Alps launches fleet GAP insurance product in partnership with AMS

Core Insights - Alps has launched a new GAP insurance product, Fleet GAP, specifically designed for commercial fleet operators in collaboration with AMS Insurance Services Ltd [1][6] - This is the third GAP product introduced by Alps in partnership with AMS, underwritten by Financial & Legal, an FCA-authorized insurer [2] Product Details - Fleet GAP addresses financial shortfalls after total loss events, covering the greater of the difference between the primary motor insurance settlement and either the vehicle's original purchase price or outstanding finance balance [3] - The policy also includes coverage for contract hire vehicles, addressing the gap between the insurer's payout and early termination charges, including advance rentals up to £2,000 [3] - It 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, and claims are capped at £50,000 [4] Market Positioning - The product was developed in response to the higher risk exposure associated with fleet vehicles, which are driven more frequently and for longer distances, aiming to protect assets and ensure business continuity [5] - The launch is part of Alps' broader strategy to provide differentiated insurance solutions to brokers in a competitive market [6]