What’s this all about?
New changes from 1st September 2015 mean dealers will have to abide to a deferred period before they can complete the sale of Guaranteed Asset Protection (GAP) Insurance to you to allow you the time to shop around.
The main points to note are that dealers selling GAP insurance in connection with the sale of a motor vehicle (add-on GAP) will be required to:
- Provide you with prescribed information to help them shop around and be more engaged when making decisions about purchasing the product;
- Introduce a 4 day deferral period, which means GAP insurance cannot be introduced and sold on the same day.
What is GAP insurance?
GAP insurance is available for new and used vehicles, offering an important financial protection for you in the event of a total loss.
How does this affect you?
The Financial Conduct Authority believes that this change will empower you to shop around more and remove the pressure of having to buy the cover from the dealer at point of sale.
How can we help you?
As an insurance broker we can make sure you have a GAP insurance policy on cover on the same day you purchase the vehicle. We can also provide cover for used cars.
- GAP Insurance purchased via an insurance broker will be significantly cheaper, attracting only 6% Insurance Premium Tax instead of 20% for an equivalent dealer product;
- GAP Insurance purchased via an insurance broker is likely to be between 35 – 50% cheaper than the dealer equivalent product;
- GAP Insurance purchased via an insurance broker can be tailored to your specific needs and taken out for the duration you intend to keep your vehicle
Please call us on 01637 876876 if you would like a comparative quote for your new 65 registration plate vehicle.
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- Fill in the form on our contact us page
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- Call 01637 876 876
We do everything we possibly can to check that we have got our facts straight, but it’s always possible that we could make a mistake (hopefully not or never would be better). Therefore we would like to make you aware that we accept no responsibility for information that may be factually incorrect or out of date, but we will do our best to make sure that all content is accurate. Our vision behind bringing the blog to the wider community is to keep our clients and prospective clients informed of their legal requirements, the different products on offer and how they may benefit your business and the new schemes we find which we think will benefit you.
We are Personal and Commercial Insurance Brokers based in Newquay covering the whole of Cornwall including Newquay, Truro, Penzance, Liskeard, Redruth, Bodmin, St Austell & Helston.
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