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ABI members and retailers to follow good practice guides for extended warranties GAP insurance and service contracts

ABI members and retailers to follow Good Practice Guides for Extended Warranties, GAP insurance and service contracts

Insurers and retailers will be doing more to help consumers better understand extended warranties, Guaranteed Asset Protection (GAP) insurance and service contracts, by following ABI Good Practice Guidance.

The ABI published the voluntary guidance in February this year, and insurers were given until 31 August to implement the changes. The guidance sets out examples of good practice to help customers choose the right product for their needs.

Nick Starling, the ABI's Director of General Insurance and Health, said:

"We want customers to be confident that they have taken out the right insurance product for their needs and that they fully understand the benefits and any limitations of the policy they choose, whether it is an extended warranty, service contract or GAP insurance."

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Last updated 01/07/2016