Jackson Lee launches fleet GAP policy with temporary vehicle replacement

Jackson Lee Underwriting has launched a fleet guaranteed asset protection (GAP) policy with a built-in temporary replacement vehicle solution.

The new offering was developed in response to broker demand and is the first of its kind in the market, according to the firm. In case of a total loss, it protects customers from a financial shortfall and provides them with a temporary replacement car or van up to 3.5t GVW, for up to 42 days. The substitute vehicle also includes comprehensive motor insurance.

The policy is supported by a UK wide network of hire points, delivering vehicles direct to the policyholders’ premises. The product is available for commercial clients, covering vehicles leased, financed or owned outright.

Joint managing director at Jackson Lee Underwriting, Nick Mohan said that a temporary replacement vehicle is vital for businesses and that there had been a significant gap in the fleet motor market.

“The automotive sector is constantly evolving, offering innovative funding solutions to business operators where now as much as 90% of the market sources vehicles on a form of finance agreement,” he added.

“Fleet GAP is an essential product for businesses where the financial exposure following a total loss can be significantly more than the motor insurers’ total loss settlement. The many brokers who offer fleet GAP to their clients enjoy a renewal retention rate of 91% and we are confident the mobility enhancement will be an additional valuable benefit.”

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