Matt Oliver, Gocompare.com’s car insurance spokesperson, said:
“These proposals are great news for consumers. Guaranteed Asset Protection (GAP) insurance is usually an add-on product that sales people try to sell to customers at the point of buying a new car as it covers the purchase cost of the new car for a certain amount of time. But many people don’t realise that you can buy a GAP insurance product from other providers and that you don’t have to buy it at the point of sale.
“These proposals mean that customers will be better informed about GAP products – not only that they can shop around for GAP insurance, but also whether they really need it in the first place. If these proposals are ratified it further supports the customer having the right information to make an educated decision – which can only be a good thing for consumers and the insurance industry.”
For more information on GAP insurance, read our guide: http://www.gocompare.com/car-insurance/gap-insurance/