How has Gap Insurance been effected by the role of the internet in the modern world? Well in nearly every walk of life, the internet plays a significant role. Whether it is your laptop or desktop pc, or indeed your tablet of smart phone, internet access is instant and at your finger tips.
This means that searching for information is so much easier these days, and in the case of a product such as Gap Insurance, it has meant a huge difference to consumer awareness.
Gap Insurance and the internet
So in 2012 we all use the internet, this is no bold statement to make. Other than increased information availability, what other aspects of Gap Insurance have been changed? Well the clearest one is sources to buy gap insurance. Traditionally, your motor dealer or finance company would offer you this specialist product, and often the assumption was that you had to buy gap insurance from them direct.
However, Gap Insurance is simply an insurance product, and like any such cover, can be sought through other means, such as a specialist insurer or broker. Indeed, a number of such retailers have emerged in the last few years, offering a range of products you will not find from a motor dealer, whose primary objective after all is to sell you a motor vehicle.
A ‘knock on’ effect of online retailers, is an increased competition in Gap Insurance premium prices. This again is no great surprise, many ‘retail’ sectors have seen prices become more competitive, as markets become ‘national’ rather than local.
There are other mitigating issues with Gap Insurance, and in particular the saving on Insurance Premium Tax that can be made by looking to an independent broker for the policy.
Internet Gap Insurance products
Other effects of internet based retailers is that they can offer a range of products instead of a restricted selection. Indeed Vehicle Replacement Insurance itself is rarely offered by motor dealers, yet it is hugely popular with new car buyers on the internet.
The internet has certainly changed the face of how we live, and the world of Gap Insurance is no exception.