Fleet GAP Insurance
Protect the financial investment in your fleet against the shortfall in the event your vehicles are written off following an accident, vandalism, fire, theft or flood.
Should an incident occur, you can have peace of mind knowing you are covered for the early termination charges or financial shortfall charged by the finance company, protecting your balance sheet.
Investing in a vehicle for your fleet can be costly, no matter if it is a car, van or HGV, but it can also be time-consuming.
We can assess your entire fleet and provide you with a all-inclusive policy for your vehicles to help take a little bit of the stress out of a disruptive situation for your business.
What is Fleet GAP (Guaranteed Asset Protection) Insurance?
If a vehicle from your fleet is stolen or written off, your motor insurer may only pay the current market value for your vehicle.
However, this amount could be less than what you need to purchase a similar vehicle or cover the outstanding amount on the finance/lease agreement.
Fleet GAP will pay the difference between the motor insurer's settlement figure and the outstanding amount owed to the finance/lease company; Or 25% of the motor insurer's total loss settlement figure, whichever is the greater.
Example: After a total loss, the insurance pays out £26,500; however, the termination charge from the Leasing company is £27,613.71. Leaving a financial shortfall of £1,113.71. We pay the greater of the outstanding finance/lease or 25% of the motor insurer’s settlement. In this instance, we pay:- £6,625 (25% of the settlement amount).
Why have Fleet GAP Insurance from us?
We are a dedicated team of experts in operations regarding Fleet & Accident Management, and adding GAP insurance helps us evolve our offering to our commercial customers.
Our aim is to offer the complete package for our fleet customers so we can handle the entire process utilising support from our 24/7 call centre.
No matter the mix of cars, vans and/or trucks you operate, we can help tailor policies to ensure you are covered for every outcome.
Tell us about your specific requirements for a tailor-made fleet policy, and we can discuss with you how our products and services can meet your demands and needs.
For a FREE no-obligation quote, call our friendly team on 01274 087807.