Unlike your personal car for everyday use, taxis and private hire vehicles are required to have additional insurance cover for the purpose of carrying passengers for hire and reward. It’s important to consider which taxi insurance policy best fits the needs of you and your business. Do you need public hire insurance in London, or private hire insurance elsewhere? Are you looking for MPV or minibus insurance, or an insurance policy to cover a fleet of vehicles?
Before taking out a policy it is vital that you choose the correct policy for the vehicle that is licensed. Licensing authorities need to see valid insurance documents before giving you a taxi licence plate, so getting the right insurance policy is of paramount importance to your business.
To help you decide which policy is right for your business, use our guide below.
Which taxi insurance policy applies to which vehicle?
A private hire policy is intended for drivers who have minicabs or private hire vehicles (PHVs) that are always pre-booked over the telephone or through a base office via an operator. These vehicles cannot be hailed in the street and are licensed by the local authority to carry passengers for hire and reward purposes.
This type of taxi insurance policy from CoverMy Cab will include up to 60% no claims discount, instant electronic documentation and insurance certificates by email, easy to manage payments, a licensed and plated replacement taxi if you have a non-fault accident, introductory discounts for proven driving experience, and a choice of monthly, quarterly or annual policy periods.
This policy is intended for traditional taxi vehicles such as the iconic London black cab. Public hire vehicles or Hackney Carriages don’t need to be pre-booked and can pick up passengers at a taxi rank, as well as getting hailed in the street. They usually have an orange or yellow “taxi” light on the roof of the car so that passengers can recognise if the taxi is available for hire.
Our public hire taxi insurance policy will include a replacement plated taxi after an accident that wasn’t your fault, payment instalments that are easy to manage, the option of monthly, quarterly or annual cover and the choice to protect your no claims bonus.
Executive car drivers and those offering a superior chauffeur service may need a more specific policy tailored to cover high value and high insurance group vehicles. If you work on a contract or account basis, and only take pre-booked clients you can take advantage of cheaper rates. Further discounts are provided for vehicles fitted with tracking devices.
We can provide this at CoverMy Cab along with cover for additional drivers, no claims bonus protection, the option to spread the cost, a replacement from a fleet of executive vehicles after a non-fault accident, discounts for proven experience as a chauffeur, and cover for high value vehicles up to £75,000.
A vehicle with more than the standard four or five seats (including the driver) may be in a higher insurance group and potentially deemed to be a higher risk due to the number of passengers, so you may have to get a more specific policy to fit your MPV or minibus vehicle. An MPV vehicle is generally classed as one with between 6 and 9 seats and a minibus will have between 10 and 15 seats.
CoverMy Minibus can offer you a private hire minibus insurance policy including covering vehicles from 10-15 seats, discount for proven experience as a taxi driver, no claims bonus protection, payment instalments that are easy to manage, recovery of losses, and a replacement vehicle if you’re involved in a non-fault accident.
If you use a vehicle that has been purpose-built or modified to carry wheelchairs, this is the taxi insurance policy for you. More and more local authorities require a certain percentage of their licensed taxis to be wheelchair accessible, so if your car can carry wheelchairs then you could benefit from exclusive rates at CoverMy Cab.
Our WAV policy includes cover for private hire cars adapted or manufactured for wheelchair users, discounts for experience as a taxi driver, protection of your no claims bonus, recovery of losses, easy to manage payments, a replacement vehicle if you’re involved in an accident that was not your fault.
What else is there to think about when selecting my policy?
You may also want to consider the option of legal expenses insurance, as well as public liability insurance. These options can be “added on” to your policy where necessary. A legal expenses policy will protect you if a claim is made against you, or assist you in claiming against a third-party to recover any losses such as personal injury or loss of earnings.
Public liability insurance is highly important as it will cover you for any claims made against you by your passengers for personal injury or damage to their property when outside your vehicle.
How CoverMy Cab can help you decide which policy is best for you
At CoverMy Cab we have over 35 years’ experience getting the right taxi insurance policy for customers across the UK, providing specialist insurance to both private hire and public hire drivers. Our team of experts are committed to offering competitive taxi insurance quotes online with exclusive rates that you won’t find anywhere else.
Get an online taxi insurance quote from CoverMy Cab today. If you require any extra advice on which policy is the best one for you simply call us on 0345 456 4444.