Taxi insurance tends to be more expensive than conventional car insurance policies because of the increased statistical risk of accidents happening based on the higher mileage covered.
Types of taxi insurance
There are two types of insurance specifically for taxi drivers.
Private Hire Taxi Insurance
Private Hire Taxi Insurance, also referred to as minicab insurance, applies to cars that are restricted to pre-booking only. These taxis are not allowed to have the 'Taxi' sign on top of their vehicle and cannot use taxi ranks.
Public Hire Taxi Insurance
Public Hire Taxi Insurance is for cars which are licensed to collect passengers at the side of the road, and which usually have a 'Taxi' sign on top of their vehicle.
What else to consider
Drivers can either buy taxi insurance just for themselves as a named driver, or they can buy an 'any driver' policy. As the name suggests, an 'any driver' policy means that anyone is insured to drive your taxi. This is the most expensive form of cover as the more names added, the more expensive the policy tends to be.
Taxi drivers should also consider purchasing taxi breakdown cover due to their excessive mileage. In addition, taxi drivers should think about public liability insurance as they will be transporting members of the public and should therefore be covered in the event of injury claims.
To get your taxi insurance quote today call us now on 01708 753179