Different types of insurance cover for taxi vehicles

7 May 2018

Different types of insurance cover for taxi vehicles

As a taxi driver, it’s important that you ensure 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. Private and Public hire vehicles, unlike your personal car that you use every day, are required to have the correct insurance cover for carrying passengers, for reward and hire.

Before you take out an insurance policy, it is vital to choose the correct policy for your taxi vehicle. In most instances, licensing regulations will 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

A public hire vehicle, such as a London Black cab or Hackney Carriage, don’t require pre-booking, and can be hailed in the street, as well as picking up passengers at a taxi rank. They normally have a taxi light fitted to the car roof, that shows if the taxi is vacant and for hire.

Private Hire (PHV)

This type of policy for PHVs, is aimed at drivers of private hire vehicles that are always pre-booked through a taxi office or over the telephone. These vehicles are also licenced to carry passengers, but cannot be hailed in the street.

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. These MPVs are usually in 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)

This is the taxi insurance policy you require if you operate a vehicle that has been modified, or purpose built to carry wheelchairs.

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
  • Make sure that you are insured to use your vehicle for personal, as well as business use, so you can use your car when not working
  • Ensure that you have the funds available to pay for a higher excess in the event of a claim

Insure My Taxi 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. With discounts for no claims bonus and for previous taxi driver experience, recovery of losses and with some policies, a replacement vehicle if you are involved in an accident that was not your fault.

 

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