What are the Various types of Taxi Insurance Available?
As a taxi driver, adequate insurance is a necessary, albeit expensive, part of making your livelihood. As there are many different elements that come into your insurer providing your insurance policy it is more likely to cost more than the average car drivers’ insurance coverage. This is why it is crucial that you find the right policy for you, while changes in the industry caused by the rise of Uber have also complicated the challenge facing drivers.
The first thing to consider, as there are several different types, is what variation of insurance you need. You can work this out based on what type of taxi driver you are, and here are some of the most viable options:
Private Hire Taxi Insurance
Private hire taxi cabs are cab that have to be pre-booked and cannot be flagged down in the street.
Public Hire Taxi Insurance
A public hire taxi is a taxi that does not need to be pre-booked and can be hailed down in the street. Hackney Carriages or London Black Cabs are the most common form of these types of cabs. Due to these differences in normal private hire cabs your insurance provider may need to adapt your policy and it is possible that you will have to pay higher premiums.
Minibus and MVP Taxis Insurance
Taxi vehicles that are larger than the standard vehicle size, such as those with five or more seats, are likely to require a higher insurance premium. You will then need to consider which of the normal insurance policy options you would like. These include, for example, whether you would like only third party liability, fire and theft and comprehensive options. Having decided this you will then have to look at which taxi only insurance options you require.
Named Driver Policies
If you are a single taxi driver that is only looking for insurance for yourself you will be able to have named only insurance.
If, however, you have a fleet of taxis you have two options, either:
Policy Only Insurance
Although policy only insurance is likely to be the cheapest option, it also offers the least protection. You should also bear in mind that if you add further drivers; the premium is likely to quickly mount.
All Driver Insurance
This insurance option will cover all drivers in your fleet over a certain age; usually 25. If you do intend to add additional drivers it may be more convenient for you to take this policy rather than having to recalculate your premiums when you add additional drivers.
Having considered your main insurance options it is then a good idea to get some advice about the additional options that you might need. These include, for instance, public liability insurance and taxi breakdown insurance. The good news is however, that as confusing as all these options can be, additional help can be found from certain insurance brokers who will help you to find the right cover at the right price such as A-Plan Insurance.