It could be said there has been a sizemic shift in Gap Insurance features in the last few years. The choices for Car Gap Insurance for example, means there could be ten or so styles of cover available in the UK today.
Other areas have changed too, it is not simply the domain of the motor dealer to provide cover these days, many specialist brokers have emerged allowing savings of up to 80% plus a much larger range of products.
Gap Insurance 2012
Over the last year, we have seen the introduction of five year return to invoice and vehicle replacement gap insurance, as well as a range of new an improved products.
With the ABU recommendations in 2011, we have seen a range of new features including no ‘market value’ clauses for purchase price, a deferred start date for those who already have replacement cover on their motor insurance, as well longer ‘cooling off’ periods for consideration of your insurance purchase.
The biggest change has been the introduction of pro rata refunds for policies cancelled outside the ‘cooling off’ period, meaning you can get back any unused portion of your cover. It used to be the case that if you did not simply transfer the policy, then you would lose this period of cover entirely.
So you can see that Gap Insurance has changed quite dramatically over the last few years, with most changes providing better, and more affordable cover for consumers.
Gap Insurance in the future?
With the constantly evolving marketplace, there promises to be more changes on the way. Insurers look at ways in which they can provide better cover, and therefore make their products more attractive.
This can only be a good thing for the consumer, more choice and competition for your business normally means a much better deal for you! Gap Insurance should be no different.