Gap Insurance has come along way since its humble beginnings as a form of finance and contract hire gap insurance in the USA. In fact in a recent survey it is now estimated that a massive 40 % of customers eligible for the cover take advantage and protect themselves with some form of gap insurance.
You may be aware that in the UK all sales of gap insurance are regulated by the financial services authority.
They are there ( although shortly to be replaced by a leaner meaner authority ) to ensure that customers are treated fairly in all aspects of the policy. This is sometimes called treating customers fairly – TCF .
The idea being that which ever company or gap insurance supplier you chose that will act in a fair and proper manor right the way through the length of the policy. As such the many insurance bodies got together and decided that in the interests of TCF it would be wise offer even more. For example cancellable documents which allow a pro rata refund.
As a result one of our website sponcors Gap Insurance 1 2 3 have been working hard behind the sences with the insurance companies and administrators and added additional features to thier already feature rich policies.
Early this week Gap insurance 1 2 3 documents had a major revamp and are now as they call it “TCD”
These new gap insurance documents mean that you can now choose when you policy starts and pre date the start date for up to 12 months. If during the length of the policy you change your vehicle subject to terms and conditions you can transfer any remaining policy on to your new vehicle.
With a generous 30 day cancellation period should you change your mind providing you have not attempted to make a gap insurance claim you can simply call, cancel the level of cover and get a full refund. After this time you can cancel the policy and get a pro rata refund.
So make sure that when you buy gap insurance you choose one with the TCD difference and choose when you want your gap insurance to start, transfer if you change , and cancel when you want with a refund, sounds good to us!