A Beginners’ Guide to Taxi Insurance

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  • All types of cover available
  • Cover for public and private hire taxis
  • Public liability insurance
  • Breakdown¬†assistance
  • Flexible payment

Types of taxi insurance

  • Public hire - Public hire taxi drivers typically face greater risks on the road since they’re able to pick up passengers from the side of the road. Because of this, public hire taxis usually cost more to insure than private hire taxis.
  • Private hire - Private hire taxis cannot display ‘taxi’ signs and can only be booked in advance. The lower level of risk that private hire taxis are exposed to means that all things being equal, insurance is usually cheaper.

Levels of cover

  • Third party - Third party insurance will provide enough protection for you to drive your cab legally. It will not provide any cover for your own vehicle if you at fault for a collision however. This is the cheapest type of cover you can get.
  • Fully comprehensive - Fully comprehensive insurance will cover your vehicle for all collisions, even when you’re liable.
  • Public liability - Public liability insurance is extremely important for taxi drivers. If one or more passengers you were transporting were to be injured or killed as a result of negligence on your part then it could be financially devastating if a liability claim went against you and you didn’t have cover in place.
  • Employer’s liability - If you run a taxi firm then you need to protect yourself against claims from your drivers and do this with employer’s liability.
  • Breakdown cover - Breakdown cover is always a must for taxi drivers and can be included as part of a taxi insurance policy for an additional cost.

Ways to cut down costs

  • Increase excess – If you’re a careful driver and are confident that you won’t need to make many claims then increasing the amount of excess you’d pay in the event of a claim is an excellent way to cut down your premium.
  • Make your vehicle secure - Make your taxi as secure as possible. This means fitting alarms, dashboard cams, and silent witness cameras. You should also park your cab as securely as possible when not in use - ideally in a locked garage.
  • Shop around for quotes - Getting quotes from different insurance providers is one of the best ways you can save money on taxi insurance. When you have quotes from different providers you can easily see who’s offering you a good deal and who isn’t. Luckily it’s now easier than ever to¬†get quotes.

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