Monthly Archives

January 2019

Can I Buy GAP Insurance After I Buy A Car? 


Car owners frequently have the idea that GAP (guaranteed asset protection) insurance can only be purchased at the time of buying your vehicle. The reason they think this is probably due to the traditional method of selling GAP insurance in Canada, which occurs when purchasing a vehicle from the dealership. Once you are filling out paperwork in the finance office, it is common for the salesperson to try to sell you insurance products. Unfortunately, some salespeople are quite persistent with pushing these insurance products, as they take up to 75% commission.

From the sales pitch, many customers think that it is only possible to buy GAP insurance while they are purchasing their car, but this is not true. It is also not the case that GAP insurance is only sold at the dealership, as Obvi has brought GAP insurance fully online in Western Canada.

Can I buy GAP insurance after I buy a car?

Yes, if you meet these important criteria.

GAP protection is ideal for those who have a long-term loan (48 months up to 84 months) and a relatively new vehicle (up to 4 years old). With Obvi’s GAP insurance, both new and used vehicle purchases are eligible, and almost anyone in British Columbia, Alberta, Saskatchewan or Manitoba who has recently signed a new auto loan or lease between $20,000 and $100,000 qualifies.

What are the advantages of buying GAP Insurance online?

1) Time — buying at the dealership means that you can’t take your time, do your research to understand what you are being offered, and find out what other options you have. With going online, you can take your time to look at as much information as you want
2) Money — going online means that you cut out the middleman and don’t pay up to 75% commission (which is why buying at the dealership is so expensive). You get the fair price you deserve
3) Pressure — there’s no pressure to buy! We won’t push you, but our experienced insurance experts are at the end of a phone or available for an online chat on our website if you need them
4) And many more — in fact, check out our blog post here to fully understand why buying insurance online in Canada is the way forward

To find out more, check out our GAP insurance page and get a quick and free online quote.

What we learned in 2018

What we learned in 2018

As 2018 has ended, Obvi enters 2019 with an exciting milestone – we now help Canadians save over $1,000,000 each month by going online for Extended Auto Warranty and GAP Insurance.  As we prepared last year to launch a game changing platform to deliver comprehensive coverage at a fair price, we knew it wouldn’t be easy given some of the stigma facing the industry from decades of poor contracts and sales practices. Whilst looking forward in 2019, we also wanted to share the most talked about changes we implemented in 2018:

Value of KMs.  So many Extended Warranties have short term options, but this fails to recognize that you are investing in the future of your vehicle. With coverage for up to 8 years and a transfer clause, Obvi recognizes the investment made in your vehicle. Even if you expect to sell or trade your vehicle after 5 years, an 8 year policy drastically increases the value of your vehicle.  Without the KMs, the value of a warranty diminishes greatly.

The actual role of an auto dealer.  The role of the dealer is to sell another insurance providers’ Extended Warranty and GAP Insurance products, which are probably the only insurance products today that allow for a point of sale commission of 2 or 3 times the actual premium – it only makes sense to cut out the middleman to deliver customers fair pricing.

Realtime advice that counts. It is important for the team at Obvi that we can communicate instantly through our instant chat system to answer questions and service our customers. What separates Obvi’s advice is that you are speaking with licensed insurance advisors from the same office that will see you through a claim.  This service model creates a culture that not only celebrates new customers but those same customers who are satisfied with a claim.

Reviews. The reality is that insurance, or any financial product for that matter, isn’t something customers like to review or blog about.  Launching a new brand with a product that might not be called on for many years makes it even more interesting.  Our mission is simple – create a trusted and transparent brand that’s focused on bringing value and a better experience to customers. We see it as important to stay engaged and present on social media, Google, and places like the Better Business Bureau to grow trust and allow customers to see how we are doing.

Warranty as an Insurance Policy? Most Canadians don’t associate vehicle warranty as an insurance policy, but it is a requirement in most provinces today. The insurance industry is highly regulated to ensure that customers are treated fairly – especially when it comes to claims.

We live in an online world. Everything we do has an online option so why doesn’t this come to mind with insurance?  The Insurance industry is caught between legacy players fighting to hang on and innovators like Obvi creating real time solutions for Canadians. Major banks in Canada simply embraced and promoted the benefits of technology, where as the Insurance industry hasn’t been so ready to change.

It was recently reported that residents of British Columbia could save $434,000,000 if ICBC could create an online solution – will they innovate and find a way to pass along the savings? We hope so, just as we are doing with our specialty products.