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What is black cab fleet insurance?
Black cabs are an iconic part of the British landscape, and driving a black cab can be a fulfilling and rewarding occupation. If you own or operate more than one black cab in your taxi business, you should consider taking out a black cab fleet insurance policy.
Fleet insurance simplifies the process of insuring your taxis and cabs. Rather than managing many separate renewals, quotes and policies, all the black cabs in your fleet can be covered by a single insurance policy.
How many black cabs can a fleet insurance policy cover?
Generally, there is no limit to how many vehicles you can insure on a taxi fleet insurance policy. Most fleet policies will cover two or more cabs. Even if your taxi fleet consists of other types of vehicle as well as the standard black cab, for example, MPVs, you are still able to get cover.
How much does it cost?
The cost of a taxi fleet policy will obviously depend on the size of your fleet. When arranging cover, the insurer will need to know what level of cover you require.
Taxi fleet insurance is available in the same way as standard single-car policies:
- Third-party only – covering claims by third parties, but not damage to your own vehicle
- Third-party, fire and theft – as above, but with additional protection for your own cab
- Comprehensive cover – the highest level of cover available.
As black cabs operate on a public hire basis, comprehensive insurance is often the best choice, to give complete peace of mind.
How can I get cheap black cab fleet insurance?
The more you can reduce the risks associated with driving a taxi, the lower your fleet insurance premiums are likely to be.
Black cab drivers:
For taxi fleets, the best way of doing this is to pay close attention to the skills and backgrounds of your drivers. Most insurers will expect taxi drivers to be over the age of 25. This is because, statistically, younger drivers are more likely to be involved in an accident, which increases the risk of a claim.
You may still be able to get cover for black cab drivers over 21, but this is likely to raise the cost of the premium.
Your taxi fleet:
Keeping your cabs in good working order will reduce the likelihood of a claim. Make sure the fleet is regularly serviced. The age and condition of your fleet will be taken into consideration by the insurer to calculate your premium costs too, so it makes sense to look after your cabs well.
When taking out any insurance policy, you should always get quotes from at least three providers to make sure you are getting the best value for money. Ask about discounts for paying the premium upfront – often this can save you money versus spreading the cost monthly.