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What is Combined Return to Invoice GAP Insurance - RTI Gap Insurance?
If your new car, LCV, motorbike or motorhome is written off - ( Return to Invoice ) RTI GAP Insurance will pay the difference between your motor insurance company's market value settlement and the higher of either,
- The original invoice price you paid
- The outstanding finance settlement at the time you claim (this would exclude any late payment charges or arrears)
In all cases, we would not supply a replacement vehicle; any claim payout would be a cash settlement.
Combined Return to invoice (RTI GAP insurance) is an easy level of gap insurance to understand, even though it may be called many different names.
- RTI Gap Insurance
- Invoice Gap Insurance
- Return to invoice
- Combined Return to Invoice Gap insurance. (the list goes on)
We say that this is a simple level of cover because when you buy your vehicle, you will be given an invoice, so you will know exactly how much you are protecting in advance.
To buy Return to Invoice GAP Insurance from EasyGAP, you must fit specific criteria, including:
- You must have bought the vehicle from a VAT-registered motor dealer in the last 90 days.
- You must either own your new or used car outright (cash purchase, personal loan) or have the option to own the vehicle (HP or PCP).
- Your new car, LCV must be under ten years old.
- The vehicle must not have been previously declared a 'write-off' by a motor insurer or involved in an incident before the policy was bought that may lead to its future declaration as a total loss.
- Your vehicle must cost less than £125,000.
Examples of How Combined (Return to Invoice) RTI GAP Insurance Works and how much a Gap insurance claim would pay.
- You buy a Jaguar E Pace in April 2022 and pay £45065
- In 2024, your E Pace is stolen
- It has 27,500 miles on the clock
- Your motor insurer's settlement is £30970*
- RTI (return to invoice) Gap Insurance Claim £14095
- Value lost 31.28% compared to the original vehicle Invoice Price
- You buy a Vauxhall Corsa E in November 2022 and pay £27755
- In 2024, your Corsa is written off
- It has 8,000 miles on the clock
- Your insurance company offer you the current market value of £14630*
- RTI (return to invoice) Gap Insurance Claim £13125
- Value lost 47.29% compared to the original vehicle Invoice Price
- In December 2023, you buy a Jeep Compass and pay £39940
- In January 2024, your Jeep is declared a write-off
- It has 35,000 miles on the clock
- Your motor insurer's settlement/market value is £21560*
- RTI (return to invoice) Gap Insurance Claim £18380
- Value lost 46.02% compared to the amount you originally paid.
- In November 2020, you buy a Peugeot and pay £34570
- In August 2024, your Jeep was declared a write-off
- It has 49,000 miles on the clock
- Your insurance company offer you a market value of £20240*
- RTI (return to invoice) Gap Insurance Claim £14330
- Value lost 41.45% compared to the amount you originally paid.
* Market Value prices were taken from Glass's Guide dealer Retail in August 2024. Without any form of return to invoice cover and without using savings or adding extra financial commitments, this would be the only amount you would have to clear any outstanding finance or find a replacement vehicle. Prices include the cost of delivery and first registration fees but exclude the cost of the Road fund licence, as this can be claimed back from the DVLA. We would never provide a replacement vehicle; instead, you are given the funds to spend as appropriate.
Real-life GAP Insurance claims in 2024
Return to Invoice GAP insurance - Frequently asked questions.
Is there any charge for updating my Return to Invoice Gap Insurance policy?
With our Easy Gap RTI policy, there is no charge for administration updates such as address updates or adding private number plates.
What happens if you have outstanding finance left on the vehicle, which has just been written off?
Many vehicle purchases are completed by taking out some form of finance on the vehicle. If you suffer a total loss, what happens to any outstanding finance depends on what type of agreement you had. If the finance was linked to your vehicle, for example, a Hire Purchase, PCP or anything that ties the vehicle to the finance agreement, you would usually be required to pay off the outstanding finance when the vehicle is 'written off'. Please also remember that our gap insurance is a combined policy, so if, with interest, you did owe more than the purchase price, that would be the highest amount, and therefore, that would be your settlement. ( T&C's apply )
Without any form of return to invoice or gap insurance, you would be responsible for the shortfall.
However, if you have paid for the vehicle using a personal loan, as traditionally, you are the guarantee, not the vehicle, you may not have to pay off the outstanding finance immediately. Depending on the terms and conditions of the loan, you may be able to keep the loan running and use the total settlement to buy a new car. If you do pay off the finance settlement, then the remainder of the settlement is yours.
Do I need RTI GAP (return to invoice) Insurance if I pay cash for the vehicle?
Return to Invoice GAP insurance is suitable whether you pay cash or have the vehicle on finance. The only difference when you pay cash for your vehicle is that you have no financial settlement to settle. This means that you get the entire invoice price back in full in the event of a claim.
What is the 'Invoice Price' in relation to (return to invoice) gap insurance?
This is one of the most misunderstood aspects of a Return to Invoice GAP insurance policy, and we are often asked about it.
So, what does your invoice price mean?
Simply, it is the on the road - net price you have paid for the vehicle. This is before you have given a penny in part exchange or cash deposit. This can include any cash you have paid, any equity from a part exchange vehicle and any initial amount you have financed.
Any discount you have received is not included in your invoice price. Equally, any interest you will pay as part of the finance agreement or any negative equity that has come across from your part exchange vehicle has been added to your new finance agreement.
What happens if my finance settlement is higher than the invoice price I paid?
This situation is statistically possible, but it is rare.
This may happen if
- You borrow the total purchase price and
- Have no equity and
- No deposit, and
- Your vehicle is written off in the first month of your agreement,
Then, depending on how your finance agreement was constructed, you may owe more on your finance settlement than the invoice price paid. i.e. You have made no payments, and some interest may have been added.
If your vehicle was written off at that point, your Easy Gap insurance policy will top up the motor insurer's settlement to the finance settlement. You will walk away with no further financial liability (late payment charges and arrears are deducted). We will even pay towards your motor insurance company's excess.
Please remember that, for want of a better example, a car loan is almost like a mortgage. If you want to clear your mortgage early, you do not pay all of the interest, as you are giving your mortgage company the money back early. This is exactly the same with a car loan. If you decide to settle early, you would simply call for a settlement figure, which, unless this is towards the end of your agreement, can be significantly less.
What are the Combined Return to Invoice GAP Insurance policy parameters with EasyGAP?
- You have bought your vehicle within the last 90 days.
- On the day of policy inception, your vehicle is less than 10 years old.
- Your vehicle purchase price was less than £125,000.
- You have bought your vehicle from a VAT-registered garage or main dealership.
- You are over the age of 18.
- You paid cash or a financial package, meaning you have the legal right to take full ownership at the end of your agreement.
- Your vehicle is not used for race, rally or track days.
What an Easy Gap (return to invoice) Insurance policy can not cover
- Provisional licence holders.
- Anyone who is not named on your motor insurance company's policy.
- Any theft or accidents that happen before your policy is in place.
- Any thefts or accidents that occur after your policy has expired.
- Any costs you incur because you can not use your vehicle.
- Any vehicle used within the Motor Trade.
- Negative equity from a previous finance agreement, which you have added to the purchase price of your new car.
- Any warranty costs which are transferable or you have had the benefit from.
How much will RTI Gap Insurance cover?
This will depend on the purchase price paid, the length of cover you want to protect your vehicle for as well as what you are using it for. For an accurate quotation, please contact a team member or click for an automated quotation.
When would you not need a return to invoice Gap insurance?
RTI Gap Insurance coverage may not be needed within the first year of your ownership if you have purchased a brand-new car. This is because some motor insurers offer what could be considered a form of return to invoice within the first year, which is almost a perk of buying a brand new car and insuring with them. However, we would always ask you to double-check with your motor insurer as terms and conditions may mean this new-for-old cover may not be as straightforward as you first think.
For Example
- Some motor insurance companies say that there is a mileage restriction.
- Some providers' policies say they must be able to source another vehicle within several weeks.
- Some providers may not cover you if your vehicle was funded in specific ways, for example, by lease.
We stress that we are not trained, regulated, or authorised to comment on your car or motor insurance policy, so we would request that you contact your provider for up-to-date terms, conditions, benefits and potential pitfalls.
Please see your policy documents for a full list of terms and conditions.
Policis purchased before 17th of February 2025
Easy Gap Contract Hire Gap Insurance Terms Easy Gap Contract Hire Gap Insurance IPID
Easy Gap RTI Gap insurance Terms Easy Gap RTI Gap insurance IPID
Policies purchased after 17th of February 2025
Return to Invoice & Financial Shortfall Gap Insurance Return to Invoice & Financial Shortfall Gap Insurance IPIDs
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