Buy Taxi Gap Insurance
Private Hire Taxi Gap Insurance, do you need it?
If your taxi or private hire vehicle is stolen, set on fire or in an accident and 'written off' by your insurer then what position will you be in?Your motor insurer may only cover the 'market value' of the vehicle at the time of the loss, leaving you to replace the vehicle, possibly settle a finance agreement and all with an insurance settlement far lower in value than your originally paid for the taxi. How can your prevent this situation from occuring? Ever thought about Gap Insurance for your Taxi from Easy Gap?
All Easy Gap taxi gap insurance policies are fully FSA regulated All Easy Gap taxi gap insurance policies are administered by a Motorway Direct PLCAll Easy Gap taxi gap insurance policies are underwritten by UK General on behalf of Ageas UKAll Easy Gap taxi gap insurance policies are covered by the Financial Services Compensation SchemeTake Finance Gap Insurance, Return to Invoice or Vehicle Replacement Insurance for up to 5 years
Are you looking to know more about Taxi Gap Insurance and how it works?
Simply click for an instant private hire gap insurance quotation and cover. Or if you prefer why not call our dedicated free phone number 0800 195 4926. We can answer any of your taxi GAP questions and talk about your vehicle in plain English with no jargon. Our aim is simple, we can take as much time as is needed so that you understand your Gap protection options and can make your own informed choice as to which level of cover is best for you and your taxi.
You will be pleased to know that we do not operate any vouchers, or discount codes Instead we want each and every customer to get our very best premium price first time every time. No gimmicks just honest, reliable taxi cover at fantastic prices for everyone every time.
We are one of the very few who can provide Gap Insurance for Private Hire Taxi's in the UK today.
How does Taxi Gap Insurance work?
For exampleYou buy a vehicle in 2012 for £12,000, and plate it as a private hire taxi
Over the next 2 years you cover 80,000 miles, and then the car stolen or involved in an accident and is written off.
Your own insurance, which must be Fully Comprehensive, pay you your vehicles value at write off. Due to the high mileage you have covered, your vehicle has depreciated heavily, and is valued at £4,000.
That means you have lost £8,000.
You may have paid cash, which means you potentially have to dig deep to buy a new car, or you could have paid by a combination of a deposit and a loan. You may be faced with having to find the settlement figure for the finance, which maybe in excess of the £4,000 the vehicle is worth. This situation is hardly ideal, however if you had purchased Private Hire Gap Insurance then help is at hand.
EasyGap.co.uk can provide Finance Gap Insurance, Return to Invoice Gap Insurance and Vehicle Replacement Gap Insurance for up to 5 years, that can protect the value of your business asset.
If your vehicle is worth £4,000, then the Gap Insurance for Private Hire will cover the difference back to the original invoice price, the finance settlement or even the replacement cost of the equivalent model.
Fact-your insurance company will only pay you your taxi's valuation on the day it is written off.
By purchasing Taxi Gap Insurance you could protect the original invoice price, pay off the finance settlement or have the funds to replace the vehicle with the equivalent model.
Which Taxi Gap Insurance?
To take a closer look at your Gap Insurance options, click on the boxes below and take a look how each can work for you. If you are still unsure, please call our customer services team who will be more than happy to discuss your options with you.How much does this cost?
The owners of Private Hire Vehicles have traditionally faced some of the highest insurance premiums of all roads users. The high risk associated with vehicles used for Private Hire has meant sourcing Gap Insurance for Private Hire taxi's has been difficult too. Many Insurers have simply refused to offer Gap Insurance for Private Hire, or placed extremely high premium values to underwrite the risk.
However, as a major specialist in this field, we are able to offer a range of products at some of the best premium prices in the UK.
Well it may well be a lot less than you think so why not click or call for a quotation?
You can call 0800 195 4926 or buy taxi gap insurance online for many manufacturers.
So there you have it, Taxi Gap Insurance, as Easy as gap insurance can be!
Vehicle Replacement Insurance for Private Hire and Taxi
VRI Gap Insurance, or Vehicle Replacement Insurance is possibly the most comprehensive form of Gap Insurance available in the UK. Why may you choose it over say Return to Invoice? Well VRI Gap will cover between the value of the vehicle on the day it is written off, and the cost of replacing the vehicle with the model equivalent to the one you drove away from the showroom in.Vehicle Replacement Insurance is regarded as the most comprehensive form of Gap Insurance available today, but how does it work in detail?
What is Vehicle Replacement Insurance for your Taxi?
Lets start by taking a quick look at our introductory video on VRI Gap InsuranceSo let us imagine you buy a 1 year old Ford Focus for £14,000 today. In 2016 the Focus is stolen, and your motor insurer write the vehicle off as a total loss. They then asses the vehicle as at that time, with say 100,000 miles on the clock, and determine it has a market value of £3,000.
If the equivalent 1 year old Focus was now £16,000 (as car prices may rise due to inflation), then the difference between the value of your old Focus and the cost of replacing with the 1 year old equivalent is £13,000 (£16,000-£3,000). This is the figure you can claim on a Vehicle Replacement Insurance policy, allowing you to purchase the equivalent vehicle and get back on the road.
Purchasing Gap Insurance for a vehicle used for Hire and Reward can allow you to protect your business asset. What effect may it have on your business if you lost your vehicle and could not replace it?
Vehicle Replacement Insurance can be used for 'cash' purchases, or if the vehicle has been secured by means of a dealer hire purchase style agreement. The VRI cover is 'combined' and this means it will offer all the protection of a Finance Gap policy as well as the Vehicle Replacement element.
Vehicle Replacement Insurance can have certain advantages over Return to Invoice if we accept that replacing the vehicle in the future may be more expensive than it was originally. Also if you have had a good discount applied this time round, there is no guarantee that discount will be available next time.
If you want to get a quote for Taxi Gap Insurance then simply click the button or call a member of our team on 0800 195 4926.
Return to Invoice Gap Insurance for Taxi & Private Hire
If you have ever come across the term 'Gap Insurance' in the past, it is probably Return to Invoice that you heard about. The majority of Gap products sold at motor dealers are RTI Gap cover, and this has been the case for many years. It is possibly the easiest type of guaranteed asset protection (the full title for Gap Insurance), and it is aimed at providing protection to the original price you paid for your vehicle.Return to Invoice is available for up to 5 years on any qualifying vehicle use for private hire, but lets have a closer look at how it could work for you.
How Return to Invoice Gap Insurance can protect your Taxi
Take a look at our introduction for RTI Gap Insurance.
So the basis of Return to Invoice Gap protection is that between your motor insurance settlement and your GAP settlement, you will get back the initial cost of the vehicle back in full, simple as that.
RTI Gap Insurance from Easy Gap may be suitable for a vehicle secured by a finance agreement, or indeed if you have paid 'cash' for the taxi. In the event that you have a finance settlement, this can simply be paid using the combined settlements from your motor insurer and the Easy Gap policy. After paying off the finance, whatever is left over is then your deposit to put towards a replacement vehicle.
What happens if the finance settlement is actually higher than the original price you paid? Well this would happen on very few occasions, but if it did then the Easy Gap policy is 'combined'. This means it is actually a Finance Gap policy combined with a Return to Invoice policy. It would, therefore, pay to either the finance settlement figure OR the original invoice price, whichever of the amounts is higher when you make the claim.
Private Hire and Taxi drivers rely on their vehicles, indeed it is the biggest asset of the business. Without a vehicle then it is hard to earn a living!
Return to Invoice Gap Insurance can help protect your investment, and should the worst happen it will help protect your business also. Taxi Gap Insurance as Easy as it can be!
Finance Gap Insurance for Taxi and Private Hire vehicles
Finance Gap Insurance, or Finance Shortfall Insurance is possibly the oldest form of Gap Insurance in the UK market today. If you have a dealer arranged finance agreement on your Private Hire Taxi, then if the vehicle is stolen, or in an accident, and 'written off' by your motor insurance company then you will still be faced with a settlement on your agreement.It is often the case that the finance settlement is actually higher than the vehicle value protected by your motor insurance policy. This is where a Finance Gap Insurance policy could help you.How Finance Gap Insurance works
Take a look at our introduction into Finance Gap InsuranceThose who may choose Finance Gap may only be concerned that if the taxi is written off then there may be a shortfall between the vehicle value at that time and the finance settlement required on the agreement for the vehicle. If this is the case you are liable for the difference........unless you took a finance gap policy to protect you.
So if you have a finance settlement of say £12,000 on a vehicle that is valued at £8,000, then a Finance Gap policy can protect the £4,000 shortfall and let you walk away with the finance settled.
A couple of important aspects to understand also, and the first concerns the types of finance agreements that can be protected by Finance Shortfall Insurance.
If you buy your taxi through finance arranged through your motor dealer then the chances are that Finance Gap can protect you. So that could include Hire Purchase, Personal Contract Purchase, Lease Purchase and Contract Hire.
The main type of finance that cannot be covered by Finance Gap protection is a personal loan through a high street bank or direct lender. These types of loans are not linked to the vehicle, although you may have got the cover for that purpose. Of course if you have bought your vehicle through a personal loan then you could still consider a Return to Invoice or Vehicle Replacement Policy.
Finance Gap cover will not protect arrears on the agreement, or outstanding charges, nor will it protect 'negative equity' added from a previous finance agreement. If you have carried over negative equity from an old vehicle then simply give us a ring and we will try to find you a suitable solution.
Taxi Finance Gap is available for 1 to 5 years, and we do have cover available that can be taken at any time of your agreement, and you are not bound by 180 day purchase limitations.
Taxi Finance Gap as easy as it can be!
Insurance and not Gap Insurance. If you too are wondering what the difference is then let us explain.The standard type of Taxi Insurance is required to drive on the roads, carry passengers legally and earn a living from 'hire and reward' driving.
Taxi Gap Insurance is something quite different. Firstly, you have to have a separate taxi insurance policy for a taxi gap insurance policy to be valid. You cannot buy a taxi gap policy to drive passengers in your cab. Taxi Gap Insurance is an independent insurance policy designed to cover the depreciation your vehicle has suffered, in the time that you have owned it, in the particular circumstance that it is written off by your insurer.
So if you vehicle is stolen, for example, and you have lost £10,000 from its original invoice price, then you could have protected the shortfall with a return to invoice policy for example.
There are other aspects you can protect, such as the finance settlement, or the replacement cost. However, to make clear, the Gap Insurance policy is an additional financial protection you can take out which supplements your motor insurance and certainly will not replace it.
Some quick Questions and Answers about Taxi Gap Insurance
Is Taxi Gap Insurance the same as Motor Insurance for Private Hire? - No, you will need fully comprehensive Private Hire motor insurance as well. The Gap Insurance is an additional financial cover.What is the difference between Return to Invoice and Vehicle Replacement? - RTI will cover you back to the original price you paid, whereas VRI will protect you to the cost of replacing the vehicle with the model equivalent to the one you drove away from the dealers. If the cost of the equivalent replacement vehicle has risen, the VRI can protect you above the original invoice price to the replacement cost instead.What type of vehicles can be covered? - Any UK supplied vehicle, licenced for Hire and Reward work, and listed in Glasses Guide. This can include cars, people carriers and even the new London LT4 models.Are there any mileage and vehicle age restrictions on the policy? - No, not in terms of the mileage you cover for the duration of the policy, or the age of the vehicle at the time you make a claim. However, there are some restrictions on the age an mileage at the time you buy the policy. For example, for Vehicle Replacement Insurance, the vehicle must be less than 8 years old and covered less than 80,000 miles at the time you buy the vehicle and start the policy.Simply click for a quote and you will be asked the age and mileage of the vehicle. Only the types of cover available for this age and mileage will be shown to you on the quote page.How long have I got to buy a Gap Insurance policy for my taxi? - For Return to Invoice or Vehicle Replacement Insurance then the policy must be bought within 180 days of the vehicle purchase from a motor dealer. For Finance Gap or Agreed Value Gap then you can buy a policy at any point of your ownership.
Compare our Levels of Taxi Gap Insurance Protection
All Policies Pay £250 towards your own motor Insurance excess.
Our Polices do not limit the price you paid to any guide price.
Our Policies have a 30 day cooling off period
Our Polices pay you the funds and not a nominated dealership.
Policies Cover all named Drivers
Policies are Transferable
Policies are Deferrable
Policies are Cancelleble
None of your details are sold, passed or given to anyone for any marketing purposes what so ever!
In fact our policies are we believe to be the very best in the market place and have may more special features and an unbeatable price tag to match so why not click or call 0800 195 4926 and speak to a member of the team
