Due to accident, fire or theft, you motor insurance company declares your vehicle a write-off? What’s more its depreciation in value leads them to pay out less than the vehicle was originally worth.
What if you used a finance agreement to buy a vehicle that’s declared a write-off, before they’ve paid back all they owe? You may have to continue making monthly payments on a vehicle you no longer own.
Whether you paid outright, or made a finance agreement, you can be covered fully with Combined Guaranteed Asset Protection.
Cash purchases (RTI Insurance) - You paid £26,000 outright for your car and the motor insurance payout is £14,000. RTI can pay up to the difference of £12,000 to top it up to the original £26,0000.
Finance purchases (GAP Insurance) - You financed your vehicle at £26,000 and your motor insurance pay out is £14,000 and their outstanding finance payment was £17,000. Finance GAP insurance may payout up to £3,000.
Combined Guaranteed Asset Protection will payout the greater of the Finance GAP or RTI amount. It’s that simple!