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