Hire and Reward GAP Insurance

Q: Key Benefits of Hire and Reward GAP

Financial Security: In the event of a total loss, you'll receive a payout that covers the shortfall, allowing you to get back on the road with a replacement vehicle without significant financial stress. Covers Vehicle Depreciation: Taxis depreciate quickly due to constant use and high mileage. GAP insurance protects your investment from this loss of value. Clears Outstanding Finance: If your taxi is financed, a GAP policy will ensure that any remaining debt is cleared, preventing you from being "upside down" on your loan. Specialist Cover: Our policies are specifically designed for the unique risks faced by professional drivers, including public and private hire vehicles. Peace of Mind: Knowing your business is protected gives you the freedom to focus on your passengers and your driving.

Hire and reward GAP (Guaranteed Asset Protection) insurance is a specialized form of GAP insurance designed for individuals and businesses that use their vehicles to transport people in exchange for payment. This includes taxi drivers and driving instructors.

Taxi drivers are the most classic example. Drivers who operate a black cab, a private hire vehicle, or work for a ride-hailing app like Uber or Bolt are being paid to transport passengers.

The Hire & Reward policies are underwritten by global insurance provider Hiscox whom offer Hire & Reward GAP insurance for both fully electric vehicles and internal combustion engines (ICE) this includes petrol, diesel and hybrid.

You can find an updated versions of our Hire & Reward GAP insurance policy wording and IPID on the policy documents page.

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Hire & Reward

Designed for individuals and businesses that use their vehicles to transport people in exchange for payment.

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GAP for Taxis

GAP insurance for taxis tailored for those who use their vehicles predominantly as a taxi or prviate hire.

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GAP for Driving Schools

One of the few UK providers of GAP insurance for driving schools and driving instructors..

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Contract Hire GAP

A GAP insurance product designed for clients who lease their vehicle with no option to own at the end.

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How Does Hire and Reward GAP Insurance Work?

Standard GAP insurance typically does not cover vehicles used for “hire and reward” purposes. Therefore, a specific policy is needed to bridge the financial gap that can arise if a vehicle used for this work is stolen or written off.
In the event of a total loss (e.g., the vehicle is stolen or declared a “write-off” after an accident), a regular motor insurance policy will typically only pay out the vehicle’s current market value. This can be significantly less than the original purchase price or the amount still owed on a finance agreement.

Hire and reward GAP insurance is designed to cover this shortfall. The policy pays the difference between the insurer’s payout and the original purchase price of the vehicle OR the amount owed on a finance contract.

Cover lengths

GAPinsure.com offer hire and reward gap insurance provided by Hiscox for 24, 36 and 48 months. We are currently negotiating a 12 month rate.

Key Benefits of Hire and Reward GAP

Financial Security: In the event of a total loss, you’ll receive a payout that covers the shortfall, allowing you to get back on the road with a replacement vehicle without significant financial stress.

Covers Vehicle Depreciation: Taxis depreciate quickly due to constant use and high mileage. GAP insurance protects your investment from this loss of value.

Clears Outstanding Finance:
If your taxi is financed, a GAP policy will ensure that any remaining debt is cleared, preventing you from being “upside down” on your loan.

Specialist Cover: Our policies are specifically designed for the unique risks faced by professional drivers, including public and private hire vehicles.

Peace of Mind: Knowing your business is protected gives you the freedom to focus on your passengers and your driving.

Other Benefits

Our Hire and RewardGAP Insurance is underwritten by Hiscox Insurance a A- rated UK insurer and we are one of the few providers that offer the product online.

Policy documents are available to read here https://gapinsure.com/policy-documents/ but if you prefer to speak to someone then our experts are on hand, give us a call on 0800 138 8333

GAP Insurance Like Never Before

GAPinsure.com is proud to be the UK’s first mainstream GAP insurance distributor to offer GAP Insurance on a genuine monthly basis for the lifetime of your policy. So, you pay for your GAP insurance on a monthly basis for the lifetime of your policy rather like a subscription.

This subscription style model means you can pay via direct debit, there is no interest or hidden fees!

We include Hire & Reward vehicles in our policies
Temporary Vehicle Replacement included in Single Payment Product
Rated Excellent on Trust Pilot
Covers your Motor insurance excess up to £500
Plus, many more reasons to choose GAPinsure.com

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