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Gap Insurance for Taxis
Secure Your Taxi Business with Combined Return to Invoice Gap Insurance
Operating a taxi service is a demanding yet rewarding business. Ensuring the safety of your passengers and the financial stability of your business requires careful planning and the right insurance coverage. One crucial aspect of this coverage is Guaranteed Asset Protection (GAP) insurance for your taxi, especially those with up to 10 seats. It’s important to note that not all insurance suppliers offer this specialised coverage, making it essential to understand its benefits and secure it from a reliable provider like Click4Gap.
What is Gap Insurance?
Gap Insurance is designed to cover the difference between the amount your motor insurer will pay out after a total loss and the purchase value of your vehicle, or the outstanding balance on your vehicle finance agreement.
This doesn’t take into consideration any depreciation however, which can be as much as 60% over the first 3 years.
This gap can leave you with a substantial financial burden, never mind funding the cost of a replacement vehicle.
Why Taxis Need Gap Insurance
Taxis, especially those with up to 10 seats, have unique usage patterns and risk profiles. They are on the road more frequently and often in high-traffic areas, which increases the likelihood of theft or accidents. Here’s why Gap Insurance is particularly important for taxis:
- High Mileage and Wear: Taxis accumulate mileage quickly, leading to faster depreciation. Gap Insurance ensures that you’re not left with a large debt if a vehicle is written off.
- Frequent Use: The nature of taxi services means that your vehicles are constantly in use, increasing the risk of accidents, especially from other road users. Gap Insurance provides peace of mind knowing that you and your business are financially protected.
- Financial Stability: In the event of a total loss, the financial impact can be significant. Gap Insurance helps maintain your financial stability by covering the shortfall between the insurance payout and the value of your vehicle when you purchased it, or the remaining balance on your finance account.
Not Every Supplier Covers Taxis
Click4Gap is one of the few suppliers that offer coverage for taxis, particularly those with up to 10 seats. This specialised coverage requires an understanding of the unique risks associated with taxi services, as well as experience and a proven track record in covering taxis.
Benefits of GAP Insurance for Taxis
- Comprehensive Financial Protection: Gap Insurance provides a safety net that protects your business from significant financial loss. This coverage ensures that you can replace your vehicles without incurring additional debt.
- Peace of Mind: Knowing that you have comprehensive coverage allows you to focus on running your taxi service without the constant worry of potential financial setbacks.
- Enhanced Business Continuity: In the event of a total loss, Click4Gap will help you quickly get back on the road with minimal disruption to your business operations.
Why Choose Click4Gap?
- Experience with Taxis: You’ll need a provider with a proven track record in covering taxis. Our experience will ensure an understanding of the unique risks and requirements of your business.
- Coverage Options: We offer flexible cover options, tailored to the needs of taxi services.
- Customer Service: Our excellent customer service record will provide you with responsive and knowledgeable assistance that will be delivered promptly in the event of a claim.
- Reputation: Our reputation in the industry and testimonials will give you a gauge of our reliability and service quality.
How Gap Insurance Works
Understanding how Gap Insurance works can help you make an informed decision. Here’s a step-by-step overview:
Purchase GAP Insurance: Whether you purchase a vehicle outright for your taxi business or finance it, you can take out Click4Gap Gap Insurance that will cover your vehicle with up to 10 seats.
Total Loss Occurs: If your vehicle is stolen or involved in an accident and deemed a total loss, or it’s stolen and not recovered, your motor insurance will pay out the current market value of the vehicle.
Claiming the Shortfall: Your Click4Gap cover will make up the difference between your motor insurance payout and the purchase value of your vehicle, or the remaining balance on your finance agreement, ensuring you aren’t left with a financial shortfall.
Real-Life Scenario
Imagine one of your driving school vehicles is stolen or involved in a severe accident and is declared a total loss.
covered by your
motor insurer
Possible shortfall amount,
for your account
If you paid £16,500 cash for your car and a year or so later it’s declared a total loss, after your motor insurance pay-out you could have a shortfall of as much as £5,300. If you have Gap Insurance, this shortfall would be covered in total up to an amount of £75,000, subject to the policy terms, plus up to £1,500 for dealer-fitted accessories and £500 towards your motor insurance excess.
Click4Gap Gap insurance is an essential component of a comprehensive insurance strategy for your taxi business. It will provide you with financial protection, peace of mind, and ensure your business continuity in the event of a total loss. Given that not all suppliers offer this cover, you’ll be safe in the knowledge that Click4Gap will be there for you… with the right experience and expertise.
Investing in Gap Insurance is a proactive step towards safeguarding your taxi business’ future. Don’t leave your business vulnerable to financial setbacks—secure the right coverage today and drive with confidence.
Alternatively, for more information on Gap Insurance for taxis with up to 10 seats, call us on 0208 819 3424, weekdays during office hours. Our team of experts is waiting to help you find the best coverage for your needs.
