Taxi GAP Insurance | Hire & Reward GAP Insurance

What is Hire and Reward GAP Insurance?

Guaranteed Asset Protection is a type of insurance policy used with comprehensive motor insurance to cover a potentially significant financial shortfall when a vehicle gets written off or stolen.

In simple terms, GAP insurance tops up your motor insurer’s settlement in the event of a total loss to help recover your initial investment and minimise the financial impact on your business.

Eligibility and Exclusions from Hire and Reward GAP Insurance

Specialised Hire and Reward GAP insurance covers taxis but still excludes vehicles used for courier, chauffeuring, and dispatch purposes. Eligible vehicles must be right-hand drive, under 3.5 tonnes, less than 10 years old at the time of buying a policy and must have been bought for up to £50k. Policyholders must maintain fully comprehensive insurance and avoid modifying the vehicle before the end of your contract. Any amount exceeding the maximum claim limit is excluded from cover. Read the full list of terms in the policy documents below.

Get a quote

Policy Documents

View Policy Wordings and IPIDs for Hire & Reward GAP Insurance.

As we work with a couple of scheme providers to get you the best price there are different policy wordings dependent on the scheme provider. We recommend familiarising yourself with all policy documents before purchasing.

These documents are available to view when you get a quote, too.

Frequently Asked Questions

Does GAP Insurance cover both public and private hire vehicles?

Standard GAP policies exclude taxis and licensed private hire vehicles. Coverage is only available through specialist Hire and Reward policies with fewer eligibility restrictions. Our hire and reward GAP insurance policy covers private and public hire vehicles (such as black cabs) but excludes vehicles used for courier work, chauffeuring, or dispatch.

Can I transfer GAP insurance to a replacement vehicle?

If you change your car before the cover expires, the original policy is cancelled, we deduct the remaining credit from the cost of a new policy for your eligible replacement car. There are no admin fees, however there may be a balance to pay.

Cover can be continued if your car is replaced on a new for old basis by you motor insurer.

In addition, GAP insurance can be transferred to an eligible family member if they take over ownership of your car, however it can’t otherwise be transferred to a new owner following a sale.

Can I have hire and reward insurance for leased cars?

The underwriter of this policy Hiscox Insurance company only provides hire and reward cover for cars bought outright or with a finance agreement. If you lease your hire and reward vehicle, you will not be eligible for this specific policy.

Can you get a full refund if you cancel GAP insurance?

If you cancel within the first 30 days and you haven’t made a claim, you can receive a full refund of your insurance premium. However, after the first 30 days have passed, we will refund the unused premium on a pro rata basis. There are no administration charges for early termination.

Taxi GAP Insurance – Hire and Reward Vehicles

GAP insurance for hire & reward vehicles such as taxis and driver instructor vehicles

What is Hire and Reward GAP Insurance?

How does GAP insurance work for taxis?

Why do taxi drivers need GAP Insurance?

Types of vehicles covered under Hire and Reward GAP Insurance

Key Features of Taxi GAP Insurance Policies

Do I need GAP insurance for my Hire & Reward vehicle?

Can I buy this GAP policy for my Hire & Reward vehicle?