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Taxi Insurance Comparison Made Easy!
Under such circumstances, taxi insurance can be relied upon. It is a form of security that helps keep nerves calm regardless of the problems you might be facing.
Taxi insurance is not just another statement on an official document; it serves as financial protection during an unfortunate event. Taxi insurance online gives you the confidence to focus on picking up passengers and driving without hitting a single curb.
Why do I need Taxi Insurance?
Every drive has a story waiting to be uncovered. But every mile also holds the possibility of a taxi driver getting into an accident. Here’s why every taxi driver should insure their cab:
Financial Security in Accidents
Even the most careful drivers can get into an accident. The worst part is that if you are the one at fault, the payout can easily become too much to handle. Taxi insurance helps to cover damages and legal expenses. It also prevents your business from downgrading because of an unexpected event.
Protects Your Reputation
Having good insurance puts you one step closer to earning your reputation as a professional. Furthermore, it allows passengers to trust a driver more, knowing that their safety is being taken seriously and that they will be covered in case any injuries are sustained during unexpected accidents.
Avoid Loss of Income
You may have to spend days off the road when your car is being repaired. Unfortunately, a loss of income will happen after you get into a simple breakdown. The good thing about taxi insurance is that it puts money back in your pocket while the repairs are underway.
Covers More Than Just Accidents
Your car insurance policy expands beyond just collision coverage. A comprehensive policy will also protect you from theft, vandalism, and natural disasters. This ensures that you do not have to suffer alone by bearing the full cost of the legal process or recovery expenses.
Complies with Industry Regulations
Specialised taxi insurance is a legal requirement in some regions. Professional taxi insurance allows you to avoid legal penalties and fines while having the appropriate certifications to keep your business operational.
Provides Emergency Assistance Anytime
Roadside assistance is included in taxi cab insurance. If you break down somewhere with a flat tyre, engine issue, or something else, help is only a phone call away. It minimises downtime and keeps you available for passengers when they need it.
Offers Peace of Mind
When you have proper insurance for a taxi, it brings peace of mind for you and your passengers. Taxi driver insurance shows your effort towards providing safe and dependable services.
Levels of Coverage
Taxi insurance in the UK has varying coverage levels to meet the unique needs of professional drivers. Each level offers different benefits, so taxi owners can choose the one that best suits their risk tolerance and budget.
Third-Party Only Coverage
Third-Party, Fire, and Theft Coverage
Comprehensive Coverage
Types of Taxi Insurance
Public Hire Taxi Insurance
This type of cab insurance is required for taxis that pick up passengers on the street without a prior booking. Black cabs face more risks due to their nature of service and frequent stops in crowded areas. Public Hire insurance typically covers liability for third-party injuries and damages, passenger protection, and vehicle damage.
Private Hire Insurance
Private hire taxi insurance is acceptable for pre-booked taxis, such as minicabs. Since these taxis do not pick up passengers directly from the street, they have a risk profile different from that of public-hire taxis. This insurance compensates for vehicle damage, passenger injuries, and third-party liability.
Vehicle Theft and Vandalism
Fleet Taxi Insurance
Businesses that operate multiple vehicles can cover all taxis under a single policy. Taxi fleet insurance helps taxi firms manage costs and administration efficiently. This insurance comprehensively covers liabilities, vehicle damages, and potential injuries across all vehicles in the fleet.
Uber and Ride-Hailing Insurance
If you are a driver working with app-based platforms like Uber and Lyft, you can get specific ride-hailing insurance policies. Uber insurance is designed to adapt to the unique risks of ride-hailing and often includes options for part-time and full-time drivers.
Temporary Taxi Insurance
What does standard Taxi Insurance cover?
- Accidental Damage: Covers repair costs for damages sustained by the taxi in an accident, regardless of who is at fault.
- Passenger Injury Claims: Provides financial support for medical or legal claims for any injuries passengers may sustain while in the taxi.
- Third-Party Injury or Property Damage: Covers liabilities in case of injury or damage to third parties.
- Fire & Theft Protection: Help mitigate financial loss if your taxi gets stolen or affected by fire.
- Vandalism: Protects you from costs associated with intentional damage to your vehicle by third parties.
- Loss of Earnings: Provides compensation for lost income if the taxi cannot operate due to damage or repairs.
- Accessories Cover: Covers additional equipment like taxi meters, signage, or other installed devices.
- Personal Accident Coverage for the Driver: Provides financial support for medical expenses or loss of income if the driver is injured while on duty.
- Uninsured/Underinsured Motorist Protection: Offers coverage if another driver causes an accident and doesn’t have sufficient insurance.
What is not included in the policy?
- Intentional Damage: Any damage intentionally caused by the taxi driver is not covered.
- Driving Outside of Licensed Areas: If the taxi operates outside the geographical area it is licensed for, the insurance might not cover incidents occurring there.
- Losses During Illegal Activities: Any damage or losses incurred while the vehicle is being used for illegal activities are not covered.
- Personal Use: If a taxi is used for personal purposes, this might not be covered unless specifically stated in the policy.
- Natural Disasters: Damage from flooding, earthquakes, and other natural disasters, unless specified as additional coverage.
- Wear and Tear: Damages from normal wear and tear are not covered under taxi insurance.
- Unlicensed Drivers: Any incident involving unlicensed or improperly licensed drivers will typically not be covered.
What type of Add-ons are available?
Do you want to upgrade your coverage from basic protection to a real lifeline? Taxi cab insurance add-ons are a way to cover your needs without paying for extra stuff. Here’s a look at some of the most valuable add-ons:
- Breakdown Cover: Imagine being stranded with passengers at an inconvenient location. Breakdown cover means you won’t be left in a jam. You will get the options for on-the-spot repairs or a tow so that your business keeps running smoothly.
- Windscreen Cover: Excess and constant time on the road means more chipped or cracked windscreens. A windscreen cover helps repair or replace your screen. It saves you from out-of-pocket costs in exchange for clear vision.
- Public Liability Insurance: Passengers trust you with their safety, and this add-on has your back if anyone files a claim for injury or property damage. It’s peace of mind for you and reassurance for them.
- Legal Fee Protection: Legal battles can be costly and time-consuming. With this add-on, you’ll have support for legal expenses, whether you’re defending a claim or pursuing compensation.
How to choose the right taxi insurance provider?
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Financial Stability
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Customer Service
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Cost of Taxi Insurance in the UK
The cost of taxi insurance in the UK can vary widely. For private hire drivers, average annual premiums typically range from £1,600 to £1,800. However, public hire or specialised taxi insurance might cost up to £2,735 annually.
Below are the factors that decide the actual taxi insurance online price:
- Driving History: Safe driving and a less claim history mean lower insurance costs & vice versa.
- Type of Vehicle: The vehicle type, make, and model.
- Location: Urban areas with high traffic and more accidents tend to have higher insurance premiums.
- Age of Driver: Younger drivers usually face higher premiums due to a lack of experience.
- Security Measures: The added security of the vehicle and parking place.
- Coverage Level: Whether you want the basic or comprehensive level of coverage.
Top taxi insurance providers in the UK
| Zego taxi insurance | Patons taxi insurance | Towergate taxi insurance | Clegg Glifford taxi insurance | Markerstudy taxi insurance |
|---|---|---|---|---|
| Zego taxi insurance | Patons taxi insurance | Towergate taxi insurance | Clegg Glifford taxi insurance | Markerstudy taxi insurance |
| Flag taxi insurance | Haven taxi insurance | Cover my cab taxi insurance | Quotax taxi insurance | Freeway taxi insurance |
| Collingwood taxi insurance | Milestone taxi insurance | Tradex taxi insurance | Riviera taxi insurance | Swinton taxi insurance |
| A-plan taxi insurance | Staveley head taxi insurance | Aviva taxi insurance | Bells taxi insurance | Inshur taxi insurance |
| One answer taxi insurance | Acorn taxi insurance | RAC taxi insurance | Eridge taxi insurance | Jenkinson taxi insurance |
| Todd taxi insurance | A19 taxi insurance | Penk taxi insurance | Cabsurance | Westminster Taxi Insurance |
What information do you need to provide for a quote?
To obtain taxi insurance quotes in the UK, you need to provide specific details to help insurers determine the level of coverage and premium that best fit your needs.
- Personal Information: Your full name, address, date of birth, and driver’s licence number.
- Driving History: Details about your driving record, including any previous claims, accidents, or driving convictions over the past five years.
- Vehicle Details: Make, model, year, and value of the taxi you’re insuring, plus modifications, if any. Insurers may also ask about the vehicle’s mileage and where it’s parked overnight.
- Usage Information: Whether the vehicle is for public or private hire, as well as the estimated annual mileage.
- Additional Drivers: Provide details on any other drivers you want to include in the policy.
- Cover Requirements: The type of coverage and any optional extras, such as public liability, breakdown cover, or personal use.
Why is Taxi Insurance so Expensive?
Taxi insurance comes with a hefty price tag, and there’s a reason for it. Taxis are out on the roads day and night, weaving through traffic, picking up passengers, and covering long miles. With all that time spent driving, the chances of accidents and wear and tear skyrocket.
Plus, taxi drivers take on extra responsibility for transporting people safely while handling unexpected situations and potential liability during accidents. Insurers see these factors as higher risks. All these reasons are enough for premiums to go up to cover the added challenges of life behind the wheel.
Tips to Lower Your Taxi Insurance Premiums
Everyone loves a good bargain, and the taxi business is no different. Maximising profit means finding ways to reduce taxi insurance premiums.
Maintain a Clean Driving Record
A clean record of no accidents or claims can earn you an additional discount. You will be able to enjoy lower premiums in the long run.
Choose the Low-Maintenance Vehicle
Less powerful or smaller vehicles typically fall into low-maintenance and insurance category groups. Try to avoid high-end vehicles or modified cars as they tend to increase taxes and insurance costs.
Install Security Features
The addition of security features such as dashcams, immobilisers and GPS trackers can lower your premium by making it easier for insurers to settle claims and reduce the likelihood of theft.
Increase Your Voluntary Excess
Cheap taxi insurance can be obtained by choosing a higher deductible if you don’t mind paying more out of pocket when a claim arises. Be mindful that this amount should be reasonable enough to afford.
Limit Additional Drivers
Having more drivers in the vehicle, especially less experienced ones, will increase the taxi insurance price. In terms of cost efficiency, it is best to keep the number of named drivers to a bare minimum.
Pay Annually
Instead of paying monthly, paying for a year in one go may be a better option. It saves extra fees and charges, therefore decreasing the overall cost further.
Build Up a No-Claims Bonus
The longer you remain claim-free, the more money you save through no-claims bonuses. Most insurance companies offer discounted prices if you have not made any claims in the past.
Limit Your Mileage
Try to keep your mileage as low as possible in order to ensure the cheapest taxi insurance in the UK. This can be accomplished by monitoring and optimising routes to eliminate unnecessary mileage.
Compare Policies Regularly
Over the course of a year, your priorities might shift, which means you can opt for minimum coverage if suitable. Some insurers offer first-time clients discounts, and switching providers can be beneficial.
Use a Specialist Broker
Expert taxi insurance brokers will always have a better deal and policy which can be tailored to your requirements readily available.
Frequently Asked Questions
Can I use my taxi insurance for personal use in the UK?
How many taxis are required for fleet insurance?
How many drivers can I have on my policy?
What happens if my taxi is written off?
Can I drive a taxi on normal insurance?
Driving a taxi under standard car insurance is not allowed, as standard policies do not cover commercial use or passenger liability. Failing to have proper insurance could result in fines and penalties.
What documents do I need for taxi insurance?
Can I transfer my no-claims bonus from my personal insurance?
What should I do if my taxi insurance claim is denied?
Are there discounts available for new taxi drivers?
Does taxi insurance provide coverage for food or parcel delivery services?
Will my insurance provide an alternative vehicle if my taxi breaks down during a trip?
Are there seasonal or temporary taxi insurance options for part-time drivers?
Can I insure multiple types of vehicles under one fleet policy?
Many fleet insurance policies allow a mix of vehicle types, including taxis, minibuses, and larger passenger vehicles, under one policy. This flexibility is beneficial for operators with diverse vehicle fleets.