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Private hire fleet insurance – What is it?
Insuring a fleet of private hire vehicles can be a costly and time-consuming process. Rather than having to go through each individual taxi insurance policy one renewal at a time, many cab fleet operators choose a specialist privet hire fleet insurance policy.
With fleet insurance, one single policy will cover all the taxis in your fleet. This makes keeping track of your insurance a piece of cake, and can also save you money too.
How many vehicles does fleet insurance cover?
To benefit from private hire fleet cover, the number of minicabs in your fleet could be anywhere above two. Fleet insurance will usually cover a wide range of vehicle types, from hatchbacks to saloons to minibuses.
What type of cover is available for taxi fleets?
The fleet cover is available in much the same way as standard private hire insurance policies. Depending on your budget and your needs, you can choose from either:
- Third-party only
- Third-party fire and theft
- Comprehensive cover
Other types of cover for private hire fleets
Public liability cover
Most specialist cab firm fleet policies will include public liability insurance. This is there to protect you financially if a member of the public makes a claim, for example, if your driver were to damage someone’s property.
Employer’s liability cover
Whether you need employers’ liability cover for your taxi fleet will depend on the employment conditions of your drivers. If your cabbies work as members of staff, then by law you must have employers’ liability cover. However, if they are self-employed, or freelance then they are responsible for their own liability cover.
How can I save money on my private hire fleet insurance?
The cost of your policy will depend on a number of factors. Reducing the risk of a claim is the best way to lower the cost of your fleet insurance.
- Employ experienced drivers. Drivers with more experience are statistically less likely to be involved in accidents, which means less risk of a claim.
- Keep your taxi fleet in good working order. Having your cabs regularly serviced will reduce the risk of breakdowns, roadside problems and expensive repairs.
- Make sure all drivers have clean driving licences. The more points your drivers have on their licence, the more expensive your policy is likely to be.
Does private hire fleet insurance cover MPVs?
A taxi fleet policy will cover whichever mix of vehicles you need, including larger minibuses or MPVs.
Is there an age limit for fleet taxi drivers?
Most insurers will require drivers to be at least 25. You might still be able to get cover for fleet drivers over the age of 21, but the policy is likely to be more expensive, reflecting the higher risks associated with younger drivers.
Does fleet insurance cover driving abroad?
Check the details of your policy with your insurer. Most policies will not automatically cover travel abroad, however, if your cabs regularly travel you might be able to add this cover to your policy.