What is RTV (return to value) GAP insurance?

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What is RTV (return to value) GAP insurance?

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.

What are the benefits of RTV Gap Insurance?

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.

  • Insurance that is backed by protection norms of FCA
  • Refunds depreciation
  • Benefit is paid directly to the customer
  • Replacing the car with a similarly valued car
  • Customer’s investment is protected
  • After the car is put on cover, the mileage has no limits
  • Generally, the cover is available for 4 years
  • The available claim limit is up to a maximum of £25,000
  • After the delivery of the vehicle, one can purchase the insurance for up to 7 years
  • One can also cancel his/her policy for any particular reason within 21 days of the purchase; the premium is also fully refunded.
  • The insurance cover is provided for vehicles that are bought either privately or from any garage that does not have a VAT registration.

Why is RTV insurance considered so valuable?

  • Despite the best efforts, many times the stolen cars fail to get recovered. According to the reports, hundreds of cars are declared a “total loss” by the insurance companies in a year.
  • The motor insurance companies do not settle the purchase value of the vehicle, but only the depreciated value.
  • The value of a car starts depreciating from the moment it is purchased and the drop in its value can be as high as 35% in the 1st year itself.
  • It has been seen that most cars typically lose 60% of their value in the first 3 years.
  • A customer does not pay his/her motor insurer, but the deprecation.

What are the unique features of the RTV Gap Insurance policy?

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.


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