Aequitas Automotive Ltd, the company behind leading Gap Insurance brands Easy Gap, Shortfall.co.uk and GapInsurance123 have announced a 60% increase in the volume of online Gap Insurance sales for the first 5 months of 2014, compared to the same period last year.
Aequitas Automotive confirm 60% sales increase in 2014
This news comes in period that saw the FCA report on the general insurance ‘add on’ market suggested that consumers will be guided to compare the whole market in 2015, a move that motor dealers may not be too pleased about. If suggested changes are implemented then companies like Aequitas, and the other independents could see business improve even more over the next few years.
So why the continued move for consumers to buy their Gap Insurance independently rather than from the motor dealers? Well there is little doubt that the huge disparity in premium prices are enough for many to dismiss any reason that the motor dealer may give to try to suggest that their policy is somehow better. The truth is that most of the online providers offer products that are least as good, and on many occasions vastly superior to the offerings of the motor dealers. This has been confirmed by the likes of the consumer champion Which?
Consumers continue to move away from motor dealers for Gap Insurance
However, pure human nature may now have seen the power of the captive audience disappear from the motor dealers grasp. It is second nature for a quick search of Google to find out about anything we are unsure of. It takes only a few moments for any consumer considering Gap Insurance to see that they can save a huge amount of money if they abandon the showroom and buy Gap Insurance elsewhere. With more and more doing so, the endorsement of the masses may see online brands continue to prosper in the coming years.