If you are looking for Vehicle Replacement Insurance for a private hire taxi, then you have clearly done some homework on the subject. You may also have discovered that finding possibly the most comprehensive level of Gap Insurance is very difficult for a private hire owner.
Vehicle Replacement Insurance protects the value between the ‘market value’ of the vehicle when it is stolen or written off after an accident, and the cost of replacing the vehicle with the equivalent model. So If you buy a brand new Ford Focus Titanium for £16,000 in 2012, and the new model is £18,000 in 2014, then Vehicle Replacement Insurance for your private hire vehicle can cover this.
Why Vehicle Replacement and not Return to Invoice?
Which is the best taxi gap insurance is a subjective question really. Return to Invoice can protect the original price you paid for the vehicle, and is a perfectly good level of Gap Insurance. Also, it is much easier to find Return to Invoice for your Taxi than it is to find vehicle replacement insurance.
However, your private hire vehicle is your business, and you do have to replace it if it is written off by your insurers. With Return to Invoice for your Taxi, you are simply getting its original price back, rememeber you have to replace it at todays prices.
How many times have you bought a car and it is cheaper than it was last time?
Not often I hazard a guess!
Vehicle Replacement Insurance for your taxi can allow you a further protection by covering up to the replacement cost of the vehicle, and therefore covers the depreciation on your vehicle, and the inflationary costs of replacing it.
Where to buy Vehicle Replacement for a Taxi?
As far as we can tell, there is only one supplier of Vehicle Replacement Insurance for a taxi in the UK. GapInsurance123.co.uk is part of ther Aequitas Automotive Ltd, a leading Gap Insurance provider through this site, and its sister site EasyGap.co.uk. Featured on the Which website, and providing thousands of policies a year, it offers a wide range of proiducts, including Vehicle Replacement Insurance for your Taxi!