Available for both personal and commercial lines brokers 
Benefits of the scheme
The BIBA GAP Insurance scheme is available to all BIBA members and offers the following benefits:
- A rated security
- Fast Track Agency Approval
- Flexible commission
- Inclusion of up to £750 Excess payable in the event of a claim
- Broker specific solutions: Fleet GAP & Total Loss Top Up
- Fully cancellable product
- Full product training available to brokers' staff
- Free of charge optional Retail Website Solution
- Access to electric vehicle Early Termination Insurance (ETI) for businesses running salary sacrifice
Our GAP Products
- Universal GAP
- Purchase Price Protection (PPP)
- Combined Finance and PPP GAP
- Lease GAP
- Fleet GAP
- Total Loss Top Up GAP
- GAP designed for electric vehicles
- GAP including temporary replacement vehicle
Early Termination Insurance (ETI)
As an added benefit of the BIBA GAP Insurance Scheme, brokers have access to ETI for commercial clients running electric vehicle salary sacrifice schemes for pure electric (PEV) and hybrid electric vehicles (HEV)
Whilst there are many benefits to pursuing a salary sacrifice programme including savings on Class 1A National insurance contributions and improved employee recruitment and retention it is not without risk to the employer, who may, for example, face early termination charges in the event of:
- Resignation of an employee leaving the employer with the problem of early termination if the vehicle cannot be reallocated. The employer might find themselves responsible for as much as 40-50% of outstanding rentals.
- Accident or Sickness suffered by an employee impacting their ability to continue with the lease agreement.
- Loss of Licence if the employee has their driving licence revoked on medical grounds necessitating an early termination scenario.
- Maternity/paternity leave. The issue here is that by law, staff are not allowed to sacrifice so much salary that it takes them below the national minimum wage. The employer is still liable for payment, so if the employee is not getting paid enough to be able to sacrifice, the employer is liable to make up any shortfall or look at the option of early termination.
- Expatriation when the employee pursues an opportunity abroad leaving the employer with a potential early termination problem.
- Death of an employee triggering the need for early termination.
If you are interested in Early Termination Insurance (ETI) please contact:
Andrew Eaton
07860 931 232
andreweaton@jlunderwriting.co.uk
Our Services
- All products are supplied to you via our secure online platform - ABEL. Your online account will contain the products you choose to offer.
- ABEL allows you to obtain quotes; access policy summaries and product training documents and to retrieve policy documentation for clients within minutes!
- Not sure what GAP product to offer your customer? Our quick and simple ABEL WIZARD is here to help you. When you log in you can ask ABEL to start the wizard which will ask you some questions and then recommend the best product for your customer.
- Product training provided by our experienced account managers at your offices or online via webinar
- Marketing leaflets available
- We can build you a retail GAP insurance website that sits as a link on your own website, providing a secure quote and buy facility. Provide your customers with 24/7 access to GAP insurance.
