6th April 2016

Which type of taxi insurance cover to go for and why?

Just like any other motorist, taxi drivers are required to have insurance in order to protect themselves, their vehicles, passengers and others around them. Whether you operate a public hire taxi on the city streets or a private hire minicab, there are a few types of cover you can opt for.

Depending on the type of service you provide, your insurance premiums can differ greatly. All it takes is one incident to drastically alter a taxi driver’s livelihood. With your own job and income on the line, the last thing any driver wants is to be faced with vehicle damage or covering the cost of a passenger’s injury claim.

Naturally, you’ll want to get the right policy at the lowest possible cost. So what types of coverage are available and how can you ensure you get it at a premium that’s right for you?

Comprehensive Cover

By taking out a comprehensive policy, you can benefit from the highest possible level of cover. No matter who’s at fault in an accident, comprehensive taxi insurance will cover you for damage to your vehicle, as well as third party vehicles as standard. You’ll also be notified of approved services for any necessary repairs, like windscreen replacements, which may be covered by your policy.

If your vehicle happens to be stolen or struck by vandalism or fire damage, comprehensive cover makes sure that you won’t be out of pocket, getting you back to work on the roads as quickly as possible. By choosing comprehensive taxi cover, your daily trade as a taxi driver is fully protected.

Third Party Fire & Theft

A third party policy will only cover passengers and other vehicles on the road if you should be at fault. Any damage to your own property as the result of an accident you may have caused, therefore, won’t be covered. However, with fire and theft cover included in this type of policy, you get peace of mind that additional cover is added to your vehicle and its contents.

In unexpected circumstances where your property might suddenly become the victim of theft, vandalism or fire damage, this cover offers you a lifeline. This way, if your taxi is stolen and never recovered or destroyed by fire damage, your insurance policy will help to get you back on the road as soon as possible.

Third Party Only

As the most basic level of taxi insurance, third party only cover – as you might expect – only covers third parties! Any property damage or personal injury sustained by your passengers or other third party vehicles can be covered by your insurance.

Unfortunately, if you should be at fault in an accident, damage to your own vehicle and other property won’t be covered. This means it’d be necessary to cover any repair or replacement costs yourself.

Bonus Tips for a Better Quote

  • It kind of goes without saying, but proving that you’re a safe and responsible driver keeps premiums as low as possible, while helping to build up a no claims discount. Additional equipment, like in-cab CCTV and installed telematics, can monitor your driving as you go.
  • You can always reduce your premium by agreeing to a higher excess. However, you don’t want to agree to anything higher than you can handle, just in case you end up having to make a claim.
  • Do you use your vehicle for personal use as well as on the job? You may want to make sure your policy covers more than just business use if so.
  • Passenger liability is covered with any policy, covering the safety of your passengers should an accident occur. However, you may also want to also add public liability cover, as this can cover any negligence claims made against you for personal injury or property damage.

Still struggling to decide which types of cover and policies are right for you? Give our support team a call on 01928 520 521 or visit the following pages for further information.

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