Compare Taxi Insurance
Taxi insurance is a legal requirement if you drive a taxi in the UK for a living. Taxi insurance is designed to protect you, your passengers and your car when you are driving a vehicle that is being used for commercial hire. To apply for a policy you will require a full taxi licence.
Taxi Insurance policies can cover for all types of taxi service, ranging from black cabs to app based firms like Uber or Bolt. Having the correct type of insurance vital, and also offers you peace of mind in knowing your livelihood is protected.
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What Levels Of Cover Are There?
There are 3 main types of Taxi Insurance to choose from:
Third-Party – Third Party Taxi Insurance is the lowest level of cover available within the market and the minimum legal level of cover required to drive in the UK. It covers you if you were to damage someone else’s property or injure someone while driving, it also covers your passengers.
Third-Party Fire and Theft– Third Party Fire and Theft insurance covers you against damage you might cause to someone else, including their property, their car and your passengers. It does not include cover for damage to your own taxi but does cover repair. Third-Party Fire & Theft will cover a replacement of your vehicle if it’s stolen or damaged by fire.
Fully Comprehensive Taxi Insurance– This gives you the maximum protection of all options, covering you, your taxi, other people, any medical expenses and damage to property. Even though Fully Comprehensive offers the most protection, can actually sometimes be the cheapest option.
Your taxi insurance cover should include public liability insurance. This type of insurance could cover compensation legal or claims from a passenger or from someone who’s property has been damaged by your taxi.
Taxi insurance is very different to standard car insurance, in that it takes into account that:
Taxis naturally clock up a higher mileages each year vs private cars
Taxis are often driven in heavy traffic (especially if you work in a city)
Taxi drivers regular come into contact with passengers
HOW TO GET CHEAPER TAXI INSURANCE
There’s are many elements that determine how much you pay for your taxi insurance. You can start by selecting your vehicle carefully, opting for a car that falls into a lower insurance category is a good start. Insurance companies use multiple factor to work out a picture of the likelihood of you making a claim, which is reflected in your price.
The main factors are:
1. Your Driving History (claims or no-claims) | 4. The taxi you drive
7. Your voluntary excess | 8. The security of your vehicle
Your driving history – This includes no claims, previous claims or accidents which give insurers an idea of how you drive. If you have made a claim in the past 5 years, it could affect the cost of your insurance. Some insurers will only take previous claims within 3 years so its worth shopping around if you have claimed. Driving convictions such as points will also contribute to the amount you pay.
The taxi you drive – The car you drive could have a large impact on your insurance costs. Expensive, high performance models will cost insurers more to repair if you were to be involved an accident. Valuable cars could also be a target for car thieves.
Your voluntary excess – The rule of thumb is the higher your excess, the lower the price of your insurance. Insurers see a higher voluntary excess from the driver as a risk mitigation.
The security of your vehicle – Cars fitted with an alarm, immobiliser and or tracker are much harder to steal and if there is a tracker, easier to recover. Cars with higher security could help keep your insurance prices down.
To compare taxi insurance and obtain a quote you will need to provide:
– Details of your vehicle
– Where it is stored overnight
– Estimated Business and Private Mileage
– Personal details including claim history
– The level of cover you require
– Any security in or on the vehicle
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