The Return to Value (RTV) is a gap insurance for cars that have been owned above three months but are less than seven years old. It is applicable to all modes of purchase – cash, bank loan or motor loan and ‘Contract Hire leasing’ agreement.
In case a motor insurance company declares your car a complete loss (stolen, damaged beyond safe repair or not recovered), then the Return to Value (RTV) Guaranteed Auto Protection Insurance can provide protection against the depreciating value of the car.
This insurance policy provides a cover against the financial loss in case the vehicle gets stolen and can’t be recovered, declared as “unsafe to repair”, the repair cost is greater than the value of the vehicle, the vehicle is declared as a total loss by the motor insurance company.
The main difference between the RTV Gap Insurance policy and other motor insurance companies’ policy is as follows.
When a car is declared as “total loss”, Return to Value (RTV) Gap Insurance will pay the depreciation i.e. the difference in amount between today’s value of the vehicle and value that has gotten lost over time. But this amount will not be paid by your motor insurer.
Mostly, the benefit of the insurance given is impartially and fairly calculated. The motor industry and motor insurers unanimously have identified the Glass’s Guide as “the leading car valuation service” for the last 75 years. The RTV Gap insurers are responsible insurers who follow the accurate valuations of Glass’s Guide.