Private Hire Taxi Insurance

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Compare Private Hire Taxi Insurance

We work with specialist private hire taxi insurance providers in order to help you find cheap insurance for your taxi! Insuring your taxi can be quite expensive if you use the wrong provider. Working with a number of specialist providers, we can save you from making that mistake.

What is Private Hire Insurance?

Private Hire Vehicle Insurance is an insurance policy for taxi drivers that have been pre-booked by their client in advance of the lift being required. It is also often known as private hire and reward insurance.

Services such as Uber, and cabs that work from a taxi base come under this classification. Private hire taxis cannot be flagged down in the street like a traditional black-cab style taxi. These types of taxis come under public hire insurance.

Private Hire Cover Levels

Like any policy, insurance for private hire taxi’s can be completely tailored to your exact needs. What suits one driver may not suit you. Private hire taxi cover is the same as taxi insurance, just specific to private hire drivers. You can though insure your taxi under the following.

Third Party only (TPO)

A third party policy is the basic level of insurance you are allowed to operate with as a taxi driver.

It will cover things such as your passengers and anyone to which you may injure within an accident you may cause.

Third party, fire & theft (TPFT)

The cover is the same as TPO but also for fire and theft of your vehicle.

Comprehensive:

This provides the same as TPFT but also covers you and your vehicle. However, our network of brokers can tailor a policy to fit your individual needs at the most competitive prices.

Optional Extras for your Private Hire Taxi Policy

Being a taxi driver can lend itself to a multitude of unpredictable events. Having suitable additional insurance covers is an extremely smart move when taking out a private hire policy.

Some of the options available to you are:

Motor legal insurance allows you to protect yourself with up to £100,000 of legal motor cover. This includes personal injury cover, the potential recovery of uninsured losses and a guaranteed replacement for your damaged vehicle.

Taxi breakdown insurance

Breakdowns are as unpredictable as they come. They hit taxi drivers especially hard seeing as your car is your livelihood. With taxi breakdown cover, you can be back on the road in no time. If repairs to the car can’t be made at roadside, recovery agents will get you to a local garage to undergo repairs.

Excess protection

Excess protection simply covers you for excess amounts if you are hit by an uninsured driver. It will also cover you for if you are at fault.

Public liability insurance

Public liability cover protects you against claims from the public in the event of an accident. It is a legal requirement that you have cover for carrying passengers.

Taxi Fleet Insurance: If you need to insure more than 1 taxi, it may be worth you taking out taxi fleet insurance.

How is private hire insurance different to public hire insurance?

When it comes to Taxi Insurance, there are two separate categories to which you may hold a licence. These are private hire vehicles and public hire vehicles.

A public hire vehicle is a taxi that is licenced as a hackney carriage and may be flagged down at the side of the road. These vehicles are typically cabs and do not need pre-booking.

A private hire vehicle is more common and often takes the shape of a typical car. Private hire taxi’s must be pre-booked and cannot be flagged down at the side of the road. Uber is a typical form of a private hire taxi.

Both private hire taxi insurance and public hire taxi insurance include a level of hire and reward cover. Hire and Reward cover is what allows you to carry members of the public and their belongings for a fee.

Once insured, your licencing authority will require a copy of your insurance certificate. It is important that when applying for your licence to your local authority, that you apply for the correct type of licence.

Which is more expensive?

Typically speaking, public hire insurance is more expensive. The reason for this being that public hire taxi drivers rely on being in the right place at the right time to be flagged down on the road. As such, they need to operate in busier areas such as city centres and busy towns.

– Statistically, drivers who operate in busy built up areas are more likely be involved in an accident, especially where quick lane changing to pick us a passenger is required.

– Public cab drivers are also more likely to pick up a rogue passenger who could potentially damage their taxi. Instances of this may be picking up someone drunk from a night out.

– Public Hire Drivers often carry a large level of cash and therefore more likely to have both t their vehicle or their money targeted and stolen.

Whichever type of policy you require, we can help you find and compare prices.

How to get Private Hire Taxi Insurance

Getting insurance for a private hire taxi is easy. Simply fill out our online form or give us a call and one of our expert advisors will instantly start looking into who will help you the most.

Cheap Private Hire Taxi Cover

Being able to gain a cheap private hire taxi insurance policy is not always easy. Accepting the fact that taxi drivers do more miles than regular drivers means that premiums are obviously going to be a little higher.

However, there are a few things you can do to help reduce the cost of your taxi insurance premium.

Reducing the cost of your private hire insurance

There are several ways that you can reduce the cost of your policy. Below are a few ways for you to consider.

Drive safely and avoid convictions

This may seem obvious, but many taxi drivers throw caution to the wind when it comes to driving and rack up penalty points before they change their ways. These points cost a lot when it comes to taxi cover. Drive legally and lawfully and your premiums will stay lower.

Avoid Claiming

If it is not essential that you claim, then it is suggested you don’t. Claims on your policy will cost a lot more in the long run. Sure, it is annoying to scuff your bumper heavily but if you can cover the cost of the repair to your taxi yourself, then in the long run it will probably work out cheaper. When you have a good no claims bonus, your policies can start to become really competitive and much cheaper.

Choose a sensibly priced car

Cheap vehicles used for private taxi driving don’t always mean cheap policies. That is not to say buy the most expensive car available though. By purchasing and using a sensibly priced car such as a Toyota Prius or Ford Mondeo for instance will see you benefit from a much better premium.

Compare Private Hire Taxi Cover

Comparing quotes is essential is you are to find a cheap or competitive policy. It is a basic and simple process that is often overlooked. By comparing your insurance, you can find different policies at different prices and make an informed decision as to what policy you would like to opt for.

How to save money on your Private Hire Taxi Insurance

If you drive a taxi for a living then you naturally need to have insurance in place to legally do so. For many taxi drivers this can be a costly necessity as cheap private hire taxi insurance costs can often be quite high. If you are wanting to drive down your annual insurance quote and find ways to insure your cab for less, these tips should help.

Compare different policies

In modern times people have got used to shopping around for the best deal out there, rather than just staying with the same insurer they have always used. This is definitely worthwhile as sticking with the same insurance company blindly for years can see you paying much more than you could be. Be smart and compare the various deals on the market against each other to get the best value one for you. If you don’t have time to do this manually then use a site like ours at Total Insurance Comparison to make it quicker and simpler.

Don’t have an ‘Any Driver’ policy

One feature within an insurance policy that can really bump up costs is having an ‘Any Driver Fleet Insurance‘ clause built into it. This clause sees anyone being able to drive your vehicle, rather than specifically naming you. This is not great for saving money on your insurance though as the addition of this clause will often see insurers charging you more. Instead, opt to have named drivers (ideally just you) to make it cheaper.

Try to avoid getting any endorsements on your driving licence

Another factor that can help your insurance premium drop is keeping a clean driving licence with no points or endorsements on. This is simply because it will show the insurance companies that you are a responsible driver who won’t be making lots of claims or being involved in lots of accidents.

If you need a hand with finding the best deals on your taxi insurance, then let us help. We have access to specialist taxi insurance brokers who can give you the lowest annual premiums to help drive your profits up. Browse online or get in touch today to find out more.

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