Car Finance Agreements / GAP Insurance Policies
Average amount reclaimed for each car finance claim : £2,000.00
When you took out car finance to purchase your car, were you also 'pushed' into taking out GAP insurance? Have you experienced problems when trying to make a claim using a GAP insurance policy you purchased? If you answered yes to either of these questions you may have been mis-sold GAP insurance and be eligible to claim a refund of the cost of your policy premiums.
What is GAP Insurance and Why is it Sold with Car Finance
Gap insurance is sold in most cases alongside car finance. It is an insurance policy designed to cover the difference between the amount owed to the finance company and the insurance payout received in the event of a car being written off or stolen. This means that if your car is written off or stolen you will not continue to owe money to the finance company and you will not be required to make payments for a car that no longer exists.
In essence, GAP insurance was designed to make sure that you are not out of pocket should your car be written off or stolen.
GAP Insurance Mis-Selling
It is now widely acknowledged that there have been many cases of GAP insurance being mis-sold.
It is in the interest of the salesperson to sell you GAP insurance when you take out car finance, as they receive commission for selling it to you. There are various ways in which a salesperson may have pushed you into buying GAP insurance, including but not limited to the following;
- Leading you to believe that you would not be approved for car finance unless you took out GAP insurance.
- Giving you the hard sell and frightening you into buying GAP insurance, including giving you incorrect information regarding the future insurance value of the car you are purchasing.
There have also been many instances where consumers have been tricked into buying expensive GAP insurance policies by salespeople adding the cost of GAP insurance to their car finance without their knowledge.
Making a Claim for Mis-sold GAP Insurance
If you believe that you have been mis-sold a GAP insurance policy when taking out car finance, for whatever reason, you can claim for a refund of your policy premiums.
Whether you currently have GAP insurance and are making payments for the policy, or if you have tried unsuccessfully to make a GAP insurance claim, we can make a claim on your behalf.
