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Northern Ireland RTI Insurance
RTI or return to invoice insurance is a type of GAP insurance that can help cover your car’s initial value if you know how it works and when you need it. GAP (guaranteed asset protection) insurance, protects assets like your car in the event that something like an accident or theft results in it being written off as a total loss by your main car insurance provider.
When this happens your main insurer will pay out what your car is worth at the time of the claim. And this can be a lot lower than what you originally paid or still owe on a lease or loan used to purchase the car.
This is where RTI GAP insurance will step in to cover the ‘gap’ between what your insurer will pay out and what you originally paid for your car. This gap is caused by the value depreciation of your car which, like most vehicles, typically decreases most in the first few years after it is bought.
In real life terms, this means that if you buy a car for £17,000 and its value drops by 60% after just three years, your insurer will only pay you £10,200 if it is written off. NI GAP RTI insurance will make sure that the remaining £6,800 is covered, so you get back 100% of what you paid.
Cheap NI RTI Insurance
RTI insurance is one of the more comprehensive options within GAP insurance, but don’t worry it will usually only cost a fraction of your main car insurance premium.
But you still don’t want to be paying more than you have to, so shop smart by comparing NI RTI GAP insurance policies at CompareNI.com. We give quick and unbiased comparisons across multiple Northern Ireland RTI insurers with just one simple form.
How much does Northern Ireland RTI insurance cost?
Unfortunately, there is no one size fits all cost for RTI insurance. However, this insurance focuses on ensuring the gap between your main insurer’s payout if your car is written off, and what you originally paid for the car. So knowing the size of this potential ‘gap’ can give you a better idea of what your specific costs will be.
The main things that will affect the cost of your RTI insurance:
- The cost of your car.
- Your car’s typical value depreciation rate.
- If you bought your car on a loan or lease.
- Your outstanding balance on this loan or lease.
- Your insurance provider.
- Your driving history and past claims.
- Your location.
- Details of your GAP policy, such as coverage limits, term length, excesses or optional add-ons.
How can I get cheaper RTI GAP insurance NI?
If you are familiar with car insurance, you might already be aware of some factors that insurers take into account when setting your insurance premiums. But here are a few things that could help you get cheaper RTI GAP insurance quotes:
Know your car’s depreciation rate
Being aware of the size of the value gap that you need to cover can make sure you don’t spend too much overinsuring your car unnecessarily.
Consider a shorter policy term
If you know you will only keep your car for a shorter period of time you can choose shorter policy terms as these can be cheaper.
Renew and pay annually
Your vehicle’s value will drop different amounts each year, so it can be a good idea to renew your RTI policy annually so you’re not overpaying for coverage you no longer need. Many insurers also offer discounts for annual payments so it’s good to pay annually if you can afford it.
Compare RTI insurance policies
Like with other types of insurance, shopping around and comparing quotes is a good way to get RTI cover at the price you need.
What does RTI insurance cover?
Many people miss out on this protection simply because they are still asking what is RTI insurance. RTI or return to invoice gap insurance will cover the gap between what your insurance will pay out if your car is written off, and what you originally paid for it.
It is usually associated with new vehicles bought from registered dealerships. And some insurers will ask for an invoice from this dealership to confirm the exact price you paid. So this might exclude you if you have bought your vehicle privately.
However, there are some RTI GAP insurers who cover second hand cars and cars bought privately, so it is worth comparing RTI GAP insurance quotes from multiple providers to find one that works for you.
Is return to invoice GAP insurance worth it?
On average, the value of a new car bought in the UK drops by 60% in the first three years. And if you are not covered by GAP insurance, you could risk losing this 60% completely if your car is written off.
This means that knowing the size of the gap that you will be insuring can give you a good idea of whether RTI insurance is worth it for you.
Value gaps can be particularly high under the following circumstances:
- If you are leasing or financing your car: If your car’s value depreciates faster than your loan or lease balance decreases then RTI insurance can help cover anything you still owe up to the value on your original invoice.
- If your car has a particularly high depreciation rate: This could be the case particularly if you own a luxury or specialist car.
- If you bought your car new: RTI insurance is typically available for newer cars with high value depreciation rates, so it might not be as cost effective for older cars.
- If you have made a smaller down payment on your car: In this situation, your initial equity in your car is lower, so it’s more likely that your loan balance will be higher than your car’s value.
- If you have long loan terms: Again, here your car could devalue faster than your loan balance decreases so you could still be left paying off a car you no longer have.
- If you’re dealing with rolling negative equity: This is where you exchange a vehicle with an outstanding loan balance and roll the remaining balance into a new loan for a new one. This usually leads to a higher gap.
Can I buy NI gap RTI insurance at any time?
Often RTI GAP insurance NI can only be bought within a certain window of time after you have bought your car. The length of this window varies across different insurers and policies, but it can range from a few weeks to a few months after the initial purchase.
But if you have missed out on this type of GAP insurance, don’t worry there are other options. An alternative could be AV or agreed value insurance (also known as return to value or RTV insurance). This covers the gap between what your main insurer will pay out when your vehicle is a complete loss and a value that you have agreed on with your insurer when taking out your AV GAP insurance policy.
So unlike RTI insurance, you can usually take it out at any time after buying your vehicle. It’s also a good option if you want GAP insurance for a second hand vehicle or one that was bought privately.
Is RTI GAP insurance a legal requirement in NI if I’m getting a car on finance?
No, return to invoice gap insurance is not legally required in Northern Ireland. But it can still be a good investment, especially if you have a particularly unfavourable financing arrangement, like high interest rates or long loan terms. It can really be a lifesaver in the event that your car is written off, as it makes sure you don’t have to keep paying off a vehicle you no longer own.