What is RAC Combined GAP and RTI Insurance?
Did you know that an average of over 384,000 cars are written off in the UK every year?
GAP stands for Guaranteed Asset Protection, and that’s exactly what is does.
In the event of a total loss, Gap insurance is designed to cover the difference between your motor insurance and the amount you originally paid for the car, or the amount outstanding on finance – whichever is greater.
RAC Combined GAP and RTI Insurance is intended to provide financial protection against this loss, when buying your car, regardless of how you originally funded the purchase.
How does RAC Combined GAP and RTI work?
RAC Combined GAP and RTI Insurance can provide protection for a term to suit you from 12 months up to a maximum of 60 months for GAP cover and 36 Months for the RTI cover and will pay out up to the purchase price of the vehicle or the outstanding finance, whichever is the greatest.
If you bought your vehicle outright and paid £26,500 for your car and your motor insurance pay-out is £14,000, RTI can pay up to the difference of £12,500 to top it up to the original £26,500. If you had an outstanding finance payment of £17,500 Finance GAP insurance may pay out up to £3,500.
In this instance the Combined GAP and RTI payment would be £12,500.
RAC GAP Insurance Price from £399
RAC Combined Guaranteed Asset Protection insurance is subject to terms and conditions. Click here for full policy details.
Watch our Video Explaining RAC GAP Insurance