Compare Return to Invoice and Vehicle Replacement Gap Insurance


What are the basic differences between Return to Invoice Gap Insurance and Vehicle Replacement Insurance?

Combined Return to Invoice - will cover between the vehicle market value (at the point of total loss) and the original invoice price you paid. (Please note the GapInsurance RTI policy is a 'combined' cover, so will actually clear your finance settlement if that figure is higher than your original invoice price)

Combined Vehicle Replacement Insurance*
- will cover between the vehicle market value (at the point of total loss) and the cost of replacing the vehicle with same model, age, mileage and specification as the one you originally bought. This price is covered even if the replacement cost if higher than the original price you paid. (Please note the GapInsurance VRI policy is a 'combined' cover, so will actually clear your finance settlement if that figure is higher than your original invoice price)


So lets look at an example of how these two types of Gap Insurance would perform in a certain situation.

 
Compare RTI Gap & VRI Gap Insurance
  RTI Gap Insurance VRI Gap Insurance
Clears Finance Yes Yes
Back to Invoice Yes No*
Cover Replacement cost No Yes
Features and suitability :-    
Cash Purchases Yes Yes
Contract Hire leases No No
Hire Purchase Yes Yes
Motor Insurance Excess contribution Yes £250 Yes £250
Dealer Fitted Options covered Yes £1500 Yes £1500
Transferrable Yes Yes
Cancellable Yes Yes
Deferrable Yes Yes
Covers Paint Protection cost Yes Yes
Maximum Length of cover 5 years 5 years


With GapInsurance123 these policies are available for cars, LCV's and Vans, Motorhomes, Motorbikes, Taxi's and Driving School vehicles.

* Please note that from January 2015 the GapInsurance123 Vehicle Replacement Gap Insurance will cover from your motor insurers settlement and the higher of
  • The oustanding finance settlement
  • The original net invoice price paid
  • The cost of the equivalent, replacement vehicle matching the age, mileage and specification of the vehicle when you first bought it