Gap Insurance for Taxi Drivers

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 Taxi 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.

Taxi 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.