Guaranteed Asset Protection (GAP)

Buying a car is one of the largest purchases you may make during your lifetime, yet it is also one of the most vulnerable of all your investments. Car crime, insurance write-offs and depreciation are all hazards of modern motoring. Your insurance company may be able to cover most of the damage, but who will pay for your outstanding finance payments? Who will pay for the difference between your insurance company’s pay out and the original price you paid for your vehicle?

Combined GAP

RTI Combined pays the difference between the vehicle’s market value at time of loss and the amount you initially paid for the vehicle (the invoice amount), which could cover any outstanding finance you have left to pay. The Return to Invoice element of the cover is provided for up to 4 years and the Finance element for 5 years.

Guaranteed Asset Protection (Combined GAP) Insurance

A total loss need not be a total disaster. If your car is stolen or written-off, Combined GAP will pay the greater of either the amount by which the purchase price exceeds the insured value, to you or the amount (if any) by which the settlement figure exceeds the insured value, to the finance company.

Is there a maximum amount GAP will pay?

Yes, The original purchase price of the car is the maximum amount GAP will pay.

Can you give an example of how Combined GAP Insurance works?

If you purchase a vehicle outright and paid £15,000 and the vehicle was later written off with a settlement figure of £12,750 from your motor insurers the policy would reimburse the shortfall amount of up to £2,250 to allow you to replace the vehicle with the same specification as the original.

If you purchase a vehicle on finance and paid £15,000 and the vehicle was later written off with a settlement figure of £8,750 from your motor insurers, and the outstanding finance payment was £11,000, the policy would pay the shortfall amount of up to £2,250 directly to the Lease or Finance Company so that the agreement can be closed.

Subject to Terms and Conditions.

What is the maximum term I can have?

The Return to Invoice Benefit in available for a maximum of 48 months and the Financial; Shortfall benefit for a maximum of 60 months from the starting date; subject to the duration of your agreement (if any).

Can it be transferred if I sell the vehicle?

Unfortunately not, the insurance only covers the person or company who paid for the insurance whilst the car is under their ownership.

How long will Combined GAP cover last?

Cover is available for up to four years (depending on premium paid), or when you sell the vehicle, whichever is the sooner but will cease earlier upon the occurrence of any of the following events: a paid claim or the repossession of the insured vehicle if subject to a credit agreement.

Significant Exclusions

•If the insured vehicle is not covered by comprehensive motor insurance at the date of loss.
• If the insured vehicle does not meet the eligibility criteria, found in the policy wording
• If you or anyone insured to drive the insured vehicle is deemed to have been driving without a valid licence, is under the influence of alcohol or drugs, or is driving whilst disqualified.
• For any finance or outstanding debt and resulting interest due on or carried across to your insured vehicle from previous finance agreements (if any).
• For any motor insurance excess above £250, or if the motor insurance excess is recoverable from a third party.
• Any total loss when the Total loss occurred before the inception of this insurance.
• Vehicles used for hire or reward, taxi’s, racing, pacemaking, speed testing, reliability trials, rallying, vehicles used for any other event or over 3500kgs gross vehicle mass.
• Any Total Loss which is not subject of an indemnity settlement under the accidental damage, fire or theft sections of a Motor Insurance Policy.
• Where there is Negative Equity included within your finance value any Negative Equity exceeding £2500 will be deducted from the settlement figure.
• Where you have failed to notify the transfer or where the Vehicle transfer has been rejected.
• Any loss for additional purchases at the time of purchase of the Vehicle including but not limited to; road fund licence, administration charges, insurance premiums including the policy and optional extras – cars mats, CD players, etc


Sparshatts of Botley Limited, Sparshatts of Fareham Limited and Cars of Swanwick Limited are appointed representatives of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts.