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The month of March 2015 was a good one for the UK retail motor industry, with a reported 6% higher than for the same month in 2014. The buoyant market 'ripple effect' was also seen at GapInsurance123, with our company seeing a quite staggering improvement on March 2014 of over 50% in premiums sold.
Of course we are very pleased with these results. However, we think the reasons for this may stretch beyond the comparative quality of our products and competitive premium prices, or how we treat our customers on the phone or on our website. You see along with 50% higher sales we also saw around the same percentage increase in website traffic. It is clear to us that more and more UK car buyers are looking at our independent brand for an alternative to the Gap Insurance products being offered by the motor dealer. The upcoming FCA changes to how motor dealers sell Gap Insurance to consumers (including the disclosure that you can buy Gap Insurance independently, and the requirement that consumers be allowed time to consider their options) we think will only increase the numbers of car buyers looking at independent alternatives.
In our view this can only represent progress, and help provide the consumer with the ability to select an appropriate outcome for their needs. A more competitive market will hopefully see products improve and evolve. The days of overpriced motor dealer products may also be coming to an end, and that can only be a good thing for the UK consumer too.
As always, we thank all our customers for their continued support, and in assisting the growth of our name in the market.