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Taxi Insurance FAQ’s

Tuesday, June 15th, 2010

If you have just got into, or are thinking of getting into the taxi business, it is important that you make sure you take out taxi insurance for your vehicle. With this in mind, there are a number of things that people generally want clarification on when taking a policy for their cab. We have given the answers to the most common questions below and hope that they will assist you when looking for the right cover.

What is the difference between taxi and private policies?

A public or private hire policy allows you to transport people from one place to another for a reward or fee. Where as a private car policy does not allow you to charge people for this. If you were to have an accident while carrying passengers for reward under a private car policy then your policy could be voided and any costs could be recovered from you personally.

What is the difference between private hire and public hire?

A private hire taxi is one that must be pre-booked prior to picking anybody up. It is illegal to hail a private hire cab off the street and doing so can land the driver with large fines and may lead to them having their licence revoked.

Public hire cabs on the other hand do not need to be pre-booked and are the taxis that you can flag down. They are primarily used in city centre areas and are governed and regulated by the local councils.

What vehicles are allowed to be used?

It is ultimately the decision of your local authority to say which vehicles can be used for taxi purposes. Obviously if you have got a three door hatchback then this may cause problems for some people getting in and out. Generally though, as long as your vehicle is of suitable size and accessibility it should be fine.

Can a private no claims bonus be transferred over?

You will find that a lot of insurance providers will be able to transfer over your no claims bonus from a private policy. It is always best to check with them to find this out as you may well be able to get a reduction in your premium.

Whenever you decide on taking out a taxi insurance policy, make sure that you do your research and if you are not sure about anything then contact your broker.

Think Insurance – Quality, Service and Price

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Taking Out Taxi Insurance

Monday, June 14th, 2010

The UK has thousands of taxis that are used on the roads each day. With so many of them about, it is a certainty by the law of averages that there are going to be a lot of accidents involving taxis each year. For this reason, it is vitally important that if you are driving a taxi you have got a proper taxi insurance policy. If you take out sub-standard taxi cover you are leaving yourself open to massive problems in the event of an accident occurring.

Some people may think that they can get away with having a normal, private policy when they are driving a taxi but this is not the case. If you insure your car under a normal policy and then use the vehicle as a taxi then you will invalidate the cover that you have got and will also be breaking the law. Getting caught without the correct cover can mean you lose your licence/livelihood  and in a  worst case scenario you will be heavily fined and possibly even jailed.

Not taking out full taxi cover means that any passengers you carry in the vehicle will not be insured either. This can lead to civil and/or criminal court cases where you may be found liable for any injury or material costs. You therefore are putting not only yourself at risk but also those people who are unknowingly using your illegitimate services.

If you are a taxi driver then your vehicle is your breadwinner, so it makes sense for you to make sure that you are going to be covered in the event of an accident. If you were without your vehicle for any length of time or had your licence taken off you then your source of income has gone. Taking out taxi insurance may end up costing you a little more initially but in the long run it is an additional cost that you cannot afford to ignore.

So, if you are looking to take out a hire insurance policy it’s worthwhile doing some research to make sure you get what you need. Public liability insurance, a 24hr claims service and a replacement plated vehicle are just some of the things a quality taxi policy should include. If in doubt always ask your broker.

Think Insurance – Quality, Service and Price

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