Combined Guaranteed Asset Protection How It Works
Due to accident, fire or theft, your motor insurance company declares their vehicle a write-off?
What’s more its depreciation in value leads them to pay out less than the vehicle was originally worth.
What if you used a finance agreement to buy a vehicle that’s declared a write-off, before they’ve paid back all they owe? You may have to continue making monthly payments on a vehicle you no longer own.
Whether you’ve paid outright, or made a finance agreement, you can be covered fully with Combined Guaranteed Asset Protection.
How Combined Guaranteed Asset Protection works
If you bought your vehicle outright and paid £26,500 for the car and the motor insurance payout is £14,000, RTI can pay up to the difference of £12,500 to top it up to the original £26,500.
If you financed the vehicle and paid £26,500 and the motor insurance pay out is £14,000, and the outstanding finance payment was £17,500 Finance GAP insurance may payout up to £3,500.
Combined Guaranteed Asset Protection will payout the greater of the Finance GAP or RTI amount. It’s that simple!