Mis Sold Gap Insurance

John_MC_3

I am in the process of buying a second hand car. Due to my job, Private Hire Driver (Taxi), I have been told by the dealer that I cannot have Gap Insurance. Although 6 Years ago (60 plate MPV) I bought a brand new vehicle from a Taxi/Private Hire Vehicle Supplier, and was told I required Gap Insurance.
Has the rules recently changed, or have I been mis-sold this, and taken out and paid for wasted insurance, I had no chance of claiming for if required

Caz3121

maybe the dealer meant that you could not have the gap insurance that they sell as a standard type rather than the specialist policy you would require
seems to be Private Hire Driver gap insurance available e.g. https://easygap.co.uk/61/taxi-gap-insurance
http://parkinsurance.co.uk/services/taxi-insurance/gap-insurance-taxi-drivers-park-insurance/

custardy

John_MC wrote: »

I am in the process of buying a second hand car. Due to my job, Private Hire Driver (Taxi), I have been told by the dealer that I cannot have Gap Insurance. Although 6 Years ago (60 plate MPV) I bought a brand new vehicle from a Taxi/Private Hire Vehicle Supplier, and was told I required Gap Insurance.
Has the rules recently changed, or have I been mis-sold this, and taken out and paid for wasted insurance, I had no chance of claiming for if required

Gap insurance on a 2nd hand car? Never heard of it.
If you claim for the car you would be looking for a like for like payout.
What are you basing you couldnt have claimed on the new car from?

John_MC_3

Thank you for your help. I understand more now - thanks

cajef

custardy wrote: »

Gap insurance on a 2nd hand car? Never heard of it.

If you look online at specialist Gap insurance companies they offer cover on new and second hand vehicles.

MataNui

Gap insurance on a 2nd hand car? Never heard of it.
If you claim for the car you would be looking for a like for like payout.
What are you basing you couldnt have claimed on the new car from?

Nope. Gap insurance is generally to cover a finance shortfall. With more and more dealer led finance packages on used cars its becoming a pretty normal thing to do. You crash your used PCP car, insurance offers you £5k, finance company tell you that you owe them £7k for the car. Thats what GAP insurance is for.

custardy

MataNui wrote: »

Nope. Gap insurance is generally to cover a finance shortfall. With more and more dealer led finance packages on used cars its becoming a pretty normal thing to do. You crash your used PCP car, insurance offers you £5k, finance company tell you that you owe them £7k for the car. Thats what GAP insurance is for.

Fair point,don't do finance on cars so look at it on 'just' car value.

Johnmcl7

custardy wrote: »

Gap insurance on a 2nd hand car? Never heard of it.
If you claim for the car you would be looking for a like for like payout.
What are you basing you couldnt have claimed on the new car from?

It's not that unusual these days as I've been offered it on my last couple of second hand cars bought outright with cash with the benefit being I'd get the value of the car when I bought it rather than the decreased value when it's written off. Aside from the fact I've yet to write off a car, even if I did I'd just want a like for like value but they're always keen to get any add-ons sold these days.

John

BJV

There are lots of different suppliers of gap insurance and taxi gap insurance. Just done a google search and https://shortfall.co.uk/taxi-shortfall-gap/496 was at the top. But there are lots of others.

I think before you go down the miss sell route you need to look at your documents. If it says excluded private hire / taxi then you would need to look into it as it may be that you where given a policy which in reality you never could of claimed from. If so then ok.

But TBH it sounds like instead it may just be that the company you are going with now just can not offer it.

Gap is just like other insurance there are lots of suppliers and lots of different terms so check it out 1st.