A new survey by leading Motor Gap Insurance provider Aequitas Automotive reveals UK consumers expectations on Gap Insurance may be changing. The company says that British car buyers now expect feature packed policy terms for extra financial protection.
UK Insurance provider, Aequitas Automotive has revealed new consumer research that may indicate a shift in expectations for motor gap insurance in the UK. The company recently conducted a survey with UK consumers who were looking at Gap protection. The preliminary results, say Aequitas, show that consumers may now expect more than ever before from their cover, as company director Mark Griffiths explained.
‘The world of Motor Gap Insurance has evolved enormously in the last two years, especially with the online providers. This has coincided with a greater focus on Gap Insurance cover in the UK. At Aequitas we are in the almost unique position of having two leading retail brands for this product. This provides us with the chance to speak to thousands of UK consumers in the market for this product, and enables us to gauge exactly what they seek.
‘Over the last few weeks we have engaged in a process of asking our customers for their opinions regarding motor gap insurance. More specifically regarding their expectations for cover. The results have given us clear indication as to what the average consumer now prioritises as important in their cover.
‘One particular trend was the request for longer periods of cover, something we have championed for some time. With new cars coming with longer warranties, and seemingly more reliable, then it may make sense that buyers will look to keep their vehicles longer. Aequitas has seen a huge upswing recently in consumers seeking the maximum five year cover, something we first announced our intention to provide in late summer 2011.
‘Another clear requirement is the ability to ‘defer’ the start date of a Gap Insurance policy. Many quality motor insurance cover will provide a replacement vehicle within the first twelve months of the vehicle’s life, having Gap Insurance running alongside may simply be effectively paying twice for the same cover.
‘The ability to transfer cover also seems to be important to consumers, and this may go ‘hand in glove’ with those opting for four or five year cover. There may be every intention in keeping a vehicle for the policy period, but the option of transfer clearly gives flexibility if required. There are still policies in the market that state that the policy ceases if the vehicle is sold, and that no refund may be given. If this is indeed the underwriters terms then no transfer may be expected from them.
‘Another consideration, or possibly a concern, is the time it would take to process a Gap Insurance claim. This is something we know consumers have voiced for some time, and indeed we implemented a ‘fast track’ claims process on products around a year and a half ago, and we hope this process gives some comfort to consumers. We have been pleased to see that this process has now been adopted by some other providers too.
‘The overall impression Aequitas can draw from these results is that the UK consumer is far more educated with regards to Motor Gap Insurance in 2013. This process will only become easier with the publication of the comprehensive Motor Gap Insurance Star Ratings by Defaqto. The well regarding independent financial product analysts compared product features for over 90 providers in the UK, and rating each by awarding a ‘Star Rating’ for each product. At Aequitas we recommend any UK consumer looking at Motor Gap Insurance take a look at this excellent comparison.’