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NI Taxi GAP Insurance

Northern Ireland Taxi GAP Insurance

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Northern Ireland Taxi GAP Insurance

If you drive a taxi you must be covered by taxi insurance. This protects you, your customers and your taxi in the event of an accident. But whether you are driving a black cab or Uber, if taxi or ridesharing is your livelihood it could be a good idea to also invest in GAP insurance for your taxi. GAP or guaranteed asset protection insurance is designed to cover losses stemming from the value depreciation of your taxi. 

Simply put, in the event that your taxi is declared a total loss due to an accident, theft, or other incident that is covered by your main taxi insurance policy. When this happens, your taxi insurance will cover your vehicle at its market value at the time of the claim. 

This can be a problem if this value is a lot less than you paid for your taxi only a few years ago, or less than you still owe on the loan or lease you purchased the taxi with. 

But if you are covered by taxi GAP insurance, this ‘gap’ between the original value of the taxi and what your insurer will pay out when it is written off will be covered, so your taxi or asset is protected. 

In other words, if you bought a taxi three years ago and its market value has already dropped by 60%, your insurer will only cover 40% of the original cost to you if it is considered a total loss following an incident. This is where Northern Ireland taxi GAP insurance will step in to cover the remaining 60% gap, so you don’t have to suffer this as a loss.  

Protect your taxi with Northern Irish taxi GAP insurance today.

Cheap NI Taxi GAP Insurance 

There are already a lot of expenses involved in driving a taxi, so it is understandable that you want to find cheap NI taxi GAP insurance. Just like with other types of insurance, comparing GAP insurance quotes across multiple insurers and policies can help you keep costs down. 

At CompareNI.com you can trust that you are getting an unbiased comparison of insurers who have experience working in NI. 

How much does taxi GAP insurance cost in Northern Ireland?

There is no clear cut answer to this. But don’t worry, generally speaking, GAP insurance is only going to cost you a fraction of the cost of your main taxi insurance policy. 

This is because GAP insurance is designed to cover the gap between your original taxi costs and what your insurance covers when it is written off. This could be by providing a new like for like replacement taxi or a pay out that will cover any outstanding lease or finance agreement on the taxi.

The cost of your taxi GAP insurance will therefore be based mainly on the size of the ‘gap’ you are insuring which can be affected by:

  • The value of your taxi
  • The amount you owe on your loan or lease
  • Your taxi’s value depreciation rate
  • The specifics of your GAP policy, like coverage limits, term length, excesses or optional add-ons

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How can I get cheaper taxi GAP insurance in NI?

When looking for cheaper taxi GAP insurance NI the key is to be aware of the gap you will be insuring and shop appropriately. These are a few things you can do that could help to keep down the costs of your GAP insurance and save you money:

  1. Research your taxi’s value depreciation rate

UK vehicle value depreciation suggests that the average new vehicle loses around 60% of its value after the first three years. Knowing your taxi’s depreciation rate means you can make an informed decision on GAP insurance costs and won’t waste money over insuring your taxi unnecessarily. 

  1. Consider shorter term coverage 

If you’re planning to keep your taxi for a shorter period of time, you might consider getting GAP insurance to match as shorter terms can be cheaper. 

  1. Know the type of GAP insurance you need

There are different types of GAP insurance and some are more expensive than others. The type you need will usually be clear from your circumstances, for example, how you bought your taxi, or how long ago you bought it. Speaking to NI GAP insurers about which option works best for you and your budget could help you keep costs down. 

  1. Compare taxi GAP insurance quotes

You might be offered GAP insurance by the dealership where you bought your taxi. But taking the first policy and price you are offered may not be the most cost effective option. Shopping around and comparing quotes can often get you a better price on the cover you need.

When do I need to buy Northern Ireland taxi GAP insurance?

Although you would be well covered with comprehensive taxi insurance, GAP insurance is still particularly important to protect this important business asset under a few different circumstances, including:

  • If you are leasing or financing your taxi: this can lead to your taxi’s value depreciating faster than your loan or lease balance decreases, so GAP insurance will cover this potential loss. 
  • If your taxi has a particularly high depreciation rate: This could be the case, particularly if you own a brand new or luxury taxi.
  • If you have made a low down payment on your taxi: this means your initial equity in your taxi is lower so there could be a larger gap between your loan balance and your taxi’s value.
  • If you have long loan terms: again, this could lead to your taxi devaluing faster than your loan balance decreases.
  • If you have rolling negative equity: this is where you trade in a vehicle with an outstanding loan balance and roll the remaining balance into a new loan for your taxi. This usually leads to a higher gap. 

Can I buy taxi GAP insurance at any time?

This varies across taxi GAP insurance NI policies but there are generally limits on some types of GAP insurance, particularly return to invoice (RTI) cover. You might only be able to purchase this for a limited time after you have initially bought your taxi. But even if you have missed out on this, there are other options like agreed value cover (AVC) which will cover your taxi to a value agreed upon at the time you are purchasing the insurance. 

Is taxi GAP insurance a legal requirement in NI if I’m getting a taxi on finance?

No, it is not required by law in Northern Ireland but it can still be a good idea, especially if you have unfavourable financing terms like high interest rates or extended loan terms. This is because these can leave a larger ‘gap’ for you to cover in the event that your taxi is written off. 

What is excluded under Northern Irish taxi GAP insurance?

GAP insurance serves the purpose of bridging the gap between the coverage offered by your primary taxi insurance and what you paid for or owe on your taxi. As a result, many of the exceptions and exclusions found in GAP insurance policies align with what your main insurance will cover. These can differ from one GAP policy to another, but some of the common exclusions and limitations are:

  • GAP cover is limited to the events your main taxi insurance will cover as a total loss.
  • Excludes accidents that happen under the influence of drugs or alcohol.
  • Excludes drivers who are not insured on your taxi or do not have a valid license for your taxi. 
  • Some exclude taxis over a certain value.
  • Some exclude particularly high mileage vehicles which could be the case for a taxi with previous owners. 
  • Some are limited to vehicles that are covered in the Glass’s Guide – a widely accepted UK catalogue of current market values for vehicles.  
  • Excludes taxis with modifications made after the point of purchase. This is particularly important for taxis with added features or commercial signage on them as some insurers count these as modifications. 

These make it even more important to speak directly with insurers who specialise in taxi GAP insurance NI to make sure your needs are covered at CompareNI.com.