Image Source: rolecserv.com/ev-charging/product/EV-Charging-Points-For-The-Home EVHomeSmart Rolec EV has been a go-to for t read more
GAP insurance sales rules change 1st September
27/03/2023 Volkswagen Caddy M1 2.0TDI 122 7Seat DSG Auto7 - Save 10.4% - £3,329 off list price - £28,720
27/03/2023 BMW iX xDrive40 SUV 5Dr 0.0Electric 76.6kWh 326 Sport 11kW Charger Auto - Save 5.9% - £4,131 off list price - £65,774
27/03/2023 Volkswagen Grand California 680 2.0TDI 177 Auto8 - Save 15% - £12,498 off list price - £70,989
23/03/2023 Nissan Qashqai SUV 2wd 1.5h e-POWER 190 Tekna+ Auto - Save 11.2% - £4,625 off list price - £36,715
However, customers will be allowed to request to waive the two clear days requirement and purchase their GAP the day after the prescribed information is given.
What does it mean for me?
In reality the change in regulations may have a small impact on the car buying process, but it should make clear the cost of GAP insurance.
The prescribed information will clearly state the amount you are paying for your GAP and whether purchase of the product is a required part of the finance deal.
This means you will have the information you need to shop around for a better quote. Online GAP insurance providers are often significantly cheaper.
You can get your free quotes on GAP insurance from MotorPocket.com.
What is GAP insurance?
GAP insurance provides cover against the risk that if your car is stolen and unrecoverable, or written off, that your motor insurer's settlement is less than either:
- Your finance outstanding or lease termination charge
- The original purchase price
- The cost of an equivalent brand new vehicle
depending on policy type chosen.
For more information on GAP insurance read our FAQs here.