With VRI Gap Insurance, as we have mentioned before, not all vehicle replacement insurance policies are equal. There may be subtile differences in policy features that may make one insurers cover better than another.
Differences in VRI Gap Insurance policies
The main difference between many VRI Gap Insurance policies is on exactly what financial ‘gap’ is covered. Some VRI Gap Insurance policies may only cover you to the original invoice price you paid (in other words equivalent to a Return to Invoice type cover).
RTI Gap Insurance has been around for many years, yet even today it is still a rarely known and understood level of insurance. This is despite the fact that nearly 600,000 vehicles are written off by motor insurers each year in the UK.
Vehicle Replacement Insurance is even less well known!
However, even amongst the specialist online Gap Insurance providers, although the Vehicle Replacement Insurance cover they offer generally will take you back to the replacement cost of the equivalent vehicle, there still can be differences between the cover.
Issues such as who is paid in the event of a claim? Do not assume it will be you, as many VRI Gap Insurance policies will pay the dealer and they will provide you with a replacement vehicle. Some Vehicle Replacement Insurance policies will pay you, and this gives you control over replacing the vehicle.
Other aspects that are not always covered are items such as Paint and Fabric protection products. These are often sold to customers by their motor dealers, and the cost can be anywhere between £300-£500. Many VRI Gap Insurance policies will not cover this, however some will, and it makes quite a difference on your Gap Insurance settlement figure.
How to check your VRI Gap Insurance features
Ultimately, you will have to check the policy terms and conditions for yourself, and see what features the cover will allow. Most Gap Insurance brokers online are tied to one insurer, so it is difficult for you to compare products directly. However, there are one or two of the bigger brokers who have access to a variety of insurers products, this may make it easier to compare vri gap insurance.