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How this works?
In the event of a write-off, Advanced Return To Invoice Gap Insurance will 'top up' what your motor insurer agrees to pay - back to the price you originally paid for the car. In addition, it will uniquely pay up to £500 a year towards your motor insurance excess - even if your claim is not for a write off. This is not a basic Gap Insurance as found elsewhere, this policy gives you up to 5 times more opportunity to be paid a claim due to its non write off benefit feature..
If you financed and the finance settlement is more than you paid for the vehicle, this cover will clear your debt. It pays up to whichever figure is the highest - your car purchase price or the outstanding finance - if you have financed of course!
Who this might be of help to?
Advanced Return To Invoice Gap Insurance is available for dealer supplied new and used vehicles purchased with cash, personal loan or a dealer arranged HP or PCP agreements. Cover is available for vehicles up to 10 yrs old at the start of the policy.
These are multi-year policies that cannot be renewed, extended or purchased again on expiry.
A Typical Example
Let's assume you have purchased a car for £20,000.00.
Two years later, it's stolen and not recovered. Your insurer agrees to pay the market value of £13,000.00. Without this insurance, you would have lost £7,000.00.
In this example, Return To Invoice Gap Insurance will pay that £7,000.00 loss to help return you back to the price you paid.
A write-off can be caused by theft, accident, fire or flood.
How Financed Vehicles Are Covered
If your finance balance is less than the vehicle purchase price at time of write off, your finance will be settled and the surplus returned to you to use as a deposit for your next car.
If the finance balance is higher than the purchase price and it's a dealer arranged HP or PCP agreement, your finance balance will be settled leaving you debt free.
All of the above are simple summaries and all insurances are subject to terms and conditions which are provided above.