Easy Gap, an online provider of GAP insurance, has come under scrutiny due to the widespread mis-selling of Guaranteed Asset Protection policies. Many consumers have found themselves paying inflated prices for GAP insurance at dealerships when cheaper alternatives were readily available from providers like Easy Gap. This article will explain what Easy Gap is and how you can complain about a GAP policy you believe was mis-sold.
What is Easy Gap?
Easy Gap Ltd offers a range of GAP insurance products to protect car owners against the financial shortfall that occurs if their vehicle is written off or stolen. Unlike dealership-based providers, Easy Gap focuses on straightforward pricing and online accessibility, making it easier for consumers to compare prices and understand what they are getting.
How GAP Insurance Mis-selling Works
GAP insurance mis-selling often involves dealerships selling policies at significantly higher rates than those available from online providers such as Easy Gap. The Financial Conduct Authority (FCA) found that dealer-sold GAP policies could cost between £300 to £500, while the same coverage is available from an online provider like Easy Gap for just £50 to £150.
consumers were often not provided with information about cheaper alternatives or pressured into purchasing GAP insurance at the point of sale. The FCA also highlighted that dealerships sometimes operate under a discretionary commission arrangement (DCA), which incentivises them to push high-cost policies over more affordable ones.
If you believe you have been mis-sold a GAP policy through Easy Gap, you can
complain directly to the provider by visiting their complaints page at https://www.easygap.co.uk/complaints. It is free to file a complaint and you do not need a
claims management company to assist you with this process.
When submitting your complaint, ensure that you gather all relevant documentation such as purchase receipts, policy details, and any correspondence with the provider or dealership. Providing clear evidence of mis-selling will strengthen your case.
Your Cooling-off Rights
Consumers have a 14-day cooling-off period during which they can cancel their GAP insurance policy without penalty and receive a full refund. This right applies regardless of whether you purchased the policy from Easy Gap or another provider. To exercise this right, contact Easy Gap's customer service team immediately to request cancellation.
What to Do Next
If you suspect that your GAP insurance was mis-sold, start by reviewing all documentation related to your purchase. Check what you paid for the policy and compare it with online rates from providers like Easy Gap. If discrepancies are found, gather evidence and file a complaint directly with Easy Gap or the dealership.
Remember, taking action yourself is straightforward and does not require engaging a claims management company. By following these steps, you can seek redress for any unfair practices that may have occurred during your GAP insurance purchase.
Sources and references
- Financial Conduct Authority (FCA) investigation into motor finance products.
- Easy Gap Ltd official website: https://www.easygap.co.uk/
- Complaints page: https://www.easygap.co.uk/complaints