Alps, a leading MGA specialising in add-on insurance products, legal expenses, and claims solutions for intermediaries, has announced the launch of the latest in its range of GAP products. Unique in the broker market, Fleet GAP has been designed to deliver valuable protection for organisations operating commercial fleets.
Alps is bringing this to market in partnership with AMS Insurance Services Ltd, who 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 uniquely pays the difference between the amount paid out by the primary policy and the early termination amount payable to the contact 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. Unlike other fleet policies, which only offer 12-month renewable terms, Alps offers brokers and their clients terms of 1, 2, 3 or 4 years, once again demonstrating both innovation as well as strict adherence to fair-value principles, and the delivery of improved outcomes for commercial fleet operators and their drivers. There are no limits to the size of the fleets covered.
Michelle O’Reilly, Managing Director at Alps, commented: “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 proud to work with Alps to bring this innovative and valuable product to brokers and the clients they serve. Together with Finance and Legal we are ensuring that fleet operators never again have to face financial setbacks in the event of a total loss commercial vehicle claim, and therefore valuable peace of mind to focus on growing their businesses and serving their customers.”
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.”
This partnership marks a significant step forward in offering brokers a compelling new tool to strengthen client relationships and deliver peace of mind in an increasingly complex risk landscape.