There are many ways to buy Gap insurance and many different supplier’s. Or so it seems?
Did you know that even thought the are many different gap insurance supplier’s there are in fact only a hand full of insurance companies who specialise in underwriting Gap insurance.
We totally understand that when you are picking a supplier it can seem daunting.
So to help we have made a check list.
You need to find out who underwrites the policies as these are the people who will ultimately write you a cheque.
Is the supplier on the FSA register and authorised to sell gap insurance?
Are the policies backed by the financial services compensation scheme?
Why do they need to be on the FSA register? They need to be on the register because the government body called the financial service Authority regulate the sale of all insurance and various other financial services including gap insurance. If the supplier is not on the register the may not be authorised or qualified to talk to you and give you the factual information you need to make an informed choice.
Once you have all this information you can make your own mind up. If the supplier is on the FSA register and you are happy you know all about the insurance company then the supplier is almost secondary.
After all when you buy a jar of Nescafe coffee it dose not matter where you buy it from. If it is Asda , Morrisons or Tescos it is the same jar of coffee. The supermarket is just the supplier.
Other than that we would always recomend that you talk to the broker or dealership and ask them as many questions as you need. In fact ask them to prove it they will not be offended. The is a link on our block role and you can use this to type in the suppliers FSA number.