Taxi Gap Insurance can be difficult to find and even if you do in most cases the cost can be so high that it is just not poccible for most driving to be able to protect themselves.
At last help is a hand and over the years it is becoming easier and less expensive with specialist gap insurance brokers.
So what is Taxi Gap Insurance?
Why should you even bother looking at Taxi Gap Insurance?
More importantly what can taxi gap insurance do for you?
Taxi gap insurance is a supplementary insurance that runs along side your own motor insurance and comes into effect if your car is written off weather in an accident or stolen and not recovered.
Let me show you what I mean and how taxi gap insurance can help protect your hard earned cash.
You have just bought a Vauxhall Zafria diesel to use as a private hire taxi and paid £12295.
Two years later your car is stolen and written off.
You own insurance company off your the market valuation which for a car with 120,000 miles is now £5200.
Without any form of taxi gap insurance the £5200 is the only amount of money you would have to replace the car. You now have to find how ever many thousands to buy another car.
Even worse imagine you had taken finance to buy the car don’t forget the finance house will still want thier money so you may be in the situation of having now car and a huge invoice to pay.
Taxi gap insurance allows you to protect yourself against this problem.
Taxi finance gap insurance pays the difference between your taxis valuation on the day it is written off and amount outstanding on finance.
Taxi return to invoice gap insurance pays the difference between your taxis valuation and the invoice price you paid or the amount outstanding on finance which ever is the higher.
Taxi vehicle replacement insurance pays the difference between your taxis valuation and the amount you would need to spend to buy another car the same age mileage and condition as yours was on the day your bought it even if the price has gone up.