Combined Guaranteed Asset Protection and RTI Insurance

Imagine your car is declared a write-off due to an accident, fire or theft.

Now imagine discovering that your fully comprehensive insurance company payout will not match the original price you paid for the car.

This is a scenario faced by many motorists today. Even if you are not liable, you are almost certain to find a shortfall between the amount you receive in settlement and the price you originally paid. This shortfall could be a significant sum depending on the rate of depreciation of your vehicle.

Here at Richard Nash, we offer a product that will protect you against this financial loss under these circumstances, and who will ensure you get back to the amount you originally paid for the car. We do this via our combined Guaranteed Asset Protection and Return To Invoice insurance product.

The benefits of GAP if you're financing your car

If your car is declared a write-off your fully comprehensive insurance may not pay out enough to cover any outstanding finance you have on the vehicle. In this situation you will not be able to keep paying for the vehicle monthly and you will need to settle the finance.

This could put you in a position where you have no car and you still need to pay off the old one!

Guaranteed Asset Protection (GAP) makes up the difference between what your insurance company pays out for your car and the amount of outstanding finance you have on the vehicle.

This means you can clear your old finance agreement and begin your search for a new car.


Q | Why is it called a 'combined' policy?

A | This is because your policy covers both 'Finance GAP' and 'RTI'. RTI - Return To Invoice - is designed to protect your own assets following the total loss of your vehicle i.e. protect the amount paid to purchase the vehicle. Finance GAP is designed to pay the difference between the amount paid out (the settlement) by the motor insurance provider and any finance outstanding on your car.​ With a combined policy you benefit from whichever is the greater figure in the event of a claim.

Q | Can my Combined Policy be transferred if I replace my vehicle?

| Yes, as long as the vehicle you replace it with comes within the price range specified in your schedule. In which case, the remainder of your policy term may be transferred to a replacement vehicle.

Q | An example of how RTI works

A | Let's say you paid £18,500 for your car and later it is, unfortunately, stolen and not recovered. Your motor insurance provider then declares it a total loss and they value your car at £12,000 using current market conditions. The RTI insurance pays out £6,500 to ensure you receive the total originally paid for your car - it's as simple as that!

Q | Is there a maximum my policy will pay?

A | Yes, however you may select a claim limit to suit the cost of your vehicle. 

Q | An example of how GAP works

A | Let's say you owe the finance company £15,000 for your car and your car is, unfortunately, involved in an accident and your motor insurance providers declare it a total loss. Using current market conditions your motor insurance provider values your car at the time of the accident at £12,000. The GAP insurance pay the £3,000 difference and your finance agreement is settled - it's as simple as that!​

Q | Can I cancel my Combined Asset Protection Policy in the future?

A | We're confident that you'll want to continue these policy benefits for the entire term of the agreement. However, we understand that circumstances may change so, providing a claim has not been made, it is possible to transfer the policy to a replacement vehicle or cancel your insurance at any point. You may be entitled to a pro-rata refund on the remainder of the policy calculated monthly for each full month left to run.