Revamped GAP insurance offers enhanced protection for car owners

Alps, a leading provider of insurance add-on policies and claims solutions, has entered into a new partnership with Fortegra Europe Insurance Ltd to distribute Guaranteed Asset Protection (GAP) insurance.  

This collaboration is particularly significant as Fortegra is one of the few insurers granted permission by the Financial Conduct Authority (FCA) to offer GAP insurance, adhering to the strict fair value regulations currently in place. 

Fortegra selected Alps due to its strong track record and technology-driven approach to insurance distribution.  

What is the new GAP insurance product? 

The new GAP insurance product is designed to help vehicle owners return to their pre-accident financial position after a total vehicle loss. It balances price with value and includes a range of features aimed at providing peace of mind and reducing financial risk for policyholders. These include cover for dealer-fitted accessories, motor excess, and the option to transfer the policy to a family member.  

Additionally, the product allows policyholders access to a guaranteed hire vehicle for up to 30 days and offers pro-rata refunds in the event of policy cancellation. 

What does that mean for brokers? 

Alps is offering bespoke training for brokers who intend to sell this new GAP product, ensuring they can provide well-informed advice and support to their clients. 

Julian Tomlinson, Chairman of Alps, said, “This is exciting news. Since the FCA paused GAP sales in February we’ve been inundated, on an almost daily basis, with calls from brokers asking when this vital protection product will be back.” 

“GAP is an important product for vehicle owners, and we intend to ensure it stays that way.” 

Alps offers a broad range of add-on insurance covers, including legal expenses, motor-related add-ons, and property-related protection. 

Image: Canva 

Josie Miller Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.miller@barkerbrooks.co.uk