GAP insurance has had a turbulent year, on and off the market over the past twelve months. The biggest reason? Concerns around fair value for customers.
While GAP has been a highly successful product, in some cases, it was misused. Many policies were sold with excessive markups and high commissions, especially through vehicle dealerships. This led the FCA to step in and take action, placing industry-wide restrictions on GAP sales.
But we’ve taken that challenge head-on. Our team has worked closely with our underwriter partners and product governance experts to redesign our offering from the ground up, ensuring it not only meets but exceeds the FCA’s expectations for fair value and good customer outcomes. We’ve introduced clear maximum retail prices, and our pricing model has been fully illustrated, justified, and approved by the FCA. GAP remains a high-quality product, offering real value and peace of mind to customers. And now, thanks to a rigorous approval process, our brokers can offer it with confidence, knowing it’s compliant, transparent, and built on trust.
