insurance brokers. Keep in mind they may charge a fee for their service and may sometimes work with a smaller number of insurers. Here at Quotezone.co.uk, we give you direct and free access to insurers who specialise in the RTI GAP insurance you need. At the end of the day, it is the insurance company that is providing the policy. The key is to shop around and compare as many policies as possible. We can help you with that. 

Will I get a cheaper policy from a broker or a price comparison site? 

Comparison websites like ours typically offer a broader view of the market. Here at Quotezone.co.uk, we enable you to find various RTI GAP insurance providers so you can quickly and easily compare policies. Although you can also get quotes through brokers, they may not have access to the same depth of insurers that we have at Quotezone.co.uk. However, the important thing to remember is to compare as many quotes as possible.