Asset Protection
The choice between GAP and RTI depends on how you originally purchase the vehicle.
If you have paid for the car outright or are planning to pay for your next car outright, you may need to consider Return To Invoice (RTI) insurance to ensure you get back what you paid for the vehicle in the event of a claim. If you are planning on paying for the car on a finance agreement or have already decided that this is the best form of purchase, then a Guaranteed Asset Protection (GAP) insurance will make sure that if your current insurance payout falls short, you won’t be left with the outstanding finance that you owe. Of course, this is subject to the terms and conditions contained in the policy document.
Our Combined GAP and RTI insurance product incorporates Return to Invoice Cover (RTI) and Guaranteed Asset Protection (or GAP) and could pay out the greater of either the RTI or GAP pay-out, protecting you the customer whatever your circumstance.
AutoProtect provide flexible, adaptable products designed to suit your specific requirements.
AutoProtect Combined GAP and RTI Insurance
As well as the manufacturer products John Banks Group has selected to work with AutoProtect as they are able to offer a wide range of award-winning asset protection products. As with all AutoProtect products, Combined GAP and RTI insurance is customised to the requirements of our business and has been designed to suit the majority of our customer’s requirements.
So, What if?
Due to accident, fire or theft, your motor insurance company declares your vehicle a write-off?
What’s more if the vehicle's depreciation in value leads the insurance company 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 you've paid back all you owe? Your may have to continue making monthly payments on a vehicle you no longer own.
Whether they’ve paid outright, or made a finance agreement, you can be covered fully with Combined Guaranteed Asset Protection.
How Combined Guaranteed Asset Protection works
If you bought your vehicle outright and paid £26,500 for the car and the motor insurance payout is £14,000, RTI can pay up to the difference of £12,500 to top it up to the original £26,500.
If you financed your vehicle and paid £26,500 and your motor insurance pay out is £14,000, and your outstanding finance payment was £17,500 Finance GAP insurance may payout up to £3,500.
Combined Guaranteed Asset Protection will payout the greater of the Finance GAP or RTI amount. It’s that simple!
Significant benefits
- Incorporates Return to Invoice Cover (RTI) and Guaranteed Asset Protection (or GAP).
- RTI Cover could reimburse any difference between the road risk insurance settlement and original vehicle price.
- GAP is suited to customers taking out a finance agreement and may pay the difference between the road risk insurance settlement and the amount your customer still owes.
- Combined GAP and RTI insurance could pay out the greater of either the RTI or GAP pay-out, protecting your customer whatever their circumstance.
- Meets the ABI code of practice.
- Transferable.
- Cancellable.
AutoProtect provide flexible, adaptable products designed to suit your specific requirements.
From 1st September 2015, dealers can only sell GAP insurance following a four day deferral period starting when first offering the facility and then registering the customer. Dealers must:
- Provide customers with prescribed information to help them shop around and be more engaged when making decisions about purchasing the product.
- Introduce a deferral period, which means GAP insurance cannot be introduced and sold on the same day.
The new rules apply to the sale of GAP policies to consumers and commercial customers when sold in connection with the sale of a vehicle or other goods and services, for example a credit agreement funding the purchase of a vehicle.
John Banks Group will provide you with a GAP quotation detailing the prescribed information so that you can make an informed decision on the product for yourself.
We conform to this and it is entirely up to you to decide whether you wish to take the product out.
