Insurance Gap or RTI

gb110430 · 18th November 2007, 10:55

Hi

there seems to be no mention of RTI insurance which to me makes 10 times more sense as it will pay you the money to get to your original invoice price instead of the gap.....

and can be found at 8.25 a month instead of paying 200 pound off straight away...............

angie4m · 18th November 2007, 11:04

I think folk don't distinguish between the two as independent compaines who provide this insurance put it under the header of GAP insurance.

The back to invoice one makes sense as you would be g'teed to get your car with everything listed on the invoice as it says which would save you forking out the difference between any hike in cost to the car and any accessories that are on it from new to the time of the claim cause the standard GAP insurance only covers the diff between the value at total loss and what you paid for the car.

Ideal for someone like me who got a lot of extras on the car and saved over £1600! In the event of a total loss I would have to pay that amount plus more probably in order to get the same car.

gb110430 · 18th November 2007, 11:07

im not sure they do.........can ppl reply and clarify if they do as as I read the post it sounds as they go for normal gap

Dimplyred · 18th November 2007, 11:18

They are just different levels of cover which all come under the name Gap insurance.
RTI (return to invoice cover) pays you the difference up to the value on your invoice.
VRI (vehicle replacement insurance) will replace your car with a new one even if the list price has gone up since you bought yours. There'e even RTV (return to value insurance) that is available for older cars. Most companies that offer Gap insurance will offer these, and I'm sure several other levels of cover.

Dimplyred · 18th November 2007, 11:22

Quote:

Originally Posted by gb110430

im not sure they do.........can ppl reply and clarify if they do as as I read the post it sounds as they go for normal gap

What is "normal" gap insurance, you just need to choose the level of cover that suits you. Like Angie says if she has got all her accessories listed on her invoice then RTI insurance is the one for her. But if you have just the basic model then you would be better off with VRI insurance as, if the price of your car has increased then with Vehicle replacement insurance you would be better off than with RTI insurance as they will cover the price increase.

angie4m · 18th November 2007, 11:23

Quote:

Originally Posted by gb110430

im not sure they do.........can ppl reply and clarify if they do as as I read the post it sounds as they go for normal gap

According to a written conversation between myself and the company I have been looking at taking 'RTI' insurance with they advised me that if I took out normal GAP insurance, this pays the difference between what I paid for the car and what the insurance value is. They advised that if I wanted my car to be replaced like for like with all the extras on it then I would be best going for 'Back to invoice' which would allow me to have a new car excatly the same as the one that had been written off and I wouldn't have to pay anything extra

Civic Fan · 18th November 2007, 15:29

Just to add my 2's worth on this!

I had gap insurance on my last Civic as offered by the local dealer. It was the usual 3 year covers and cost £500. Thankfully I never used it but £500 is alot of cash for somthing you never use or see

. The dealer offered it again with my new civic for £400 but a friend of mine bought a focus

and got gap for half price from the dealer. I asked for the same thing from honda and was told they could only offer it for £350. Naturally I declined and got RTI cover from click 4 gap at a cost of £205 which includes a £500 inconvenience payment should I need to claim if the car is totalled.

Gap or RTI is a must I feel if you buy a new Honda on the PCP/aspirations plan like i did. Each to their own.

Dimplyred · 18th November 2007, 15:46

Quote:

Originally Posted by Civic Fan

Just to add my 2's worth on this!

I had gap insurance on my last Civic as offered by the local dealer. It was the usual 3 year covers and cost £500. Thankfully I never used it but £500 is alot of cash for somthing you never use or see

. The dealer offered it again with my new civic for £400 but a friend of mine bought a focus

and got gap for half price from the dealer. I asked for the same thing from honda and was told they could only offer it for £350. Naturally I declined and got RTI cover from click 4 gap at a cost of £205 which includes a £500 inconvenience payment should I need to claim if the car is totalled.

Gap or RTI is a must I feel if you buy a new Honda on the PCP/aspirations plan like i did. Each to their own.

Yes you are correct it is a good idea. Also you are correct that there are cheaper Gap insurance providers out there. You have to be careful about who underwrites these cheaper policies though. A lot are underwritten by companies you have never heard of. click4gap is underwritten by a "Red Sands" a company I have never heard of, not that I'm saying they aren't going to be reliable in the event of a claim. They are based in Gibraltar. Here is the web site address Red Sands Insurance

It's just I would feel better paying a little more for a policy underwritten by someone such as AXA insurance, but as you say each to their own.

gb110430 · 18th November 2007, 16:52

best one is lombard and thats based on several claims from a broker friend. cost s8.25 a month too

Dimplyred · 18th November 2007, 17:01

Yes that's what a mean. I would feel more comfortable with an insurance company I have heard of.

Civic Fan · 18th November 2007, 22:48

I agree. But like most insurance policies you can pay a fortune for something you may never (touch wood) need or use. I tried to balance the cost with a product that would give me adequate cover in the event of a total loss. I notice that they advertise on this very site so take some comfort in that. Preferably I would recommend Honda products as the first choice every time but I do feel that they are rather expensive in some respects. How much of the cost is actually commission to the dealers is a matter of research but I bet it’s a fair chunk. Some would argue that you get what you pay for and I would agree without question. I only hope to god I don’t end up finding out the hard way.

prawncracker · 20th November 2007, 03:24

Some RTI GAPs do not cover dealer accessories - some do offer cover on these but there are restrictions.

I just purchased a RTI from Surf and Protect. They are promising to undercut similar deals from competitors by £5.
In the end, I paid £244 for 4yr cover with £10k cover limit (gave them the £249 price offered by Shortfallcover).

Haven't tried it myself, but I'd imagine they would also undercut Shortfallcover's 3yr with £10k cover by the same amount - so that would be £125 if you opt for 3 years.

Civic Fan · 20th November 2007, 11:45

This tinternet thingy is quite useful. Bargains aplenty if you look!

Dimplyred · 20th November 2007, 20:37

Quote:

Originally Posted by Civic Fan

I agree. But like most insurance policies you can pay a fortune for something you may never (touch wood) need or use. I tried to balance the cost with a product that would give me adequate cover in the event of a total loss. I notice that they advertise on this very site so take some comfort in that. Preferably I would recommend Honda products as the first choice every time but I do feel that they are rather expensive in some respects. How much of the cost is actually commission to the dealers is a matter of research but I bet it’s a fair chunk. Some would argue that you get what you pay for and I would agree without question. I only hope to god I don’t end up finding out the hard way.

If it makes you feel better having it then that's what it's all about.

JIMBO7268 · 21st November 2007, 12:29

Fo what it's worth some of the cover on the market is underwritten by Hitachi Capital. The cover they offer is £130.00 for 10k cover over 3 years, and is RTI.

Attached is a link:

GAP insurance from HC For You

Civic Fan · 21st November 2007, 23:24

Sounds like a bargain.

Will keep them in mind when I change the car.

jont122 · 25th February 2008, 22:56

Have any of you who have posted actually bought Gap insurance for your car?

If so who did you eventually go with? and which one did you buy.

Regards

18th November 2007, 10:55	#1 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53 Thanks: 0 Thanked 0 Times in 0 Posts	Gap or RTI Hi there seems to be no mention of RTI insurance which to me makes 10 times more sense as it will pay you the money to get to your original invoice price instead of the gap..... and can be found at 8.25 a month instead of paying 200 pound off straight away...............

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This thread is about: Gap or RTI, it's in Buying, Dealers and Servicing at the Honda Civic forum Civinfo; Hi there seems to be no mention of RTI insurance which to me makes 10 times more sense as it will pay you the money ...

18th November 2007, 11:04	#2 (permalink)
angie4m Why Do I bother? Civinfo guru Join Date: 28th September 2007 Location: Edinburgh Posts: 2,469 Thanks: 10 Thanked 16 Times in 16 Posts	I think folk don't distinguish between the two as independent compaines who provide this insurance put it under the header of GAP insurance. The back to invoice one makes sense as you would be g'teed to get your car with everything listed on the invoice as it says which would save you forking out the difference between any hike in cost to the car and any accessories that are on it from new to the time of the claim cause the standard GAP insurance only covers the diff between the value at total loss and what you paid for the car. Ideal for someone like me who got a lot of extras on the car and saved over £1600! In the event of a total loss I would have to pay that amount plus more probably in order to get the same car.

18th November 2007, 11:07	#3 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53 Thanks: 0 Thanked 0 Times in 0 Posts	im not sure they do.........can ppl reply and clarify if they do as as I read the post it sounds as they go for normal gap

18th November 2007, 11:18	#4 (permalink)
Dimplyred Type R GT 09570 Civinfo guru Join Date: 24th August 2007 Location: Staffordshire Posts: 3,245 Thanks: 16 Thanked 40 Times in 40 Posts	They are just different levels of cover which all come under the name Gap insurance. RTI (return to invoice cover) pays you the difference up to the value on your invoice. VRI (vehicle replacement insurance) will replace your car with a new one even if the list price has gone up since you bought yours. There'e even RTV (return to value insurance) that is available for older cars. Most companies that offer Gap insurance will offer these, and I'm sure several other levels of cover.

18th November 2007, 15:29	#7 (permalink)
Civic Fan Supporter Triangular Exhaust Join Date: 2nd July 2006 Location: Northeast Posts: 257 Thanks: 0 Thanked 0 Times in 0 Posts	Just to add my 2's worth on this! I had gap insurance on my last Civic as offered by the local dealer. It was the usual 3 year covers and cost £500. Thankfully I never used it but £500 is alot of cash for somthing you never use or see . The dealer offered it again with my new civic for £400 but a friend of mine bought a focus and got gap for half price from the dealer. I asked for the same thing from honda and was told they could only offer it for £350. Naturally I declined and got RTI cover from click 4 gap at a cost of £205 which includes a £500 inconvenience payment should I need to claim if the car is totalled. Gap or RTI is a must I feel if you buy a new Honda on the PCP/aspirations plan like i did. Each to their own.

18th November 2007, 16:52	#9 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53 Thanks: 0 Thanked 0 Times in 0 Posts	best one is lombard and thats based on several claims from a broker friend. cost s8.25 a month too

18th November 2007, 17:01	#10 (permalink)
Dimplyred Type R GT 09570 Civinfo guru Join Date: 24th August 2007 Location: Staffordshire Posts: 3,245 Thanks: 16 Thanked 40 Times in 40 Posts	Yes that's what a mean. I would feel more comfortable with an insurance company I have heard of.

18th November 2007, 22:48	#11 (permalink)
Civic Fan Supporter Triangular Exhaust Join Date: 2nd July 2006 Location: Northeast Posts: 257 Thanks: 0 Thanked 0 Times in 0 Posts	I agree. But like most insurance policies you can pay a fortune for something you may never (touch wood) need or use. I tried to balance the cost with a product that would give me adequate cover in the event of a total loss. I notice that they advertise on this very site so take some comfort in that. Preferably I would recommend Honda products as the first choice every time but I do feel that they are rather expensive in some respects. How much of the cost is actually commission to the dealers is a matter of research but I bet it’s a fair chunk. Some would argue that you get what you pay for and I would agree without question. I only hope to god I don’t end up finding out the hard way.

20th November 2007, 03:24	#12 (permalink)
prawncracker Wheelnut Join Date: 23rd May 2007 Posts: 62 Thanks: 0 Thanked 0 Times in 0 Posts	Some RTI GAPs do not cover dealer accessories - some do offer cover on these but there are restrictions. I just purchased a RTI from Surf and Protect. They are promising to undercut similar deals from competitors by £5. In the end, I paid £244 for 4yr cover with £10k cover limit (gave them the £249 price offered by Shortfallcover). Haven't tried it myself, but I'd imagine they would also undercut Shortfallcover's 3yr with £10k cover by the same amount - so that would be £125 if you opt for 3 years.

20th November 2007, 11:45	#13 (permalink)
Civic Fan Supporter Triangular Exhaust Join Date: 2nd July 2006 Location: Northeast Posts: 257 Thanks: 0 Thanked 0 Times in 0 Posts	This tinternet thingy is quite useful. Bargains aplenty if you look!

21st November 2007, 12:29	#15 (permalink)
JIMBO7268 Valve Cap Join Date: 16th September 2007 Posts: 11 Thanks: 0 Thanked 0 Times in 0 Posts	Fo what it's worth some of the cover on the market is underwritten by Hitachi Capital. The cover they offer is £130.00 for 10k cover over 3 years, and is RTI. Attached is a link: GAP insurance from HC For You

21st November 2007, 23:24	#16 (permalink)
Civic Fan Supporter Triangular Exhaust Join Date: 2nd July 2006 Location: Northeast Posts: 257 Thanks: 0 Thanked 0 Times in 0 Posts	Sounds like a bargain. Will keep them in mind when I change the car.

25th February 2008, 22:56	#17 (permalink)
jont122 Wheelnut Join Date: 21st September 2007 Location: Doncaster Posts: 84 Thanks: 0 Thanked 0 Times in 0 Posts	Have any of you who have posted actually bought Gap insurance for your car? If so who did you eventually go with? and which one did you buy. Regards