What is Private Hire Taxi Insurance?
Private hire taxi insurance is a legal requirement for those operating private hire vehicles to carry passengers. You can choose your level of cover, but it can protect you, your passengers and your vehicle.
Insurance for taxis can be expensive so it’s important to compare quotes in order to help reduce your taxi insurance cost. Your private hire vehicle is often your livelihood, so it’s vital that cover is suitable for your vehicle and its uses day-to-day.
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The Types of Private Hire Taxi Insurance
Taxi drivers have a variety of protection options available to them, many of which will be familiar to those who have taken out insurance policies in the past. Some options are cheaper than others but it is very important to balance cost with cover and make sure you are protected.
- Third Party Only Insurance: A third-party insurance policy will protect you in the case of any harm to a third-party or another vehicle. In the UK, it is the minimum level of insurance required for drivers. It won’t pay for any expenses related to personal injuries or car damage to your own vehicle.
- Third Party, Fire and Theft: The same coverage is provided with third party, fire, and theft taxi insurance, as well as payments for your own car should it be stolen or damaged by fire. It won’t cover expenses for collision-related repairs to your own car.
- Fully Comprehensive Private Hire Insurance: The most popular kind of insurance for private hire taxis is fully comprehensive insurance. It safeguards not just you and your own vehicle but also other people and their property. Fully comprehensive insurance typically offers the most complete protection in the case of an accident.
What Does Private Hire Insurance Include?
Private hire taxis can cover a huge area, especially being pre-booked cars often chosen for longer, planned journeys. This can make policies more expensive because drivers are considered to be at higher risk with them driving regularly during unsociable hours.
Most private hire taxi policies will include some sort of public liability taxi insurance. Public liability insurance covers you in the event that a passenger sues you for injuries or damages sustained whilst in your vehicle. It can also extend to cover claims arising from members of the public. It’s a very important inclusion for those driving day-to-day for work.
Suggested Addons For Your Private Hire Insurance Quote
Do I Need Public Hire or Private Hire Taxi Insurance?
The type of taxi insurance you need will depend on the vehicle you drive and most often the way in which you arrange transportation with potential customers.
A private hire cab must be reserved in advance in order to pick up clients; it cannot be called on the street. Both pre-booked taxis and minicabs obtained through services like Uber or Bolt are covered under this and will need a private hire insurance policy.
A car or taxi similar to a black cab, that picks up people from taxi ranks or is flagged down on the street, would be a public hire taxi. Public hire taxis often have a taxi sign on the roof and would require a public hire taxi insurance policy.
It’s crucial to make sure your insurance policy covers your service type and, consequently, any injury to you or damage to your cab that may happen while you’re driving. If you need to file a claim, having the wrong coverage could invalidate your insurance or reduce its level of protection.
Is Insurance For A Private Hire Taxi A Legal Requirement?
If you drive a taxi or hackney carriage for a living, insurance is a legal requirement that protects not only the driver but also the public in the event of an accident.
Providing you have a taxi licence, private hire insurance is quick and easy to arrange so there is no need for an uninsured car to take any chances on the road.
Who Can Get Private Hire Insurance?
Any driver who holds a full taxi licence is eligible for a private hire taxi insurance policy. With this in mind there are some additional factors that can impact costs, these are typically similar factors to those that would impact the cost of a personal vehicle insurance policy. These factors can include age, driving experience, the type of vehicle and any previous motoring convictions.
For taxi’s especially, motoring convictions can make it more difficult to access affordable insurance policies. In unique circumstances where a driver has drunk driving convictions or has previously lost their licence, insurers may be more cautious because there is a responsibility to potential consumers that must be taken into account.
In these instances, it is worth discussing options with a specialist to see what is possible.
