Regular car insurance is not enough when your taxi is your source of livelihood. Read this comprehensive guide to know everything about insuring your taxi and choosing the best plans in the UK.

If you’re a taxi driver who drives non-fixed hours, drives long distances, and has high mileage, then having regular car insurance is not enough. You need to have taxi driver insurance to protect you, your taxi as well as your customers.

It’ll help you during uncertain times when you’re not able to drive a taxi and fulfill your financial responsibilities. This guide covers everything you should know about taxi insurance and help find the right plan for you.

What is Taxi Insurance?

Taxi Insurance is special insurance made just for you, your vehicle and most of all, your passengers.. It’s essential to cover your taxi as it’s your source of income, and unfortunate events can put you in financial trouble. So, it is necessary to purchase a taxi insurance policy, as it is a legal requirement and also acts as a backup.

Types of Taxi Insurance

Before buying taxi insurance, it’s essential to know its type and decide which one is best for you. There are two types of taxi insurance you can purchase and get yourself cover anywhere in the United Kingdom.

Public Hire Insurance

This insurance covers drivers who are allow to pick up customers from the street and do not require pre-booking. In simple words, if you have a black taxi with orange light on top and drive shorter distances around town, you need this insurance.

Why do you need this public hire insurance?

You require a third-party license to drive anywhere in the UK. However, since your taxi is your business, it is recommend to go with a comprehensive cover. This will protect you, your vehicles, and your customers.

Cost of Public Hire Insurance

Who doesn’t like to save money on insurance and save it for something nice to spend it on? We at Simple Insurance Solutions understand this and offer you an affordable cost according to your needs.

Just let us know the following things, and we’ll take care of the rest:

Location

Your location defines your probability of risks or damage. For example, driving in small towns will cost you less as compared to large cities.

Age

Generally, taxi insurance doesn’t cover drivers under 25. However, there are some exceptions in policy if they have a clean driving record. The premium cost is more for young drivers as compare to older ones.

Taxi License Age

Your premium costs vary with the age of your driving license—drivers who have been holding a driving license of longer pay less for insurance.

Claim frequency

If you have take insurance before, then your history of insurance claims is consider while deciding your premium costs.

Vehicle Type

This is taken into consideration while quoting you the insurance cost. Insuring vehicles with high power engines and old models cost more.

Private Hire Insurance

Private hire insurance is for vehicles who take pre-bookings from a private hire operator like a taxi company or Uber. The cars don’t have orange lights on the top to show availability and can’t pick up passengers directly from the street, unlike public hire insurance.

Why do you need private hire insurance?

Being a self-employed private hire driver, you will drive odd-hours and cover long distances, so there’s a higher chance of accident or damage. That’s why it’s essential to have private hire insurance and stay financially protect in case of an emergency.

Cost of Private Hire Insurance

The cost of private hire insurance is higher than the public hire insurance as both serve different requirements. We at Simple Insurance Solutions provide our customers with the best quotes after understanding their insurance needs. There are three levels of private hire insurance, which determines your over-all premium.

Levels of Private Hire Insurance

The three levels of private hire insurance cover are list below:

• Third-Party Only: This basic insurance policy covers the damage done to the third party by you during an accident. Vehicle damages are not include in a third party, only insurance.
• Third-Party Fire and Theft: Along with the third party only benefits, this insurance policy will cover your vehicle in case of fire and theft.
• Comprehensive Insurance: This recommended insurance policy provides all-round protection including third party, fire, theft as well as damages done to your vehicle.

What Does Taxi Insurance Cover?

Taxi insurance generally covers your vehicle, and the damage occurred to your passengers in case of an emergency. It acts as a financial safeguard to your car and passengers.

There are additional options you can add to your taxi insurance policy and make it more comprehensive. These include:

Breakdown Cover

This helps when your vehicle doesn’t start or breaks down during a journey. We’ll make arrangements to drive it to a garage so it can be fix and repair.

Personal Use Cover

This additional cover will insure you when you’re using a taxi for personal use.

Public liability Insurance

Mostly included in every standard taxi insurance policy, it protects your passenger in case of personal accident or property damage. It also covers legal or compensation claims made by passengers.

Key Cover

If your vehicle keys are damaged, lost, or stolen, this insurance add-on will cover the key replacement and reprogramming charges.

Taxi Insurance Exclusions

There are certain aspects of taxi insurance that aren’t cover in general. They vary from one insurance provider to another.

Driving Outside the Region

If you’re driving outside the region specified in your insurance, you’ll not be cover in case of an accident or emergency. For example, if your taxi is insured in predefine areas in the United Kingdom, you’ll not be cover beyond them.

Unauthorized Vehicle Use

Your insurance only covers you when you use your vehicle for authorised use. For example, if your taxi has private hire insurance, but you use it as a public hire, you will not be cover.

Vehicle Theft of Leaving Keys in Vehicle

You will not be cover if your car is stole by your mistake of leaving the keys in the car. Here your theft standard policy won’t be of any help.

You’re under 25

Most policies don’t cover drivers who are under 25. However, you can come into exceptions if you have a clean driving history.

Helpful Insurance Buying Tips

Here’re some helpful insurance buyings tips which can help you save money in premiums.

Drive Carefully

Maintain a clean license and road history by driving safely. This will improve your no claims bonus.

Apply for Personal Cover

Insure your vehicle for personal use as well as additional cover. It saves money in the long term and uncertain consequences.

Fit a Security System

Install a security device or CCTV system in your vehicle; this will help you save cost and avail discount in premiums.

Inform Vehicle Modification and every detail

Tell every basic aspect to help us understand what you require. Do you have vehicle modification or a high claim record? Just let us know everything so we can find the right insurance cover for you. Taxi Insurance Policies by Simple Insurance Solutions Simple Insurance Solutions is a local leader in providing the best insurance covers in town. Just answer a few questions, tell us your insurance needs, and we’ll tailor the perfect insurance cover for you.

Taxi Insurance Policies by Simple Insurance Solutions

Simple Insurance Solutions is a local leader in providing the best insurance covers in town. Just answer a few questions, tell us your insurance needs, and we’ll tailor the perfect insurance cover for you.