Alps, a managing general agent (MGA) focused on add-on insurance and claims solutions, has introduced a new GAP insurance product tailored for commercial fleet operators.
MGA’s are a type of insurance intermediary that operates with delegated authority from an insurer.
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The product, Fleet GAP, is being launched in collaboration with AMS Insurance Services Ltd, which will also serve as claims administrator.
This marks the third GAP product Alps has brought to market with AMS. The policy is underwritten by Financial & Legal, one of the limited number of insurers currently authorised by the Financial Conduct Authority (FCA) to underwrite GAP insurance.
Fleet GAP is designed to address financial shortfalls following a total loss event. It pays the greater of the difference between the primary motor insurance settlement and either the vehicle’s original purchase price or the outstanding finance balance. For contract hire vehicles, the policy also covers the gap between the insurer’s payout and the early termination charge, including advance rentals up to £2,000.
The policy applies to passenger cars and light commercial vehicles valued up to £175,000, with a maximum age of 10 years and a weight limit of 3.5 tonnes. Claims are capped at £50,000 and cover events such as theft, fire, and accidents. Unlike standard fleet GAP policies, which typically offer 12-month terms, Alps provides options of one to four years. There is no restriction on fleet size.
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By GlobalDataMichelle O’Reilly, Managing Director at Alps, said the product was developed in response to the “higher risk exposure” associated with fleet vehicles, which are “driven more frequently and for longer distances.” She added that the policy is “optimised for fair-value” and aims to protect both assets and business continuity.
Paul Fuller, Managing Director at AMS Insurance Services Ltd, described the product as a means to “eliminate the financial setbacks fleet operators face following total loss vehicle claims,” enabling businesses to “maintain momentum” and “focus on growth and customer service.”
The launch is positioned as part of Alps’ broader strategy to support brokers with differentiated insurance solutions in a competitive and evolving market.
