Taxi Driver Online

Bought a car yesterday to be plated later next week as a replacement for the car I have now. The salesman gave all the usual bollax about finance etc then turned round and said "Course as your using it as a Taxi we can't offer you Gap Insurance" So I asked him to explain why his response was "Coz it's a Taxi!"
Is there any reason why a Taxi cant have Gap insurance?

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Life? Don't talk to me about life!
http://www.youtube.com/watch?v=wjm2eslm6hI

after buying a car and was sold "gap insurance" to which i thought i was good cover, but sitting down and reading the small print i found it does not cover a SELF EMPLOYED person, I then got it cancelled

Of course, firstly 99.9% of cabs don't have it. Secondly there is no statutes/laws saying you need it.

But, and this is where I put my TF mask on (:shock:), Gap insurance comes free with any car purchased from the Taxi Centre.

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IDFIMH

If that is the case in this instance then maybe Mr echo15 should threaten to report the car salesman to Trading Standards.

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IDFIMH

I doubt that he would get very far because all insurance is risk based and does not follow normal trading requirements.

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Grandad,

if you were a PAYE employee you would be covered then, even if it was YOUR ltd company... either that or a loan rather than HP shoul dbe covered

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Of all the things ive lost, i miss my mind the most

What's Gap Insurance

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

example

car HP

sticker price £20,000

part ex £5000

balance to finance £15,000

hp charges over 3 years £3500

total to repay = £18,500


car gets nicked/torched/written off a week after purchase

bottom book insurance payout £16000

leaving a GAP of £2500 for you to pay....ouch***

and that leaves you car less and £2500 in debt even WITH fully comp insurance

good int i?.....





*** other forms of self-harm are available

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Of all the things ive lost, i miss my mind the most

Thanks for the explanation. The only time my car was written off after I had it 12 months the insurance company just cleared the finance on it no questions asked

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

ah, it depends on the value vs the hp balance though

say you had more outstanding than it was worth (trade value) then thats when you get a debt

have £20K left to pay on a ferrari booked at £20k and you break even, owe £30K and you soon see where the phrase "GAP" comes from

you may have paid a big deposit and put a car in p/x to get the ferrari on finance so youve lost those too...

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Of all the things ive lost, i miss my mind the most

I think TS take a dim view of miss-selling.

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IDFIMH

they may

but proving it and that it wasnt a simple error, thats a different thing altogether

on the other side, my daughter wrote her car off and got landed with a £800 bill BECAUSE she wasnt offered gap insurance...

i should say that, although it looks as if "GAP" refers to the gap in the payouts, it stands for Guaranteed Auto Protection, or somesuch cobblers

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Of all the things ive lost, i miss my mind the most

That's not the way the law works.

A simple error is mitigation, not a defence.

If the salesman is selling something, then best he knows what he is selling and to whom.

The banks, bless them, are having to pay back billions due to salesmen miss-selling endowments, PPI, and any loans prior to April 2007, just because the salesmen didn't do their jobs right.

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IDFIMH

question is, did the customer declare he was self-employed at the time of purchase?

were boxes ticked?....

the devil is ALWAYS in the detail.

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Of all the things ive lost, i miss my mind the most

If someone is selling you something as an add on, the onus is on the seller to ask all the questions.

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IDFIMH