A comprehensive guide to cheap taxi insurance
Although taxi insurance is more expensive than ordinary auto insurance, there are methods to cut expenses by maintaining cheap taxi insurance.
If you drive a cab, you may believe you already have enough problems to deal with, such as never-ending traffic jams and rowdy customers. However, you may be irritated by the fact that cab insurance is more expensive than standard auto insurance. Although the pricing disparity may appear to be unfair, there are valid reasons for it.
Importantly, the fact that you drive more miles than the typical driver means you have a higher statistical chance of being involved in an accident, which is shown in the price you have to pay.
Motorists can use the service to compare policy ideas from a variety of insurance companies to find the one that best fits their needs.
Why is taxi insurance so expensive?
Because taxi drivers travel more miles than other automobiles and frequently do so in crowded areas, private hire taxi insurance is more expensive than a standard coverage. Furthermore, taxi drivers are more likely to undertake these trips in cars that can accommodate a larger number of passengers.
As a result, cabs are often larger than other automobiles, which means they fall into a premium car insurance group.The insurance category in which a vehicle is classified can have a significant influence on its cost, as the higher the category, the higher the premium. This is why, as compared to other motorists, cab drivers may pay a higher rate for their insurance.
Types of taxi insurance policies that are available
The type of coverage you select is determined on the type of taxi business you operate. We can assist you in comparing quotations for both public and private hire insurance
On private hire basis
Minicabs or private rental cars make up a large portion of taxicabs on the road (PHVs). PHVs must be reserved ahead of time and cannot be grabbed by passengers on the street or at a taxi stand. A private hire insurance coverage is required if you operate a PHV or minicab. If you drive for Uber, you’ll almost certainly require a private hire policy.
On Public-hire basis
A hackney carriage is another name for a public rental vehicle. Traditional cabs, such as the London black cab, are available. They have the option of picking up people on the street or waiting at taxi ranks. If you drive one of these, you’ll require public hire taxi insurance.
Who is qualified to operate the taxi?
Multiple taxi drivers can be added to the same taxi insurance. Always keep in mind that the primary driver should be the one who drives the cab the most. Relying on the driver and their driving record, including specified motorists to your policy, might increase or lower the cost of your insurance.
Liability insurance for the general public
Public liability insurance might help protect you from lawsuits filed by your passengers. Some policies would include this as a regular feature, while others will not.
What other factors should be considered?
Given your rather high mileage, you may also want to consider obtaining taxi breakdown protection in addition to searching for the proper taxi insurance coverage for you and your needs.
This means you won’t have to stress about locating a recovery and repair service if your automobile breaks down while on the job, between employment, or even on your way to or from work.
Your taxi insurance will include unlimited passenger liability coverage, ensuring that everyone is covered in the event of an accident. You might also want to look into public liability insurance, which protects you and your company against claims for injury or property damage caused by your carelessness.
We’ve got you covered when it comes to taxi insurance!
For over decades, we’ve been offering competitive taxi insurance to private and public hire cab drivers across the UK.
We have licensed insurance consultants that will help you shop around for the finest taxi insurance policy from a variety of companies. So if you are searching for the answer to “’insure my taxi’’ !? we have just the right solution for you.
Despite your mode of transportation, from black cabs to chauffeurs, minicabs to Uber, and ridesharing taxis, we’ll have the appropriate taxi insurance for you at the cheapest offer!
What is the objective of getting taxi insurance?
If you want to drive a licensed taxi to transport people for a charge or a metered price, you’ll need professional taxi insurance, sometimes known as “hire and reward” insurance, which insures you for passenger transportation.
Depending on how, when, and where you operate, the vehicle you drive, and the coverage you require, many types of taxi insurance policies are available.
Find out what form of taxi insurance is best for you by speaking with a member of our staff.
What sort of insurance coverage should I obtain?
In the UK, it is a legal necessity to insure your taxi for usage on the road, and if you are a licenced private hire taxi or public hire taxi motorist, your local authorities may need you to have steady hire and reward insurance coverage. In the case of an accident, taxi insurance protects you, your car, and, most importantly, your fare-paying passengers.
- A typical comprehensive taxi insurance policy will provide coverage for the following items:
- Coverage for Third Parties – this accommodates cover for riders in your car and covers death or injury to them as well as any harm to their belongings or people.
- Cover Accidental damage, fire, or theft to your car – to either repair the damage, replace parts, or pay for the worth of your vehicle.
- Damage to your windshield or other glass that may be fixed or replaced is covered.
- When an accident, fire, or theft occurs, your audio, communication, and metering equipment are covered.
- Personal possession coverage in the occurrence of an accident, fire, or theft.
Is there a difference between private hire and public hire taxicab insurance?
This is dependent on the sort of taxi driver you are and the licence you have from the local government.
If you just have a Private Hire licence, you must book your cab in advance through a base office or using a mobile ride-hailing app like Uber. Without being pre-booked, public hire taxis can pick up passengers at a recognised taxi stand or by being hailed on the street. Although ‘for hire’, most publicly hired taxis, also known as Hackney Carriages, will have an illuminated taxi sign and display number plates on the rear of the vehicle.
Some authorities provide dual licences, allowing you to work in both the private and public hire sectors.
Taxi insurance policies come in a variety
There are three basic types of policies for private hire taxi insurance. “Policy only,” “named driver,” and “any driver above a certain age” are the first three options.
In general, “policy-only” is the cheapest sort of insurance since it is the most basic. Importantly, the more names on the insurance, the more expensive it becomes.
The “middle” sort of protection is “named driver,” which entails a taxi driver purchasing taxi insurance only for themselves — and no one else.
The most expensive sort of taxi insurance is “any driver” coverage, which covers any driver who drives your cab. Given the possibility of adding additional names to the insurance, the cost of the coverage may rise.
We offer fleet insurance, chauffeur insurance and private and public hire exclusive taxi insurance services, To get taxi insurance quotes simply get in touch with us.
