After review and consultation with our brokers, we have decided to change our net pricing and indemnity levels to be more competitive in the market. As you are aware, the FCA ruled that dealerships must offer a cooling off period for their clients before selling products such as GAP and inform them that the products are available elsewhere in the market.
Since this ruling we have seen that clients are using brokers more for GAP insurance as they are saving a considerable amount of money by shopping around. This has created an influx in the GAP market with more clients actively searching for competitively priced brokers.
- Purchase price of the vehicle
- Date of purchase
- Vehicle age
The new bandings create a new range of net rates including two main age groups. Each group has the option of up to 5 years of cover and the purchase price of the vehicle is automatically the maximum indemnity level.
New and up to 24 months
- Vehicle values up to £10k, £15k, £20k, £25k, £30k, £45k, £60k.
24 months and older
- Vehicle values up to £5k, £10k, £20k, £30k, £60k.