RTI Gap Insurance is a vehicle protection insurance plan that fills the financial deficit often left when insurance company settlements are lower than expected when a vehicle is declared total loss. GAP insurance is not a replacement for existing motor insurance policy, but a value added product protects you against serious financial loss if your car is written off.
Even if you have fully comprehensive motor insurance, your motor insurer will almost certainly only offer you the current market trade value for your vehicle at the time of a claim, leaving you with a shortfall of potentially several thousand of cash. In other words, the insurance pay-out is nowhere near enough to replace your vehicle with the same and in some cases, settlements are not even enough to pay off your existing finance agreement.
Return to Invoice GAP Insurance does exactly that, it pays you out to the original Invoice selling price of your vehicle by effectively “topping up” your comprehensive motor insurance payout with the amount required to return you back to the total sale price (invoice value) as detailed on your original invoice provided by the supplying dealer.
In the event of your vehicle being written off, RTI GAP Insurance will pay the difference between your Motor Insurance Payout and the amount that you originally paid for your vehicle. RTI GAP Insurance is available for new or used vehicles with a value of up to AED 400,000 and the maximum payout will be 100,000 AED
Let’s say you purchase a vehicle for 100,000 AED
Two years later, the vehicle is written off and your motor insurance company offer you only 64,000 AED as a settlement. (20% depreciation year on year)
If this happened, RTI GAP Insurance would pay the 36,000 AED difference between your Motor Insurance payout 64,000 AED) and the original invoice price you paid for the vehicle (100,000 AED).
If you have purchased the vehicle by way of a Finance Agreement, in most cases (not all) receiving the full original invoice price back will allow you to clear the remaining balance of your finance agreement and have money left over to put towards a new vehicle.
This is available in 3 different options
1. For 1 Year from the date of sale
2. For 2 Years from the date of sale
3. For 3 Years from the date of sale
- The Insured is the registered keeper of the Vehicle, or in respect of leasing contracts is the
authorized driver for the Vehicle
- The Insured is covered under a Comprehensive Motor Insurance Policy for the Vehicle for the entire
period of cover.
- The Vehicle is under 4 years old and below 80,000 Kilometers from Date of First Registration
The Vehicle has a value within the parameters of the Policy offered by the dealer at the time of
- The Vehicle has not been modified from original manufacturer specification and emanates from the
original registration date.
- Have been modified in any way from the manufacturers specifications, or;
- Are owned temporarily or otherwise (resulting from trade-in or acquisition for the purpose of resale) by a business formed for the purposes of selling or servicing motor Vehicles, or; Are used for competition, taxi, racing, pace making, hire or reward, off road use, driving school, delivery vehicles etc or designed to carry more than 8 people including the driver, or; Are over 3500 kg gross weight.