As you all ready know the world of gap insurance is heavily regulated via the financial services authority commonly called the FSA. This means that in order to be able to offer any form of gap insurance the person you are dealing with should be trained and up to date with current policies and regulations.
So what happens when things go wrong?
Do you your gap insurance rights?
Lets start with the policy its self. We are already discussed the fact that you do not have to buy any form of gap insurance and that ultimately as it is your vehicle and your money it is equally your choice. This means that no one can make you buying any form of gap insurance a condition of sale or acceptance.
Even when you have bought a policy you are legally entitled to a cooling off period of a minimum of 14 days. Inmost cases some of the larger gap insurance companies extend this to 30 days.
This means that for what ever reason, no matter who you have bought your policy from if you change your mind and providing that you have not attempted to make a gap insurance claim you can simply call your gap insurance provider who will halt your level of cover and issue a full refund.
So what happens if for what ever reason you are not happy with an aspect of your gap insurance policy or claim.
In the first instance you should contact your gap insurance supplier and let them know why you are unhappy. If possible make any compliant in writing as this way there is a permanent record. Each supplier will have a complaints procedure so it is worth reading this before hand. They will usually respond within a set period of time.
If you are still unhappy you may have the right to take the matter further by either complaining to the financial service authority or even to the financial Ombudsman.
So to summerize you do not have to buy gap insurance, if you do you have a cooling off period and if you are not happy you have the right to complain.