Everything You Need To Know About Private Hire Insurance
If you drive a cab for a living, then this post is for you! If you are a licensed cab driver working under pre-booked private hire cab platforms, then private taxi hire insurance is something you must not overlook. Insurance in the auto industry is legally enforceable and a smooth way to run operations. Let’s get to know all the details about taxi insurance.
What do we mean by private hire insurance?
There is an insurance policy for everyone related to the auto industry, be it a part-timer or a taxi driver too! Private hire taxi insurance is particularly made for those drivers who have a license to drive passengers for hire and reward but are pre-booked with a private cab provider. If you are in this business as a driver for hire cabs, any standard insurance policy meant for car owners won’t cover you, and will not be adequate for you. Here you need taxi insurance specially created for you.In general, this policy will cover a vehicle in case of fire, theft, or any other accidental damage. But, one can always go for extra cover. Keep reading to learn more about private hire taxi insurance.
How much does it cost to have taxi insurance in the UK?
It entirely depends upon several factors. It includes:
- Years of driving
- Years without claims
- Convictions/ no convictions
- Details of the car
- Other required info as per the insurer.
If a driver has more years of experience, fewer claims, fewer/convictions, and a car with better features, the person will get cheaper private hire insurance. A decent private hire taxi insurance will cost between £1500 to £3500 per year for comprehensive taxi insurance. One may opt for yearly pay, quarterly pay, or monthly pay. Short-term insurance will cost you more than longer-term insurance due to admin costs borne by the companies.
Do I need taxi insurance?
If you are a professional driver who carries passengers from one place to another from private bookings for hire and reward, then yes, you do need private hire insurance. A minicab driver picks up customers if the journey is booked in advance, and so, it needs private hire taxi insurance for its customers, its cars, and itself’s protection. Thus, taxi insurance is individually drafted for protection against any issues a professional driver might face, regardless of whether the driver was at fault or not.
All cover types of private hire insurance
In the UK, you will find the traditional options of private hire taxi insurance for different covers. If you have the intention of carrying passengers for hire and reward, your taxi must be in good shape, in proper working order, along with a license from the appropriate authority in your area. The insurance policies can be divided into two parts:
- Public Hire Insurance: These are for taxis that have the license to pick clients from the street without a prior booking.
- Private Hire Insurance: This policy is for those who pick up pre-booked clients only.
The below-mentioned classification is found in almost all motor vehicle insurance policies. These are the traditional options in cover type:
- Third-Party Only
It is a private hire taxi insurance with minimal cover. This policy covers in case of damage and injury to a third party caused through your vehicle. It also covers you from injury to your passengers.
- Third-Party, Fire & Theft
It provides more protection than the third-party only cover. It is taxi insurance where your insurer will cover you in case of fault caused by you. It covers the cost of repairs to another vehicle and protects from claims such as compensation for injury, property damages, and other such cases where you have caused the accident.
Apart from that, it also covers you against theft and fire. You are safe because you are covered in these unexpected situations. In case your taxi is stolen, unrecovered, or permanently damaged due to fire, your insurer will provide you a lifeline to start your livelihood again.
- Comprehensive Plan:
This plan provides maximum coverage with a lot of customization available at your disposal. The comprehensive plan private hire taxi insurance covers your vehicle for damage irrespective of whether you were responsible for the accident or not. If you become a victim of theft, vandalism, or fire to your vehicle, you will be covered for that too. For any third-party liability, you will be covered, if you are at a fault in the accident. Apart from this, the other party’s loss will be paid off by the insurer company. It makes it easy for you to get back on track after the accident because getting the livelihood is of utmost importance in case of sudden events.
Why buy taxi insurance from compare and buy websites such as Total Insurance UK?
Head online and look out for websites like Total Insurance UK. These websites allow you to compare different policies and allow you to choose what’s best suited for you.
For private hire taxi insurance, they take help from specialists in this field. You will get access to:
- Cheap and affordable taxi insurance.
- Flexible payment options based on a monthly, quarterly, and yearly basis.
- 1 easy to understand and quick to fill the form. This helps these sites to determine what suits you best.
You can apply quickly by completing the form available on their website. It is an easy and quick form that asks for a few essential details about your vehicle, your policy needs, etc. Thereafter, these companies search for the brokers who will quote the cheapest price as per your policy requirement through their panel of specialists.
This way, you save a lot of time, and effort on finding what suits you the best, as you delegate this task to companies like total insurance UK. You also save money by picking the right policy from the right broker with the right cover and nothing else. Don’t wait anymore, and get taxi insurance now!