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If your vehicle is written off - Combined Return to Invoice GAP Insurance will pay the difference between your motor insurance company settlement and the higher of either,
Combined Return to Invoice GAP insurance is an easy level of gap insurance to understand. This is 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 from EasyGAP, you must fit specific criteria, including:
Return to Invoice GAP - Frequently asked questions.
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 were a Hire Purchase, PCP or anything that ties the vehicle to the finance agreement, you would usually be required to pay off the finance when the vehicle is 'written off'.
You may not need to pay off the finance if you have paid for the vehicle using a personal loan, as traditionally, you are the guarantee, not the vehicle. 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.
So if the invoice price was £15,000 (and you get this back between the motor insurer and the RTI GAP Insurance), the finance settlement is £8,000 then this will leave you with £7,000 as a deposit for a new vehicle.
Return to Invoice GAP 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.
This is one of the most misunderstood aspects of a Return to Invoice GAP insurance policy and one that we are asked time and time again.
So, what does your invoice price mean?
Simply, it is the net price you have paid for the vehicle. This can include any cash you have paid, any equity from a part exchange vehicle and any initial amount you have financed.
i.e. The total on-the-road cost after any discount but before you have given a single penny in part exchange or cash deposit.
What is not part of your invoice price is any discount you have received, any interest you will pay as part of the finance agreement or any negative equity that has come across from your part exchange vehicle and been added to your new finance agreement.
This situation is statistically possible, but it is rare.
This may happen if
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 RTI policy will top up the motor insurer settlement to the finance settlement.
What we can not cover
Please see your policy documents for a complete list of terms and conditions.