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28 lut 2024 · The sale of GAP insurance is currently suspended through 80% of the businesses that operate within this sector while the FCA investigates. But you are still able to complain if you think you were mis-sold a policy.
9 lut 2024 · The Financial Conduct Authority (FCA) has today announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the FCA. The firms which have agreed to this action account for 80% of the GAP market.
20 lut 2024 · Following the FCA’s announcement that several firms have agreed to suspend sales of GAP insurance, Blandine Arzur-Kean considers what this means for the industry, including other insurance products, and what firms need to do next.
21 lut 2024 · According to Insurance DataLab’s analysis of FCA value measures in February 2024, Gap insurance paid out just 7% of premiums in claims in 2022 when sold as a standalone product – for add-on policies, this figure was as low as 4%.
5 sty 2024 · Gap insurance covers the difference between what you owe on a car lease or loan and the amount paid out in a total loss settlement from an auto insurer, minus your deductible. There is only a...
8 lip 2024 · The Financial Conduct Authority (FCA) has issued a mandate for GAP Insurance reforms, highlighting that a mere 6% of premiums are returned to consumers.
If you've added extras to your car after you purchased it, such as alloys or spoilers, gap insurance won't cover the cost of these if you needed to claim. It will only pay out the gap between what you originally paid and the market value (minus the extras added after you purchased the car).
