We’ve carried out a review assessing how some motor insurers are valuing written-off or stolen vehicles. Firms should consider our findings and reflect on their own practices. #FinancialServices #MotorInsurance #Insurance
Merited Wealth
7mo
Important review highlighting motor insurers' practices!
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7moThese are very interesting findings especially in the current situation of GAP insurance put on hold. GAP was there to bridge the gap between the settlement figure and the insurance payout. Yes there are failings in GAP too but for those successful payouts at least those customers do not owe anything more during stressful times. For those customers who don’t, and now won’t, have GAP it would be interesting to know how many consumers actually have been disadvantaged by a lower payout amount and are still in, or have been, in an arrears situation, or a higher arrears amount , due to this. Bad debt not only affects consumers of course, as it has a knock on effect for all those in the lending chain. It is very interesting the decisions that are made without (I hope to assume) understanding the full end-to-end consequences of these. #Diversity (including having those with experience cradle to grave who can see the cracks and sink holes) is not just to tick a box, for these findings by the #FCA it may have saved you ££££££.