Jackson Lee Underwriting has launched the market’s first Fleet GAP policy with a built-in temporary replacement vehicle solution.
In a total loss situation, where there’s no recoverable asset, fleet motor policies don’t provide temporary replacement vehicles whilst the insured’s claim is being processed. For any driver this would be problematic, but for commercial fleet customers where vehicles are often business critical, this is a serious issue.
In response to broker demand, Jackson Lee Underwriting has launched the market’s first Fleet GAP policy with built in mobility. As with other Fleet GAP products, the policy protects clients from a financial shortfall following a total loss, but now for the first time it also provides clients with a temporary replacement car or van up to 3.5t GVW, for up to 42 days following a total loss. The temporary replacement 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.
Nick Mohan, joint Managing Director at Jackson Lee Underwriting, comments:
“A temporary replacement vehicle is vital for businesses that need to keep drivers in their fleet up and running. In the past this has proved costly and business critical. We could see that this was a significant gap in the fleet motor market, and we’re delighted to be the first to bring this to market as part of our Fleet GAP proposition.
“Jackson Lee has a proud heritage providing mobility solutions tailored to specific niche markets, such as Driving Instructors’ dual controlled vehicles for example. This new variant of the GAP product has appeal to the broader broker market and provides cover where conventional motor insurance policies fail. 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.
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.”
Jackson Lee Underwriting has been the BIBA approved scheme provider for GAP insurance since 2012. All of its products are underwritten by A rated insurers. The MGA specialises in bringing a broad range of innovative niche insurance products to the broker market. The new product is available to insurance brokers via Jackson Lee’s online broker facility ABEL.