Save more on your taxi insurance today
Taxi insurance is essential to every vehicle that carries passengers for a fee. Regardless if you are a private hire, public hire or uber car driver, we’ll get you multiple quotes to compare. Find out more now.
What is taxi insurance?
Taxi insurance covers vehicles that transport users commercially. This can be in a range of different scenarios and vehicles. By law, any vehicle that is commercially transporting customers is required to have a taxi or minibus insurance.
UK Taxi Insurance Definitions
Taxi insurance is different from other motoring policy as it is a business and service provided to the public. By carrying passengers combined with higher mileage, long hours and often driving at peak times, the risk is higher than a standard business use car vehicle. Due to the increased mileage, the wear and tear on taxi vehicles are usually much quicker than standard vehicles, resulting in a higher likelihood of an accident as a taxi deteriorates.
Whilst not all types of taxis are allowed in all UK towns and cities, they all need insurance by law. Categorise for vehicles are:
Private Hire Taxi
Pre-booked taxi’s without a ‘taxi’ sign are considered to be private hire taxi’s.
Uber Private Hire Taxi
Although Uber, Addison Lee, and Grab taxies are all private hire as all there bookings are pre-arranged, and they do not have a ‘taxi’ sign on top. The nature of uber drivers and the ‘gig economy’ means many Uber drivers use Uber taxi service as a second income or are members of more than one app. If you have a second occupation, we may be able to get you a combined policy to cover all your trade.
Public Hire Taxi
Any taxi vehicle which has a ‘taxi’ sign on the top which can members of the public up without an advanced booking.
Black Cab Public Hire Taxi
A black cab hackney carriage vehicle licensed with the local council is used to pick members of the public up when flagged down. Flagging down can happen on the street or at taxi ranks.
Any taxi with more than 5 standard seats is classed as a minicab or minibus taxi. Due to the increased number of passengers, these policies are usually slightly more expensive than standard taxi insurance.
For a business with more than one taxi and one driver, a taxi fleet policy is likely to be the cheapest insurance option.
What does taxi insurance cover?
Public hire is where a member of the public can pick up without a pre-arranged booking. Private hire insurance is for companies that only accept pre-arranged bookings such as airport runs. If your business provides both services, you should consider a public hire policy.
Taxi Insurance Policy Features
Loss of Earnings
Loss of earning ensures if your taxi is unable to operate, your income is guaranteed. It’s worth noting that COVID-19 is an exception to this for many underwriters and has not been covered.
Hire Car Cover
In the event of an accident, theft, fire or loss, hire car cover provides taxi drivers with a replacement hire taxi.
Claims raised against taxi drivers are covered under legal cover, regardless of the outcome.
Public liability insurance
Drivers are sometimes not only financially liable but also legally liable for passengers well-being, such as the school run. There are many potential scenarios where the taxi driver may be found liable for damages. Public liability insurance would cover compensation claims and legal fees.
Glass and Windscreen Cover
Glass and windscreen damage can be frustrating for taxi drivers. However, for most of our broker’s deals, glass and windscreen cover insurance in your policy.
Protected No Claims bonus
No claims bonus can be secured, even if an uninsured driver hits your taxi and can be beneficial for keeping your taxi premium cheap in the long run. Not all insurers provide no claims bonus protection but many will.
Roadside assistance breakdown ensures your taxi can quickly get back on the road, ensuring you don’t lose out on earnings at your busiest times.
Flexible Payments and Instant Documentation
Most of our brokers offer one-off, monthly, or quarterly payments. You will save money by paying for your policy upfront, however if an insurance underwriter goes bust, you will lose your money and forced to repurchase taxi insurance.
If your vehicle is stolen, this will insure your taxi, ensuring you’re not out of pocket. If you leave the keys in the taxi, this can void this cover.
How to Get Cheaper Taxi Insurance
Compare The Taxi Insurance Market
By getting multiple quotes, you ensure you get the best deal from the best broker. Once you fill in a quote with iQuote insurance, we’ll compare our panel of brokers to make sure you get the best quote. Then we’ll share your details with them, at which point they’ll get in touch to provide you with a quote.
Provide Honest Information
By providing truthful information, you ensure you do not run into expensive pitfalls in the future without being covered in an accident.
Drive A Less Powerful Car
Less powerful cars are cheaper to insure for any motoring insurance policy. When looking to buy a taxi, it’s worth thinking about how large of engine you want and why.
Improve Your Taxi’s Security
By installing an immobiliser in your taxi, you decrease the risk of your taxi being stolen and are likely to reduce your insurance policy rate. Additionally, where you store the vehicle when it’s not in use can improve your policy.
Build a Claim Free Driving History
Clean licenses without claims, points or driving convictions will ensure you keep your taxi premium price a cheap as possible.
Stay Out Of Trouble With The Law
Having driving or non-driving convictions can seriously increase your policy. Staying out of trouble is another excellent way to save yourself money.
Save time, money & effort
Save up to 35% on your public liability insurance
Don’t pay more on your public liability cover, fill out our quote form to receive multiple quotes.