Just like any personal car, taxis are required by UK law to have insurance, but as they are commerical vehicles they fall into a category known as service vehicles. Along with taxis, black cabs, private hire, public hire taxis, chauffeurs and minicabs are included as service vehicles. Cover is not only needed for the vehicle, driver and passengers, but the business also needs to be protected against risks. Your policy may also need to cover your office that you use as a base of operations, your radio set-up and any other equipment used in the business.
Premiums for vehicles in London, may be more expensive than in other cities in the UK because of the large amount of traffic and the high level of accidents and claims made. Some companies offer special schemes to help reduce the cost of cover in London.
There are several different kinds of taxi insurance, and you need to find the one that suits your business. For example, a black cab that is on the road all day would need different protections than a chauffeur service that may involve a higher value vehicle that is used less often. As you research quotes from different brokers, make sure you learn exactly what is covered and what is not covered.
Minicabs are more risky for insurers to cover than black cabs because they are more prone to attack with the drivers being assaulted. They are also on the road most of the day with very little down time. This is why minicab insurance may be more expensive than other kinds.
Some of the vehicles we cover include:
• Private hire, minicabs and taxis up to eight seats
• Minibus/MPV up to 17 seats including the driver
• Chauffeurs with executive saloons or MPVs for corporate contract work or pre-booked for special events
• Black cab and hackney carriage and private hire
• Road trains at seaside locations
• Chauffeurs who drive the customer’s car
• Fleets beginning with two vehicles
Fleet policies may cover fleets beginning with two cars with drivers 21 to 70 years. The fleets can include minicabs, saloons, MPVs, coach vehicles and minibuses. The fleet can be covered with a combination of fully comprehensive, third party only and third party fire and theft.
Types Of Cover
• The most comprehensive cover will give you the most protection. This will include protection for the days your vehicle may not be running, whether it is for several hours or several days. If your taxi is not running, you are not earning money. You can get insurance protection for this.
• Public liability insurance will protect the welfare of your drivers as well as the passengers, including any legal implications. Not all brokers offer public liability, so you should make sure it is included in the policy you choose. There are also extras that can be added to a public liability policy including legal and medical expenses in case of an accident.
• In certain parts of the UK, temporary, short-term cover is available for a week, month or quarter.
• A replacement vehicle may be included in your policy, so you can continue to work when your taxi or other private hire vehicle is being repaired. This will go a long way to reducing loss of income.
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