RTI GAP Insurance
The financial shortfall between the amount received from the motor insurance policy in the event of the vehicle being a total loss following damage, fire or theft and the amount originally paid for the vehicle up to the maximum stated in the policy schedule.
What is covered?
The benefits of Motorcare GAP policies are outline below:
RTI GAP Insurance will if within the period of insurance an incident occurs which results in the insured vehicle being classed as a total loss by the motor insurance policy underwriter, pay the difference between the motor insurance policy underwriters settlement and the purchase price of the vehicle as confirmed on the invoice of sale.
What is not covered?
- Which have been modified in any way from the manufacturer's specification, or
- Used for competition, racing, pace making, hire or reward (except taxis and private hire), off road use (including all Quad Bikes), driving school, goods in transit, delivery courier, or
- Over 8 years old at the date of inception or have travelled more than 80,000 miles at the date of inception
- Are owned temporarily or otherwise (resulting from trade-in or acquisition for the purpose of resale) by a business formed for the purposes of selling or servicing motor vehicles, or
- Designed to carry more than 8 people including the driver, or
- Over 3500kg gross weight
- Over £50,000 in value, which are not fitted with a Thatcham alarm and tracker device (applicable to RTI policies only)
2. Any Total Loss:
- Where the total loss occurred before the inception of the insurance
- Or damage or liability occasioned by or happening through war, invasion, act of foreign enemy hostilities (whether war is declared or not), civil war, rebellion, revolution, insurrection or military or usurped power. Loss or damage liability or bodily injury arising directly or indirectly from pollution or contamination
- Of whatsoever nature arising directly or indirectly, in whole or in part, due to any act or omission which is wilful, unlawful or negligent on the driver of the vehicle's part. Any liability directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any irradiated nuclear fuel or from any nuclear waste from the combustion of nuclear fuel radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or of its nuclear component
- Or damage or cost or expenses of whatsoever nature directly or indirectly caused or occasioned by or happening through or in consequence of terrorism or any action taken in controlling, preventing or suppressing any acts of terrorism or in any way relating thereto. For the purpose of this exclusion 'terrorism' means the use of biological, chemical and / or nuclear force or contamination and / or threat thereof by any person or group of persons whether acting alone or on behalf of or in connection with any organisation(s) or government(s) committed for political, religious ideological or similar purposes including the intention to influence any government and / or to put the public or any section of the public in fear. However, losses caused by or resulting from riot, attending a strike, civil commotion and malicious damage are not excluded hereunder.
3. Any malicious damage claim, which is not accompanied by a valid and substantiated crime reference number.
4. VAT where policyholder is VAT registered.
5. Any costs incurred in excess or outside the liability under this insurance including any form of consequential loss.
6. If the vehicle is stolen by any person having access to the keys of the vehicle.
7. Any total loss which is not subject of an indemnity under the damage, fire or theft sections of a motor insurance policy.
8. Any total loss by accident where the driver of the vehicle is under the influence of alcohol, drugs not prescribed by a registered medical practitioner, or drugs prescribed by a registered medical practitioner where a warnign against driving has been given.
9. Additional costs within the Finance settlement for anything other than the purchase of the vehicle. This includes but is not limited to motor insurance, warranty, payment protection, recovery, etc.
10. If any misrepresentation or concealment is made by or on behalf of the policyholder in support of obtaining the policy or any claim on the policy.
11. Any loss for additional purchases at the time of purchase of the vehicle including but not liited to Road Fund Licence, insurance premiums including this policy, optional extras - car mats, CD players, etc as these will be taken into account in the insured value.
12. Any finance due on the vehicle or carried across on to the vehicle from previous finance agreements. Full details available on request.