GAP & RTI Insurance

What is it?

Well, in the event of an accident resulting in your vehicle being written off:

Return To Invoice (RTI) Insurance covers the difference between the market value of a car, and the amount you originally paid for it.

Guaranteed Asset Protection (GAP) Insurance covers the difference between any outstanding loan on the vehicle and the current market value.

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You should consider this type of insurance if:
You bought your car using finance or a personal loan and you want to protect yourself against 'negative equity'
You have a contract hire deal, where you sign up to a long-term rental package for a vehicle.
You're concerned about your new car depreciating in value and want to protect your investment.


Why Oakland Insurance:
Can be taken out for any vehicle worth up to £75,000 and less than 7 years old
In addition to the difference in value, you will receive your excess back, up to £250
No surcharge for paying by card
24 Hour Claims report line
Low Cost Competitive Policies
Local Staff available in person or by phone

This is often sold by the car dealership at extremely inflated prices and added into your finance agreement. It is advisable to ask exactly how much you are paying for this insurance before agreeing to it. The dealership will often start at an inflated figure of say £399 and gradually drop the price to make you believe you are getting a great deal.

WE ARE DIFFERENT! We use a calculator that factors in the invoice value of the car, its current age, how long you want to protect this investment and the worst possible book value during this time. These 4 details give us your price and to date we have been cheaper than the dealership every time, often up to half the price!!!

An example of how this works is:

1. You buy a 2 year old car today for £18,000

2. You want to insure your investment for 3 years

3. The book value of a 5 year old version of the car you have purchased is currently £11,000

If your car was written off at anytime within the next 3 years you would only be given the book value to buy something new. If you took out GAP insurance you will receive a combined payment of the full £18,000 at a cost of £168. That’s less than £200 to receive up to an additional £7000 should your vehicle be written off. This can be paid up front, monthly with your car insurance or separately, whatever suits you.