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Guaranteed Asset Protection (GAP) can be a valuable product for customers – providing peace of mind and protecting their investment should the worst happen. Everyone knows a vehicle starts depreciating as soon as it’s driven off the forecourt and most motor insurance policies will only cover owners for the …

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The Financial Conduct Authority (FCA) issued new rules governing the sale of GAP insurance in September 2015 which were meant to result in better customer outcomes from more informed purchasing decisions and improved competition between add-on and standalone distribution channels. The rules include: Providing …

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The Financial Conduct Authority (FCA) introduced new rules governing the way Guaranteed Asset Protection (GAP) insurance can be promoted and sold over a year ago. Since then, retailers have been getting to grips with new sales processes that incorporate the two main changes: Prescribed GAP information – the …

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Car retailers’ relationships with customers have been improved following changes to the way GAP insurance can be sold. The changes, which came into effect in September 2015, included the provision of prescribed information and a deferral period between the supply of that information and the close of the sale. …

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One week until AM Live – Wednesday, 16th November – when Car Care Plan will tell an audience of 500+ automotive industry delegates how regulation changes one year ago lead to a surprising boost in GAP sales. After the changes in September 2015, consumers are now focused on quality over price, Allan Lewis, …

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The motor industry has joined the chorus of British businesses calling for the UK government to calm concerns, safeguard sectors and maintain economic stability. The referendum to decide Britain’s membership of the EU – which led to a 52% majority voting in favour of leaving – has sparked turbulence in …

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An effective and fair incentive scheme for staff at your car retailer has many benefits. Incentives are, at their core, a system for rewarding staff for a sale – whether that’s a vehicle or an aftercare product, such as GAP insurance. It’s important, however, that incentives take into account …

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Dealerships shouldn’t be adversely affected by changes to the rules surrounding GAP insurance, industry leaders have said. The new GAP sales rules came into affect on 1st September but fears around their impact on the number of consumers taking up the product are unfounded according to many in the industry. …

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Are you ready? From 1 September 2015, firms selling motor vehicle GAP insurance will be required to: Provide customers with prescribed pre-sales information to help them shop around and ensure they are able to make more informed purchasing decisions. Introduce a deferral period, which means GAP insurance cannot be …

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The Financial Conduct Authority (FCA) is introducing a number of important changes to the way GAP insurance can be sold. The changes, which will come into effect from 1st September 2015, are designed to protect consumers when they are buying GAP insurance. For more information, advice and guidance on the changes, …