Our Products
GAP Insurance
GAP Insurance: Return to Invoice (RTI) and Financial Shortfall
GAP Insurance protects you from financial loss if your car is written off due to an accident, theft, or fire.
It covers the difference between your motor insurance payout and either the price you originally paid for your car or the amount you still owe on your finance agreement, giving you peace of mind and protecting your wallet.
What Is RTI and Financial Shortfall GAP Insurance?
Return to Invoice (RTI) and Financial Shortfall GAP Insurance ensures you are financially protected if your vehicle is declared a total loss due to theft, fire, or accident.
This coverage bridges the gap between your motor insurance settlement and:
- The original purchase price of your vehicle (RTI), or
- The outstanding finance amount owed to your finance company (Financial Shortfall).
What Vehicles Qualify for GAP Insurance?
- Cars
- Light commercial vehicles or pickups up to 3.5 tonnes.
- Both new and used up to 10 years old.
- Maximum purchase price £120,000.
What Is Covered?
1. RTI and Financial Shortfall Coverage:
- In the event of a total loss, a GAP policy covers the greater of the amount:
- by which the Purchase Price exceeds the exceeds the motor insurance settlement figure (RTI); or
- by which the finance company settlement exceeds the motor insurance settlement figure (Financial Shortfall); or
- equal to the premium paid for a GAP policy.
- All the above are subject to the claim limit shown in your Policy Schedule.
2. Excess Cover:
- Reimbursement of your motor insurance excess up to £500 per annum if it cannot be recovered from a liable third party.
3. Temporary Replacement Vehicle Contribution:
- You will be provided with a temporary replacement vehicle for up to 30 days after a total loss.
Do I Need GAP Insurance?
Consider GAP Insurance if:
- You purchased a brand-new car: New vehicles lose value quickly, with depreciation of up to 60% within three years. GAP Insurance protects against this loss if your car is written off.
- You financed your vehicle (not leased). If you owe more to your finance company than the vehicle’s current value, GAP Insurance ensures the outstanding balance is covered.
- You want peace of mind: Without GAP Insurance, you could face significant out-of-pocket expenses to replace your vehicle or settle finance agreements after a total loss.
GAP Insurance may not be necessary if:
- You bought a used car that has already depreciated significantly, and the market value closely matches your purchase price.
- You have the savings to cover any potential shortfall in the event of a total loss.
Policy Terms and Duration
The policy lasts for the term detailed on your policy schedule, with the maximum term as follows:
- Up to 48 months for Return to Invoice and Financial Shortfall GAP coverage.
The policy ends at the earliest of:
- Settlement of a total loss claim,
- Sale or transfer of the vehicle (unless transferred to a family member), or
- The policy’s end date, as stated in your policy schedule.
What Is Not Covered?
Our GAP Insurance does not cover:
- Vehicles older than 10 years or with a purchase price greater than £120,000.
- Vehicles purchased for less than £5,000.
- Left-hand Drive and certain luxury sports or high-performance vehicles.
- Vehicles not registered in the UK, Channel Islands or Isle of Man or grey imports.
-
Vehicles used for:
- Hire and reward (e.g., taxis, couriers, driving tuition).
- Competitive events (e.g., track days, racing, rallying).
- Commercial vehicles exceeding 3.5 tonnes.
- Negative equity (rolled-over debt from a previous finance agreement).
- Costs not included in the vehicle purchase price (e.g., delivery fees, road tax, or fuel).
- Damage not directly related to a total loss claim.
- Situations where the motor insurer offers a replacement vehicle under its policy.
- For full exclusions, please refer to the policy wording.
This is not a full list. Please see the policy terms and conditions for full details on what is not covered.
How Do I Make A Claim?
1. Check your policy schedule and policy terms. Ensure you are aware of any exclusions which may apply and that you understand them.
2. Notify the claim. Contact the Administrator as soon as you become aware of a potential total loss and BEFORE you accept any settlement offer from your comprehensive motor insurance:
Please contact:
Jackson Lee Underwriting
The Estate Office
Shadrack, Berry Pomeroy
Totnes, Devon
TQ9 6LR
Telephone: +44(0) 330 111 3093
Email: info@notifyaclaim.co.uk
3. Our Administrator will provide you with a claim form. Complete all sections of the claim form, ensuring any sections to be completed by others are filled in.
4. Return all required information to the Administrator.
Important: the claim form and any other information the Administrator may reasonably require must be received within thirty (30) days of the date of loss of the insured vehicle. If it isn’t, your claim may be affected.
Why Choose Bettersafe GAP Insurance?
Bettersafe.com's Return to Invoice (RTI) and Financial Shortfall GAP Insurance protects you from financial losses in a total loss scenario, whether you own or finance your vehicle.
Gain peace of mind knowing you’re covered for depreciation and outstanding payments.