GAP insurance, wait, what now? FCA suspends sale?
Discussion
Thought there would be a thread on this.
https://www.telegraph.co.uk/cars/advice/car-insura...
In short FCA has suspended dealers from selling GAP insurance from 31 March because they have been ripping customers off, which we knew about. £1350 charged for something that could be bought for £300 from brokers.
Brokers have an extra month to figure out how to sort out their side and then aiui they too are banned afterwards of April. I think the FCA argument is that there isn't enough value in the product, comparison of claims costs made over premiums paid.
We've had GAP insurance, it was vehicle replacement plus from ALA iirc, not that expensive.
https://www.telegraph.co.uk/cars/advice/car-insura...
In short FCA has suspended dealers from selling GAP insurance from 31 March because they have been ripping customers off, which we knew about. £1350 charged for something that could be bought for £300 from brokers.
Brokers have an extra month to figure out how to sort out their side and then aiui they too are banned afterwards of April. I think the FCA argument is that there isn't enough value in the product, comparison of claims costs made over premiums paid.
We've had GAP insurance, it was vehicle replacement plus from ALA iirc, not that expensive.
Not all companies have stopped selling it
I bought a policy 2 weeks ago from ALA as my car reached 5 years old and my original back to invoice policy expired.
My original provider, direct gap I think, have stopped selling it
The FCA have not actually banned it, but as you say exposed the lack of value provided by the product from some sellers and are investigating.
https://www.ala.co.uk/connect/ala-response-to-fcas...
I bought a policy 2 weeks ago from ALA as my car reached 5 years old and my original back to invoice policy expired.
My original provider, direct gap I think, have stopped selling it
The FCA have not actually banned it, but as you say exposed the lack of value provided by the product from some sellers and are investigating.
https://www.ala.co.uk/connect/ala-response-to-fcas...
FiF said:
Thought there would be a thread on this
You thought correctly:https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
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