• 2552 trucks were stolen in the UK in 2010
• This is an increase of 59% on the previous year
Many truck owners are unaware, however, that in the event of a theft their standard comprehensive insurance policy will only pay out market value. Due to depreciation this will leave many truck owners out of pocket should the worst happen. Having identified this growing problem, ALA have launched a range of products specifically aimed at truck drivers.
GAP insurance covers the shortfall between the market value of the truck at the time of the theft and either the invoice price of the vehicle or the amount of outstanding finance left depending on which product you select. Simon England, CEO of ALA explains:
“Over 34,000 new trucks will be registered this year but there is a serious lack of awareness amongst truck owners that they will left with a large shortfall in many cases. We were startled by the figures on truck theft and as a result we decided to introduce truck specific products to our range.
Truck owners can now purchase products such as ‘Back to Invoice GAP Insurance’, which covers the difference between the market value settlement and the original invoice price with no claim limit, and ‘Finance GAP Insurance’ which covers for up to £50,000 finance that may remain outstanding in the event of a total loss claim. We believe these products represent greater piece of mind for truck owners.”
Here are some more details about the benefits of purchasing Truck GAP Insurance:
• Cover available for up to 4 years
• Can be bought up to 2 years after delivery
• Cover available for new and used equipment up to 5 years old
• Policy transferred where a new for old settlement is made under your All Risks policy
• Equipment can be owned outright or on finance
• Discounts for fleets
• All forms of truck covered
For more information on the potential benefits of GAP Insurance please call 01653 604304 or visit http://www.ala.co.uk/