GAP (Guaranteed Asset Protection) for Taxis
GAP Insurance is an excellent benefit which until recently has been unavailable to vehicles registered for private or public hire. In our opinion, Gap Insurance for your taxi is even more important than for a private car, because values do drop at an alarming rate as a result of the increased mileage the cars tend to cover.
Special Offer throughout 2011 & 2012:
Save £25.00 on our Taxi Finance Gap Insurance premiums detailed below when you request an insurance quote for your taxi at the same time. Not due for renewal yet? No problem - we'll take the details and call you back nearer the time - you will still receive your £25.00 discount from Gap.
Two different types of Taxi Gap cover are available from UK Insurance Solutions.
Finance GAP
Finance GAP will pay the shortfall between the motor insurer’s settlement figure following a total loss claim, and the amount outstanding on the Finance agreement. The policy will run for five years.
An example of how Finance GAP works:
Vehicle Cost: £20,000 Deposit: £1,000 18 months later, insurance settlement after write off: £13,000 Outstanding amount to pay on Finance: £14,500 Shortfall to pay: £1,500 Finance Gap will pay: £1,500 in full.
Return to Invoice GAP
Return to Invoice GAP can be purchased whether your vehicle is on finance or not. It will reimburse you in full the difference between your insurance company valuation and the amount you paid for the vehicle in the event of a total loss claim. The policy will run for three years.
An example of how Return to Invoice GAP works:
Vehicle Cost: £20,000. 18 months later, insurance settlement after write off: £13,000. Finance Gap will pay you: £7,000 in full.
Taxi GAP prices are negotiable, and probably isn't expensive as you think. Contact us for a quotation, or to request further information.
Cover is only available on vehicles listed in Glasses Guide (Purpose-built taxis such as Peugeot E7, LTI, Citroen Dispatch or minibus conversions are not listed in Glasses Guide and are therefore not eligible for cover. You must purchase GAP within 6 months of purchasing your vehicle and cover is not transferrable to the new owner if you sell your car, or to your new vehicle if you sell the vehicle cover has been purchased on. You can however purchase an additional policy on your new vehicle).