Private Hire Taxi Gap Insurance is a rare form of Gap Insurance in the UK. This is simply because many Gap Insurers simply will not cover the risk. A vehicle used for private hire is likely to be a higher risk to an insurer, due to the higher mileage they cover, and therfore also the increased risk of accident.

So what is Taxi Gap Insurance?

Taxi Gap Insurance can cover the difference between your vehicle’s market value, if it is written off, and either the outstanding finance amount (Finance Taxi Gap Insurance), or the original invoice price you paid (RTI Taxi Gap Insurance). You can now even protect the cost of replacing the taxi with the model equivalent to the one you first bought (Vehicle Replacement Insurance).

The main issue with Taxi/Private Hire Gap Insurance, is that Taxi drivers do not seem to be aware of it. Unless they source a vehicle from a specialist taxi dealer, they are unlikely to be told about the cover, as most car dealer do not offer the specialist cover.

Private Hire drivers are arguably more exposed to vehicle depreciation than a motorist doing ‘normal’ mileage, added to the fact that their vehicle is there biggest business asset. Depreciation on a private hire taxi can be double that of a ‘normal’ vehicle over a 3 or 4 year period. If a vehicle is bought with a finance agreement, this can cause further issues, with negative equity on a loan always a possibility.Taxi Gap Insurance

Where can you buy Taxi Gap Insurance?

Specialist cover is rare amongst the Gap Insurers in the UK, however an Taxi/Private Hire Gap Insurance in the forms of RTI Taxi Gap Insurance (return to invoice), and Finance Taxi Gap Insurance  are provided by AM Trust Europe Ltd, and offered by certain brokers. To make life simple, and offer RTI Taxi Gap Insurance  premiums from AM Trust Europe Ltd , and offered by Taxi Gap Insurance specialist brokers, such as The policies are for up to 3 years for RTI Taxi Gap Insurance, or 5 years for Finance Taxi Gap Insurance. The added benefit is that the policies can be paid over interest free instalments too.

Another recent addition to the sources for Private Hire Taxi Gap Insurance is, a sister site to EasyGap, from the same company, Aequitas Automotive Ltd. This site promotes Finance Gap Insurance, Return to Invoice, Vehicle Replacement Insurance and Agreed Value Gap Insurance, all for private hire taxi’s. An added bonus is that all products are available for up to 5 years, with the exception of Agreed Value, which is available for a maximum of 4 years.

Depreciation of any business asset is inevitable, however, the loss of a private hire vehicle can be devastating to a self employed driver. This rare gap insurance cover could be the answer.


There you have it, Taxi Gap Insurance in a nutshell!

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