Gap Insurance for Taxi Drivers

For taxi drivers, your vehicle is the lifeline of your business. Without it you simply cannot operate as a taxi driver, and your income is effectively stopped dead in its tracks. So a write-off or vehicle theft has big consequences to your business. That’s where gap insurance for taxi drivers from Park can help.

At Park Insurance, we’ve specialised for over 20 years in finding tailor-made policies for our clients. We’re there 24/7 for you, making sure you have the cover you need at an affordable price – and that includes that all-important gap insurance.

What is Gap Insurance?

 

Most motor insurance – even many specialist taxi insurance policies – do not take into account the depreciation in value of a vehicle, and will only pay the ‘market value’ of a vehicle, rather than the actual amount it will cost to replace it. Most taxis are classified as ‘high mileage’ vehicles as well as being at increased risk of being written off in a road traffic accident, so the value your insurance cover puts on your vehicle may not be even close to covering the cost of a replacement vehicle should your car be written off or stolen.

Gap Insurance is there to, quite literally, plug the gap between the two amounts, so that you’re not left out of pocket. And when you consider that the average vehicle devalues by up to 50% within the first three years, that gap can be considerable, which is why it’s important for professional drivers to ensure that they have the right amount of cover for total peace of mind.

 

Which gap insurance is right for me?

 

There are a number of different types of gap insurance for taxi drivers, including vehicle replacement insurance, finance gap insurance and, for fleet managers, lease car gap insurance. Which one is right for you? Let Park Insurance help you find out by contacting our expert team for friendly, impartial advice. Our position as preferred brokers to many of the UK’s top insurance providers means that we can source gap insurance for taxi drivers to fit your business and your budget.

Find out more about our taxi insurance policies:

Need more information? Visit our FAQs on Taxi Insurance In The UK

To find out more and for an instant, no-obligation quote, call us today on 0117 955 6835.

From the blog