When shopping for taxi insurance, it is important to ensure that your vehicle is fully insured for your business needs. If you don’t have the correct cover just one accident can result in you losing your most important business asset. Both Private and Public hire vehicles are required to have the correct insurance cover for carrying passengers.
Before you take out an insurance policy it is vital to choose the correct policy for your taxi vehicle. So it is important to understand the different types of insurance cover for taxis. In addition, licensing regulations will usually require you to show your valid insurance documents before they allocate your taxi licence plate.
Which type of vehicle do you wish to insure?
Public hire vehicles are also known as London Black Cabs or Hackney Carriages. These taxis do not require pre-booking, and can be hailed in the street. They are also free to pick up passengers at a taxi rank. Most will have a taxi light fitted to the car roof, that shows if the taxi is vacant and for hire.
Private Hire (PHV)
Private Hire Vehicles (PHVs) are sometimes known as minicabs. They can be pre-booked through a taxi office or over the telephone and are also licenced to carry passengers, but cannot be hailed in the street. Minicab insurance policies will differ slightly to those offered for public hire taxis, so make sure you enter your details correctly and check documents carefully before purchasing your insurance.
Executive and Chauffeur Hire
These drivers offer a superior chauffeur service, usually for weddings and special events. They may require a more specific policy for a higher insurance group and higher value model of car.
Multi Passenger and Mini-Bus type vehicles (MPV)
An MPV normally carries between 6 – 9 passengers, whereas a Mini-Bus is capable of carrying between 10 -15. MPVs usually fall into a higher insurance group than a standard 4 – 5 seater taxi, (including the driver), as they are considered to be a higher risk due to number of passengers.
Wheelchair Accessible Vehicle (WAV)
Some taxis have been modified or purpose built to carry wheelchairs. If you operate a WAV then you may require this type of taxi insurance policy.
Key points to consider when searching for your insurance policy
- Drive safely and maintain a clean licence to increase your no claims bonus
- Declare any vehicle modifications, especially for disabled access as this can reduce your insurance premiums
- Fitting a security device, or an in-vehicle CCTV system to your taxi vehicle, which can discount your premium
- Don’t forget to insure your vehicle for personal use so you can use it when you’re not working
- Ensure that you have the funds available to pay for a higher excess in the event of a claim
Insure My Stuff 4 Less, can help you find an insurance policy to cover all of the above vehicle type options, depending on your personal and business requirements. Many of the insurers on our panel will offer discounts for no claims bonus and for previous taxi driver experience. Some insurers will also offer a replacement vehicle if you are involved in an accident that was not your fault. To find out more about the different types of insurance cover for taxis why not get a quote today!