Calculation of RTI Gap in Nationwide Vehicle Contracts
When an insurer writes off your car that it can no longer be used then the Return to Invoice (RTI) GAP comes into effect. The RTI Gap is designed to supplement our motor insurance so you can afford to replace your car with a similar model. A RTI Nationwide Vehicle Contracts Gap Insurance would be beneficial to a customer financing a vehicle with the option to gain ownership of the vehicle either through a Lease Purchase, Hire Purchase or Personal Contract Purchase (PCP) agreement. A RTI gap is calculated in the following manner supposing consider that a customer buys a Navistar for £21,589 and 12 months later the car is written off. The Insurance Company pays out £10,200. A RTI GAP policy would pay out the remaining £11,389 allowing the customer to pay the finance settlement and have a lump sum towards the purchase of new vehicle.