Managing general agent Alps has launched a guaranteed asset protection product aimed specifically at motorhomes. The product is underwritten by Financial & Legal Insurance, which is one of the insurers allowed to recommence selling GAP insurance in the wake of a recent market intervention by the Financial Conduct Authority in regard to the value offered by such products.

The product distributed by Alps covers motorhomes up to 10 years old with a maximum value of £75,000 and a maximum weight of 3.5 tonnes. Brokers can sell it up to 180 days after the vehicle purchase.

Michelle O’Reilly, managing director at Alps, said: “Motorhome GAP insurance provides vital financial security, as well as peace of mind for owners that their open-road adventures are protected. Motorhomes are not immune from market fluctuations and deprecation; in fact, according to market reports, they lose an average of 20% of their value in their first year alone. It’s therefore important for brokers to fill the gap left by dealerships and deliver the protection owners need to enjoy their valuable investment.”

Ian Kember, business development manager at Financial & Legal Insurance, added: “We are once again delighted to be supporting Alps, via our distribution partner AMS Insurance Services who also manage the claims for this product. Together we are among the first to offer this innovative and valuable product to market.”