ALA Plant, Tractor, Truck and Machinery GAP Insurance
Plant, Tractor, Truck and Machinery GAP Insurance services from plantgap.co.uk
There is a significant problem in the UK Construction, Haulage and Farming industries with the loss of tractors, trucks, 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*
- Some 2,552 HGV's were reported stolen in 2010, compared to 1,604 in 2009 the latest TruckPol statistics reveal.
*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.
Why buy Back to Invoice GAP Insurance
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.
For example:
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.
