19/10/2021
What is a deferred sales model you ask?
Well, ASIC has decided that to remove pressure selling, dealerships and car sellers are no longer allowed to sell add on insurance products including extended warranty for a period of not less than 4 days.
So when you buy your car you will need to go back to them after the 4 days has expired and request the product you are interested in.
You will also as a consumer need to complete a templated questionnaire giving permission to that dealer or seller permission to talk to you about a specific product, and yes, for whatever reason you will need to complete a different form for each product?
This all came into affect on October 5 but how does it impact us? As long as we are not selling you the car or providing finance it doesn't apply to us at all, although some insurers systems will only be able to cater for the 4 day deferred model preventing us from setting up your policy straight away, but we will be able to talk to you about it in the meantime and provide you all the information you need.
Some groups are moving their way around this by not selling underwritten products (I.E. backed by a proper insurer) but instead a discretionary or licensed product that is not yet captured by ASIC (for now). Make sure you ask someone who knows (us) what the difference is with these products and if it is right for you.