A Guide to Taxi Insurance

When working as a taxi driver, there are certain fundamental things you need. You of course need to have a full UK drivers and taxi drivers licence. In addition to this you also need to make sure you have the right type of insurance.

To help you get started, below is a guide to taxi insurance.

Types of taxi insurance

There are two main types of taxi insurance – private hire and public hire. Public hire taxis are those that display taxi signs and can be hailed from the street, such as black cabs. Private hire cabs can only be pre-booked in advance. Private hire taxi insurance is usually cheaper than public hire since drivers face less risks.

Below are some of the main cover options you’ll find on a taxi drivers insurance policy –

  • Road risks – Every taxi driver must have a minimum level of road risk cover in order to drive legally in the UK. Third party insurance is the lowest level of cover you can get an will ensure that other road users’ vehicles are protected if you’re to blame for a collision.
  • Public liability – Public liability claims are always a risk for taxi drivers and especially taxi firms. This is why it’s always a good idea to get public liability insurance added to a taxi insurance policy.
  • Breakdowns – Breakdowns are something that every taxi driver must be prepared for. If you don’t already have cover in place then most providers will give you the option of adding breakdown assistance to your police.

How to save money on taxi insurance

  • Pay annually – One way you can save money on taxi insurance is by paying for your policy on an annual rather than monthly basis. The majority of insurance providers will offer you a good discount when you pay like this.
  • Increase excess – By increasing the amount you would pay towards a claim, you can reduce what you pay for your premium. This is somewhat risky though since increasing your excess a lot will mean you’ll have to pay further down the line if you had to make a claim.
  • Shop around – Getting taxi insurance quotes is now easier than ever. There are a myriad of sites where you can get taxi insurance quotes from multiple providers very easily. Sites such as Clean Green Cars enable you to get quotes by simply filling out one form.

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