Taxi fleet insurance – An introduction
If you happen to own a taxi company then it makes sense to take out taxi fleet insurance rather than insure each vehicle separately. That’s because you’ll certainly be much better off – both financially and time-wise.
A fleet of taxi vehicles is usually regarded as being a minimum of three motors, although specialist policies will cover just two taxis. In terms of an upper limit, there’s usually no fixed number.
The fleet itself could consist of minicabs, standard black cabs, a mix of both or even minibuses.
Third-Party: A minimal level of cover where the insurer will pay out for damage or injury caused by you (and your employees) to another driver and their passengers/vehicle.
Third-Party Fire & Theft: The same as above with the addition of cover in the event of a fire or if the vehicle is stolen through no fault of your own.
Fully Comprehensive: The highest level of fleet cover and will cover you and your employees for damage to their vehicle or person as well as that of the other person involved in an accident.
Fleet breakdown cover: An additional policy added on to your original which most fleet owners insist on too.
Tips on getting cheap taxi fleet insurance
- Driver training: Having drivers continually trained and assessed will lower your premiums since your staff will be regarded as less likely to be in an accident. This includes getting them to check their vehicle on a regular basis, such as at the start of a shift.
- Hire experienced drivers: Insurance will be more expensive for drivers who are aged 25 or under. They’re also likely to have less experience on the roads so are seen as a bigger insurance risk.
- Clean driving record: All drivers should have a clean license to ensure their premiums are kept as low as possible.
- Pay annually: Paying your insurance monthly means the company will add interest for admin charges.
- Security: Good alarms, immobilisers and tracker systems on your vehicles will help to lower insurance premiums since they’ll be less likely to get stolen. It’s also better if the vehicles are stored in a garage overnight.
- Get a dashcam: Installing one of these in the vehicle shows passengers that you mean business when it comes to security. Not only will their behaviour be filmed, but you’ll also have evidence should they try and make an erroneous claim. At the same time, the camera will also record external movements.
Frequently Asked Questions
Is it only businesses who can access fleet insurance?
No, families can use this type of insurance too. It often works out far less expensive for them individually.
Is insurance available for private hire taxis as well as public taxis?
Yes, it covers both types of the taxi fleet.
What’s the main difference between public and private taxis anyway?
Public taxis are the type you flag down when they pass you on the road or find you at a taxi rank. Private hire taxis have to be booked in advance.
Now that I have taxi fleet insurance, am I insured to drive other vehicles too?
No, the cover only extends to those vehicles named under the taxi fleet insurance policy.
If I claim on my company taxi fleet insurance, will it impact on my personal car insurance no claims bonus?
The short answer is ‘yes.’ However, it’s not always the case. It depends on your insurance company.
I have both minicabs and minibuses in my fleet. Is it possible to have both covered by just the one policy?
Yes, there shouldn’t be any problem with this.
Zorley Limited trading as Quoteradar.co.uk are an Introducer Appointed Representative (IAR) of QuoteSearcher Limited who are regulated and authorised by The Financial Conduct Authority, their Registration Number is 504796 and their permitted business is insurance mediation. This can be checked by visiting the Financial Conduct Authority website. Upon form submission, your details will be passed to a panel of insurance brokers regulated by The Financial Conduct Authority for the purpose of providing you with insurance quotations.