HUGE update on GAP INSURANCE | The FCA Strikes AGAIN!!!

HUGE update on GAP INSURANCE | The FCA Strikes AGAIN!!!

The FCA has today announced that all gap providers should withdraw their products from the market with effect from the end of March 2024 whilst they investigate the sale of Gap Insurance.

#gapinsurance

----------------------------------------------------------------------------------------------------------------------
🚗🚗 𝙈𝙔 𝙇𝙄𝙉𝙆𝙎 🚗🚗
----------------------------------------------------------------------------------------------------------------------
🔥🔥 𝘼𝙁𝙁𝙄𝙇𝙄𝘼𝙏𝙀 𝙇𝙄𝙉𝙆𝙎 🔥🔥
----------------------------------------------------------------------------------------------------------------------
Important : This channel tries to deliver honest advice for real people. Remember that I am not a financial advisor or car finance professional and am therefore not qualified to give any kind of financial advice, views shown here are purely my own but you must make your own financial decisions. Always seek professional advice before entering a finance arrangement of any kind and seriously consider your financial position and the long-term affordability of any deal that you may enter into.

𝙋𝙡𝙚𝙖𝙨𝙚 𝙡𝙞𝙠𝙚 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚! ;)

[mikadavies]

The FCA are correct, we are not getting a fair deal on Gap Insurance!! Because we can't get any Gap Insurance!! We can't lease a car and be correctly insured, if we can't get Gap insurance!

[kenwarburton]

You are right Jim, it stinks! The question is who benefits from this, and who has been lobbying for this change? A case of follow the money perhaps.

[markbailey]

This is shocking news. I was planning on buying or leasing a new car for the first time ever. But i will be holding off now. Insurance prices are high enough as they are!! But now if the worse did happen and if i was unfortunate to have an accident, then it means losing more money. Another bad deal for the motorist in this country.

[colinhankers]

Well bit of a shock news Jim for those that want gap insurance
The fca should push the insurance people to cover the gap they charge enough!!!!

[cliffcrabtree]

Cheers for the heads up Jim. Just sorted gap insurance on my car with Motoreasy. Was a third of the price dealership wanted. Took about two minutes. Would have been without cover if not for your post. Thank you sir!.

[Jams]

The standard insurance should cover the whole remaining value AND the amount to be repaid should be reduced by the value of the balance. It's all a bit of a joke how much insurance companies are taking money but not paying out

[laurencemoore]

As you say. Give the consumer choice.
1. GAP is not a legal requirement - all insurers should state that
2. Dealers should be required to state commission and/or state that a comparable product may be available from other providers at a lower cost
3. A KYC form should be signed by both parties confirming the above for all products sold at the point of sale. In effect the consumer is ‘warned’ that this may not be a good deal.

Regulators are there to protect the vulnerable and to ensure a fair market.

[steve]

I have 2 cars with GAP insurance through Motoreasy - not had to use their services but the price I paid for the cover was very competitive ( I went for return to invoice price ) - the price quoted from the dealer on both cars was astronomical in comparison !!
Steve

[jimnorthey]

A very timely video. After watching I just took out a policy with ALA for my new lease starting in late April.
Feeling relieved.
Thank you Jim.

[robholland]

The motoring trade associations will be all over this tomorrow! I’m calling ALA first thing to secure a policy for my new car order due for delivery in May

[AntCooke]

Can’t believe the FCA have gone about things this way. They have destroyed the genuine gap insurance businesses whilst having no real impact on the viability of the dealerships that were taking the piss.

Will the FCA protect me if I need to claim but my gap insurer has gone bankrupt?

Great video turned out in record time Jim 👍

Ant Cooke

[Adrian-vhmy]

Thank you, I didn't realise this was happening! I was looking to buy a car, but this has made me pause my search until gap insurance is available again, or insurance companies are mandated to cover to the full value. I'm sure many others won't take the risk now either, so it will most likely impact sales.

[caroltweedie]

Just bought a new Toyota, they no longer do gap. My insurance provider (direct line ) now offers on the comprehensive policy a clause to provide a replacement new car if written-off in the next 12 months, at no additional cost; or so it seems. The quote is really good by comparison. Worth a look.

[isackville]

That's unbelievable how can they do such a stupid thing !!!

[NumberHeadlightRestoration]

You're educating me on all sorts of financial matters I previously knew little about, so thank you for that, Jim. I really dont know what to say about this, other than it just seems like utter madness. Like....why?

[JonnyS]

I think from memory the last GAP insurance quote I got from a dealer was twice the price I paid from ALA. This could be a bit of a headache for the finance companies when people can’t / reuse to pay finance on a car that is written off.

[michaelluckett]

I totally agree with you and am extremely concerned as my current lease deal ends soon and I will need a new gap policy for my next one. I have emailed the FCA and objected to their action pointing out the 24.9% increase in stolen vehicles last year and high number of cars written off each year. I doubt I will get a response.

[cgp]

Thanks Jim for the advance warning. Was just about to organise 2 lease deals for my wife and daughter, for around June time, but will not now go ahead. Really need that peace of mind element. Back to the used-car sector for us now😏 The FCA are another fine example of authorities without any real understanding of what’s really needed to protect the consumer, and have zero accountability to anyone…..god help us!

[ppower]

I have been unfortunate enough to have had to claim on gap insurance and was glad I took it out! Having once been stung buying it from the dealer I learnt my lesson and have since used online brokers. For new car buyers or leasers it is a valuable product for peace of mind.

[jasonsweb]

yes i am thinking twice.i was waiting for issue to be fixed