If you are buying Gap Insurance in the UK, there are several things you may want to check regarding the company who is selling you the policy. Some of these aspects are repeated time after time for consumers, in order for them to fully investigate to whom they are passing their hard earned cash.
Check your Gap Insurance provider
First and foremost is the FSA Register, this gives you lots of information on the regulatory status of your gap insurance provider. It will tell you how they are authorised by the Financial Services Authority, and as importantly how long they have been authorised.
Remember many online brokers have not been around for a long time, however, if they have been authorised a year or so then they will have sold many thousands of policies. In checking their FSA record, they will have some sales to fall back on to give you some idea about them. A company who has been authorised a matter of a few months will not have this level of sales behind them.
Are they a member of a trade body like the British Insurance Brokers Association (BIBA). This again could mean they have rules and regulations they have to stick to, and that they would have to pass certain standards to be accepted.
Gap Insurance from your dealer
Whether you are buying gap insurance from your motor dealer or from a gap insurance broker, you should ask these simple questions to them. These details will give you a better idea as to the standing of the provider. Again, you can check the same details for the Gap Insurance underwriter and administrator who many process your claim.
Hope this gives you some more ideas on checking out your gap insurance provider.