Gap Insurance for your Tractor & Plant Machinery.

Home » Tractor & Plant Machinery Gap Insurance

Tractor & Plant Machinery Gap Insurance

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