JLU Launches new product for heavy goods vehicles
Following the successful development of Top Up Fleet GAP – JLU has now launched Top Up GAP for single commercial and heavy goods vehicles (HGVs).
The UK Owner Driver Market is still buoyant and the commercial vehicle / HGV tractor unit is a significant investment, which in many instances tend to be funded on five-year finance / lease agreements.
Conventional motor insurance in this sector has not been developed to reflect the broad range of funding available to operators, with many insurers still settling total losses on market value. This can result in a financial shortfall between the insurer's settlement and the outstanding finance, leaving the insured struggling to settle their obligations and establish suitable funding for their new vehicle.
Available for vehicles from 3.5t GVW to 44t GVW, Commercial Vehicle / HGV Top Up GAP allows
brokers to offer their customers additional protection.
In the event of a total loss occurring the GAP Policy will pay the difference between the motor insurer's settlement and the outstanding termination charge / finance balance or 25% of the motor insurer's settlement, whichever is the greater.