New rules on GAP came into force from the 1st of September, in what was one of the quickest policy changes to be forced into affect giving dealers and GAP suppliers only 2 months to put in radical changes to systems and the selling process.
Enough about dealers what does it mean for you the customer?
Well first why September?
The FCA said September saw the highest number of GAP policy's sold so there for they wanted the rules to protect all these new customers.
Why new rules?
When the FCA checked they found an alarming amount of people with GAP didn't know they had it or what is was for.
Now you know a bit more let me explain what the new rules do for you. Well for some people these rules will protect them from being miss sold GAP. You will have to be given 2 FULL days notice of what GAP is and have it explained to you, something at Luigi Motors we've always tried to do on 1st contact with you the customer. However these new rules do mean if you come on Monday, then 2 clear days means Thursday. Customers who already know the benefit of GAP and what to buy it there and then because they've had the product before can purchase same day.
People will also have to be informed that they can purchase GAP from other providers and sources however we feel most people known these facts already but its protect from some dealers who charges £800/900 for policy's when dealers like my self charges more than half that for the same product with the same benefits.
We are still reading the rules our self's and will keep you posted.
