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PPI has many merits despite its bad press

For a long time payment protection insurance (PPI) has been a sticking point within the UK motor industry.

Even in the pre-regulatory days, this product was never an easy sell, being generally difficult to understand for the salesman, let alone easy to explain to a customer. 

To top all that, it had the stigma of being the most expensive add-on product, which often meant it was the last thing to be mentioned, if it was mentioned at all. 

Then came the consumer associations. Suddenly, the motor industry wasn’t the only target and across the board companies selling insurance to protect a customers finance payments were much maligned for their sales practices and the shortcomings of the product.

The headlines have been many and varied. 

With legislation, focused for all the right reasons on this
spasmodically offered and multi-facetted insurance, it really became a huge concern and some of the most ethical and customer focused dealer groups in the UK decided to withdraw from selling rather than run the risk of an
unfavourable audit.

Let’s face it, PPI is just bad news………..or is it?

  • Read this story in full in the 19 Dec 08 issue of AM. To subscribe to AM magazine click here or call 01733 468659.

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