Managing general agent Alps has launched a new GAP product for fleet risks which is available via brokers. Aimed to support organisations operating commercial fleets, the product is delivered in partnership with AMS Insurance Services Ltd, which will manage claims. This is the third GAP product Alps has launched with AMS.

Financial & Legal will underwrite the product which pays the greater of the shortfall between the amount paid by the primary motor insurance policy and the original purchase price of the vehicle or the outstanding finance balance.

The product covers passenger cars and light weight commercial vehicles to a value of £175,000, up to 10-years old, and a maximum weight of 3.5 tonnes. It covers claims up to £50,000 following total loss events.

Michelle O’Reilly, managing director at Alps, said: “Fleet vehicles represent a higher risk exposure than personal vehicles because they are driven more frequently and for longer distances. But they are also business critical, so it’s vital that fleet operators are not left with a huge shortfall.”

Paul Fuller, managing director at AMS Insurance Services Ltd, added: “This product is designed to eliminate the financial setbacks fleet operators face following total loss vehicle claims, ensuring businesses can maintain momentum, protect their bottom line, and focus on growth and customer service.”