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Tractor & Plant Machinery Gap Insurance
What does this policy cover?
There is a significant problem in the UK Construction and Farming industries with the loss of tractors, plant and machinery resulting in total loss claims.
- April 2011 – The NFU Mutual reveal 1,975 tractors were stolen in 2010 at a cost of £10 million to the insurer
- July 2010 – Farmers Weekly report that the cost to the agricultural industry for stolen machinery in 2009 stood at £42 million up from £30 million in 2008
- In 2010 there were 12,541 UK thefts of plant, 92% were NOT recovered*
*Source: Equipment Theft, Patrick Sheeran CEO, Kosran ECV Ltd
Whilst many different methods of security and initiatives have been devised to reduce the number of non recoverable machines, the fact still remains that farming and construction companies are often left significantly out of pocket when making a total loss claim.
GAP Insurance Features
- GAP Insurance is available for a machine up to 5 years old at the start of the policy and must be bought within 2 years of delivery – supplied by an authorised dealer
- Available for all types of tractors, trailers and plant machinery up to the original invoice value of £265,000 per item
- Return to Invoice policies are available for up to 4 years
- Finance GAP policies are available for up to 5 years
- The total premium is payable over 12 monthly payments by DD or Debit/Credit card
- No GAP claim limit on Return to Invoice policies
Example
In the event of a total loss claim, Back to Invoice GAP Insurance will:
- Pay the difference between your insurers settlement and original invoice price
| Machine Invoice price | £65,000 |
| Declared a total loss by your insurer and paid: | £35,000 |
| GAP Insurance pays: | £30,000 |
| Total recovered: | £65,000 |
Finance GAP Insurance
In addition to Back to Invoice GAP we also offer Finance GAP Insurance. In the event of a total loss claim, Finance GAP Insurance will:
- Clear up to £50,000 of outstanding finance
Why ALA GAP Insurance policies are better than the rest...
| Market Value Clause | Free Transfer | Glass Guide Maximum Payout Clause | How long have I got to make a Claim? | Country of Underwriters Registration | Deferred start date for Policy | |
| info | info | info | info | info | info | |
| ALA | No | Yes | No | 120 Days | U.K. | No |
| Easy Gap | Yes | Yes | No | 30 Days | U.K | Yes |
| direct gap | Yes | Yes | No | 30 Days | Gibraltar | Yes |
| Click4Gap | Yes | No Transfer | 105% | 30 Days | Gibraltar | No |
| car2cover | Yes | Yes | No | 30 Days | Gibraltar | Yes |
| GapInsurance123 | Yes |
Costs £25 | 110% | 30 Days | Gibraltar | Yes |
| helpucover | Yes |
No |
? | 120 Days | UK | No |
| Cargapinsurance | Yes |
No |
? | 30 Days | Ireland | No |
To read more on why ALA GAP Insurance policies are better than the rest, click here. To get a quote please click the ‘quote me’ button...
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