What is Public Hire Insurance?

Public hire insurance is one of the two main types of taxi insurance available, the other being private hire insurance.

Unlike mini cabs and Uber taxis, public hire taxis can be hailed from the street rather than needing to be pre-booked by phone or app.

The level of risk that comes with driving a public hire taxi is different to private hire vehicles and therefore a different type of cover is required.

Below are the different types of public hire insurance you can get as well as some ways to save money.

Types of public hire insurance

  • Third party - Third party insurance is the minimum level of cover you’ll need in order for your vehicle to be road legal. It won’t provide any cover for your own vehicle however, unless you get a third party, fire and theft policy.
  • Comprehensive - Comprehensive insurance will cover your vehicle for fire, theft and for collisions where you’re to blame. It costs more than third party cover but does give you more protection.
  • Liability claims - Liability claims are always a risk for taxi drivers. The best way to protect yourself from such claims, other than driving safely, is to have public liability insurance.
  • Legal fees - If you had a liability claim filed against you that you felt was unfair then you’d likely want to fight it in court. The trouble with this is that not only is it time-consuming and stressful but it can easily become prohibitively expensive.
  • Vehicle replacement - If your vehicle was damaged and needed to be repaired then this would leave you unable to work, that is unless you had vehicle replacement included in your insurance. It’s easy to see why this is such a useful cover option for public hire taxi drivers.

How to save money on your cover

  • Get a lot of quotes – The most obvious way to save money on public hire insurance is by getting quotes from a lot of insurance providers. Doing this will give you a good idea of what you should be paying and enable you to avoid overspending on a policy you could’ve gotten cheaper elsewhere.
  • Pay for the policy upfront - Another good way to save money on public hire cover is by paying for the policy annually as opposed to monthly. Although you’ll have to pay more initially you will make a good saving on the overall cost with the majority of providers.