Taxi Insurance

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What is Taxi Insurance?

Taxi insurance is an insurance policy that protects those that drive a taxi for a living.

Like car insurance, taxi cover is available in one of three cover levels. These are third-party, third-party fire and theft or fully comprehensive.

A correctly purchased policy can insure you, your passenger, your own vehicle and anything else owned by the public.

Private or Public Hire Taxis

Taxi’s or hackney carriages come in one of two operating styles. These are public or private hire and how you use your taxi dictates which category you fall under.

Private hire taxi

A private hire taxi is pre-booked over the phone or via an app. Private hire cars cannot be flagged down at the side of the road. Uber taxi’s fall under this bracket and will require a private hire insurance.

Public hire taxi

A public hire taxi can be pre-booked, hailed down on the road or booked via a taxi rank. A black cab is a form of public hire taxi.

What does taxi insurance cover?

A taxi policy is available in one of three grades. These are third-party, third-party fire & theft and fully comprehensive. You will of course be able to add various additional addons to further protect your taxi business.

Third-party only

Third-party insurance covers only the third party that you may cause damage to in an accident. Third party cover does not insure your own vehicle.

Third-party fire and theft

Third-party fire and theft offer’s everything third-party does but will also cover your vehicle against theft or fire. It will not cover your vehicle in the event of a crash through.

Fully comprehensive insurance

This is the most recommended policy. Fully comprehensive covers everything above but will also cover your own vehicle.

As a taxi driver, you will spend a lot of time on the road driving. Due to the increased risk with high levels of driving, you should strongly consider a fully comprehensive policy.

By increasing your taxi public liability insurance as well, you better guarantee the cover for your passengers.

Do I need taxi insurance?

By law you need taxi insurance if you drive a vehicle in order to pick up passengers and drop them off at their destination.

It is a legal requirement in the UK that anyone driving on the roads is insured. As a taxi driver, you will need insurance that covers your passengers as well.

What should a taxi policy cover?

Your taxi policy at the very least should cover the third party and your passengers. Choosing a fully comprehensive policy will also mean your own vehicle is insured.

You should also consider other policy addons such as replacement taxi, windscreen cover and legal cover.

Breakdown cover is also another key area you should consider. If your taxi was to breakdown, you would be unable to work until it was fixed. Suitable breakdown cover with replacement vehicle cover will ensure you are back up and running quickly.

What do you need for a taxi insurance quote?

Before applying for a quote, you will need the following.

  • Your own personal details including any no claims discount you have
  • The details of your plating authority (or licensing authority)
  • The details of the vehicles you will be using
  • Any security devices fitted to the vehicle
  • A plan of how you intend to use your taxi
  • The level of cover and any policy addons you wish to have on the car
  • The details of any additional drivers

How to reduce the cost of your taxi insurance quote

There are a few ways to reduce the cost of your taxi policy. There are a few changes you can make to your policy as well as some additions you can make to your vehicle.

Policy based savings

When applying for a taxi insurance quote, you could consider the following.

Increase your excess

By increasing your policy excess in the event of a claim, you can often reduce the cost of your policy.

Build up a no claims discount

By driving safely you will be able to build up and no claims discount. Building up a no claims discount demonstrates that you are a safer driver allowing you to obtain a cheaper policy.

If you do have a small accident, it can often be worth paying out yourself to avoid having a claim and ruining your no claims discount.

Avoid convictions

Driving convictions has a very negative impact on your insurance policy. You will also find that even small minor criminal convictions can prevent you gaining insurance.

By driving safely and operating within the law, you will show you are a safer and more reliable driver.

Pay annually

By paying for your policy annually, you can often benefit from a discount because there is no need for the broker to chase you for monthly payments.

Compare Taxi Insurance

Not all brokers have the same rates or schemes. By taking the time to compare taxi insurance quotes from several brokers, you stand a better chance of finding the right policy for you.

Some policies will offer greater protection than others so it is important to shop around for a policy that suits your taxi business.

Vehicle based savings

Not all savings are made by changing things with your policy. You can also reduce the cost of your taxi insurance by making some changes to your vehicle.

Be selective as to what vehicle you use

If you pick a high-powered car, like any insurance, your policy will be higher. When selecting your taxi vehicle, pick something more sensible.

All cars are filtered into an insurance group rating system. The higher value of the var, the higher the group rating. Those in the higher groups will generally receive a higher premium.

Fit security devices

Installing a number of security devices will make your taxi harder to steal and safer for you. You should consider a proper immobiliser and tracker. If your vehicle is stolen, with a tracker you will be able to locate and recover the vehicle.

CCTV

Installing CCTV within your taxi will provide evidence should you pick up an unruly passenger. Many taxi drivers earn their money on a Friday and Saturday night picking up intoxicated passengers. These types of passengers can be of higher risk to the driver.

Installing CCTV can help protect you and your vehicle from these types of people.

Dash cams

Installing a dash cam on the front of your vehicle will provide evidence in the event of a crash. Many insurers will provide a discount for installing a dash cam.

Getting cheap taxi insurance

By using some of the above options you will be able to get cheap taxi insurance.

We work with a number of specialist taxi insurance brokers who have decades of experience in finding taxi drivers competitive policies.

Contact us today and we shall begin the process in helping you compare quotes and find you the right policy at the right price.

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