AutoProtect is encouraging car dealers to take a positive approach toward added value products, such as MBI and RTI insurance, alongside FCA requirements.
Research by the Money Advice Service, last year, (also referenced in the FCA’s Consumer Vulnerability Occasional Paper) showed that two thirds of people who fall into serious debt problems do so because of some form of income shock - just 58% could cover a £300 unexpected bill.
AutoProtect corporate business development manager Mike Macaulay said: “It can be all too easy for dealers to overlook the value that is embedded into added value products, such as MBI and RTI insurance.
“Fairly priced high quality insurances offered on a standalone basis, or in the case of an extended MBI situation, to add value to a used car, can help create a level of customer confidence that creates a sale.
“This is not about pushing insurance products. It is about ensuring that as part of TCF, customers know all the additional services that might benefit them and enabling the customer to make an informed decision to buy them or not.”