BBC Blows Lid Off Crooked Gap Insurance Plans
A recent television program airing in England and produced by the BBC suggests there are better deals for general auto protection plans available by hunting online.
“The BBC’s ‘Rip Off Britain’ television series aired a feature on Gap Insurance and how it might benefit buyers of new and used vehicles,” said Tom Barley, a specialist online broker for Gap Insurance. “In it, program presenter Gloria Hunniford and a guest financial expert suggested buyers should look at alternatives online before agreeing to buy.”
The BBC episode presented the case of a consumer who purchased Gap Insurance from her car dealership for about $1,500 and later found the same coverage online for under Closer to $300.
“It’s not just a price issue. In another BBC consumer protection program ‘Don’t Get Done – Get Dom, presenter Dominic Littlewood and a spokesman from WhatCar?, criticized motor dealers for their sales process and insurance product knowledge which left consumers under insured or with the wrong policy,” said Barley.
Instead, it would have been far better to simply shop online for far better plans by using sites like this to get the best deals on general auto protection plans.
“Buyer’s of general auto protection plans should visit online retailers to consider what is available to them” and this does sound like very good advice, according to Barley.
According to Barley, “Which? Magazine’s attention was also drawn to general auto protection plans recently when they researched the protection it provides consumers and where to buy. They also identified that policy details do differ between the various suppliers and their article said that shopping around ‘could get you a deal that is four time cheaper than buying direct from your dealer’ but more significantly they advised ‘Price is only one thing to consider; the terms of the policy are equally important.”
This is where general auto protection buyers need to take care because the same type of policy with the same level of cover offered by a number of suppliers will all perform differently during the period of cover and particularly when it comes to making a claim.
Specialist online insurance brokers and insurance estimation sites like this one can help create and design the policy terms and conditions with their insurers, which ultimately affects the premium.
“So, if we wanted to be the cheapest on-line, we could choose basic terms and conditions that reduce the insurers financial risk and therefore cover would be cheaper. Instead, we decided we wanted to offer the best policy on the market with the least claim payment deducting exclusions and for that we were happy to pay a few pounds more,” said Barley.
So, the message is – the policies may sound the same but the devil is in the details. Always compare the policy terms and conditions, benefits and exclusions before choosing cover. Making a small savings on a three-year policy could cost hundreds if not thousands of dollars when it comes to making a claim. Great coverage is available at a fraction of a dealer’s price, but customers do need to research carefully before parting with their premium.
“The BBC’s ‘Rip Off Britain’ television series aired a feature on Gap Insurance and how it might benefit buyers of new and used vehicles,” said Tom Barley, a specialist online broker for Gap Insurance. “In it, program presenter Gloria Hunniford and a guest financial expert suggested buyers should look at alternatives online before agreeing to buy.”
The BBC episode presented the case of a consumer who purchased Gap Insurance from her car dealership for about $1,500 and later found the same coverage online for under Closer to $300.
“It’s not just a price issue. In another BBC consumer protection program ‘Don’t Get Done – Get Dom, presenter Dominic Littlewood and a spokesman from WhatCar?, criticized motor dealers for their sales process and insurance product knowledge which left consumers under insured or with the wrong policy,” said Barley.
Instead, it would have been far better to simply shop online for far better plans by using sites like this to get the best deals on general auto protection plans.
“Buyer’s of general auto protection plans should visit online retailers to consider what is available to them” and this does sound like very good advice, according to Barley.
According to Barley, “Which? Magazine’s attention was also drawn to general auto protection plans recently when they researched the protection it provides consumers and where to buy. They also identified that policy details do differ between the various suppliers and their article said that shopping around ‘could get you a deal that is four time cheaper than buying direct from your dealer’ but more significantly they advised ‘Price is only one thing to consider; the terms of the policy are equally important.”
This is where general auto protection buyers need to take care because the same type of policy with the same level of cover offered by a number of suppliers will all perform differently during the period of cover and particularly when it comes to making a claim.
Specialist online insurance brokers and insurance estimation sites like this one can help create and design the policy terms and conditions with their insurers, which ultimately affects the premium.
“So, if we wanted to be the cheapest on-line, we could choose basic terms and conditions that reduce the insurers financial risk and therefore cover would be cheaper. Instead, we decided we wanted to offer the best policy on the market with the least claim payment deducting exclusions and for that we were happy to pay a few pounds more,” said Barley.
So, the message is – the policies may sound the same but the devil is in the details. Always compare the policy terms and conditions, benefits and exclusions before choosing cover. Making a small savings on a three-year policy could cost hundreds if not thousands of dollars when it comes to making a claim. Great coverage is available at a fraction of a dealer’s price, but customers do need to research carefully before parting with their premium.