Alps, an MGA specialising in add-on insurance products, legal expenses, and claims solutions for intermediaries, has launched the Fleet GAP, designed to deliver protection for organisations operating commercial fleets.
Alps is bringing this to market in partnership with AMS Insurance Services Ltd, which will also act as claims administrators.
Alps has now launched three GAP products in partnership with AMS.
The product will be underwritten by Financial & Legal, one of just a handful of insurers currently authorised by the FCA to underwrite GAP insurance.
The Fleet GAP product pays the greater of the shortfall between the amount paid by the primary motor insurance policy and the original purchase price of the vehicle or the outstanding finance balance.
Additionally, for fleet contract hire vehicles, the policy pays the difference between the amount paid out by the primary policy and the early termination amount payable to the contract hire company, including any advance rentals up to £2,000.
The product covers passenger cars and light weight commercial vehicles to a value of £175,000, up to 10 years old, and a maximum weight of 3.5 tonnes. It covers claims up to £50,000 for vehicles written off due to theft, fire, accident, or other unforeseeable total loss event.
Alps offers brokers and their clients terms of one, two, three, or four years. There are no limits to the size of the fleets covered.
Michelle O’Reilly, managing director at Alps, said: “We’re thrilled to launch another incredibly responsive GAP product with Financial & Legal and AMS.
“Fleet vehicles represent a higher risk exposure than personal vehicles because they are driven more frequently and for longer distances.
“But they are also business critical, so it’s vital that fleet operators are not left with a huge shortfall. This policy, optimised for fair-value, protects both vehicles and businesses.”
Paul Fuller, managing director at AMS Insurance Services Ltd, added: “We are delighted to be working with Alps to deliver this innovative solution, adding real value for brokers and their clients.
“This product is designed to eliminate the financial setbacks fleet operators face following total loss vehicle claims, ensuring businesses can maintain momentum, protect their bottom line, and focus on growth and customer service.”
