Hi and welcome to this short video clip from
our frequently asked question series brought to you by the car2cover team. In this video
I’ll answer the question ” What is Return To Invoice Gap Insurance?”.
Return To Invoice Gap Insurance is a protection suited to those who have purchased or are
purchasing a vehicle using cash or some form of finance plan. In this video clip – we discuss
Return To Invoice for cash buyers, but we have prepared a separate video clip for those
who are financing. When a vehicle is written off – your fully comprehensive motor insurer
will only pay the Market Value of your vehicle at time of write off – and that figure may
be substantially less than you originally paid for the vehicle.
If you choose to protect your investment with Return To Invoice Gap Insurance – our Insurer
will pay the difference between the Market Value write off figure paid by your insurer
and the price you originally paid for your vehicle.
Let me give you a simple example; Let’s assume I purchased a vehicle for £16,000
from my local motor dealer. Let’s also assume 3 years later my vehicle
is stolen and my Insurer agrees to pay the Market Value which Glass’s Guide say is £7,000.
In this example, my Return To Invoice Gap Insurance will pay the difference of £9,000
directly to me to add to the £7,000 I received from my motor insurer, which together provides
me with a total of £16,000 to spend on a replacement if I want to. We all know, vehicles reduce in value – and
we all plan for that when we choose to change our vehicle. However, very few of us plan
or financially prepare for a write off, and in these unforeseen and unexpected circumstances
– Return To Invoice Gap Insurance can step in to help provide the funds you need to replace
your vehicle. Return To Invoice Gap Insurance is an extremely low cost cover that can provide
up to £50,000 of protection when you need it most.
Return To Invoice Gap Insurance can only be purchased before or within 180 days of taking
delivery of your vehicle, if you have purchased from a private source or you purchased your
vehicle over 180 days ago, you may still be able to purchase an Agreed Value Gap Insurance
and we have prepared a separate short video clip to explain this product.
Because professional theft is a major cause of Gap Insurance claims, the sooner you take
cover the better. In some cases, these policies can be created
with a 12 month deferred start date where your motor insurer provides ‘New for Old’
cover in the first year. We’ve created a separate video on policy deferment – so if this is
something you are considering, we would encourage you to view this video to find out more as
there are some important things you need to consider before deferring your policy.
Return To Invoice Gap Insurance is available for cars, vans, motorhomes and motorcycles
that have been supplied to you by a VAT Registered motor dealer and are under 8 years of age
and under 80,000 miles at the start of the policy – and there are no mileage restrictions
once the policy has started. And finally….
If you are comparing cover between brokers or perhaps your dealer, do bear in mind the
policies will almost certainly have different Terms & Conditions that affect what the Insurer
will and will not pay for in the event of a claim.
We know our policy features are the very best in the market, and we would be happy to provide
a free comparison with any other product you might be considering – to help you make a
more informed decision. Contact us to find out more or view our ‘spot the difference’
video on this product. All insurances have Terms and Conditions and
eligibility criteria, so always refer to the terms and conditions before buying anywhere.
Our Insurers Terms & Conditions are available from our web site at the address below.
I hope this helps and thanks for watching. If you need any further information, please
feel free to contact us using the details below.
Thanks for watching and bye for now!