Shortfall Insurance

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What is Shortfall Insurance?

Shortfall insurance is more commonly known as Gap insurance. It provides compensation if your car is written off or stolen. It’s designed to cover the difference between the amount your insurer pays, and the car’s original value. If you’re worried about being left out of pocket in the event of a claim then it’s worth having.

In the event of a claim the car insurer would pay up to the current value of the car, and the gap insurer would pay the extra required to bring the total sum up to the amount you paid for the car originally.

  • Return to Invoice (RTI) covers the difference between the amount your car insurer pays and the invoice value of the car when you brought it new.
  • Vehicle Replacement Insurance (VRI) covers the difference between the insurance settlement and the cost of a new car of the same model, make and specifications. 
  • Return to Value (RTV) will usually only cover you up to the market value of the car when you took out the Gap policy, not the invoice price you paid.
  • Contract/Lease Hire Gap Insurance will pay out the difference between the insurance settlement and the amount required from the lease company to settle the contract.