GAP insurers suspend sales

[Swine Enthusiast]

https://www.postonline.co.uk/news/7955585/fca-lift...

Someone posted earlier, surely some web sleuths can discover who these firms are.

Annoyingly my GAP isnurance ran out in Jan and I forgot to renew and now its' banned

EDIT: Fortegra and Motors Insurance Company.

[alscar]

Swine Enthusiast said:

https://www.postonline.co.uk/news/7955585/fca-lift...

Someone posted earlier, surely some web sleuths can discover who these firms are.

Annoyingly my GAP isnurance ran out in Jan and I forgot to renew and now its' banned

EDIT: Fortegra and Motors Insurance Company.

I’d hazard a guess that one of the two would be the company with 3 letters starting with an A.
Afaik GAP policies are taken out for a set fixed period and cannot be renewed.

[garypotter]

Mybroker offers or did offer a rolling 12 month GAP policy that could be renewed each year. But not now so the FCA have left a few clients up the creak as they cannot renew their policies through no fault of their own

If joe public wants GAP cover and is willing to pay for it so what if only 8% is paid out in claims and if someone is earning 50% commission. But the FCA have stopped it so anyone who has a car on finance, car over 12 months old cannot renew their rolling policy so could be many thousands out of pocket.

[pheonix478]

garypotter said:

...
If joe public wants GAP cover and is willing to pay for it so what if only 8% is paid out in claims...

Because joe public also demands consumer protection and financial product regulation.

[HoneyBadgerUK]

I posted this in the Porsche forum, thought everyone might find it useful:

GAP Insurance sales can resume from the 1st July (the FCA have said that they can, it doesn't mean that they will, or that all providers will).

In some cases providers are looking to lower prices and decrease commission paid to introducers (e.g. dealers). In some cases this commission will change from a % to a flat fee, decreasing the incentive for sales people to keep the price high.

If I were buying now I'd be tempted to wait until July...

Source: I work in online car sales

Also:

On Friday ALA weren't quoting for GAP, looks like today they are, so it could be that providers have taken the FCA's guidance as a green light to sell (the 'block' on GAP sales was always voluntary as requested by the FCA, never an official ban)

[LutherinLondon]

Anyone remember the PH/ALA discount code as the only one i remember gets 5% off.

Any other insurers worth trying? We're picking up our new car in ten days and would really like a GAP policy in place.

Thanks

[RammyMP]

Was it PISTON10? I can’t remember it’s been 3 years since I used it, my gap insurance runs out next week.

[Sheepshanks]

Use MSE25 for 25% off.

[Paft Dunk]

Anyone know of a provider still offering GAP for new motorbikes ?