Getting the right insurance as a taxi driver or taxi business owner is essential. Not only do you have to worry about the risks associated with other roads users but you also need to think about your passengers and the general public too.
When you’re shopping the market for a cheap quote it’s important to know what you’re looking for and you may need to obtain several types of cover in order to be fully protected. That’s why, the experts at insureTAXI decided to put together this useful guide to help you select the right policy for your needs.
1. What level of cover should you select? – Like typical motor insurance, taxi insurance is available with following levels of cover;
- Fully comprehensive – We usually recommend this level of cover to taxi drivers. It provides full protection in the event of an accident, if your vehicle is stolen or if it is damaged due to vandalism or a fire.
- Third party only – This is the lowest level of cover you can get by law. It covers damage to the third party vehicle(s) only if you’re involved in an accident that is considered to be your fault. It’s usually cheaper than fully comprehensive but we wouldn’t recommend this policy given the amount of time you spend on the road. A third party, fire and theft policy will obviously protect you against fire and theft too.
2. What are you using your taxi for? – Apart from the obvious answer, your insurer will need to know whether you will be working as a private or public hire taxi driver (or both!) Private and public hire insurance is available for single or multiple named drivers or ‘any drivers.’ You will need to select the most appropriate cover depending on your personal needs, preferences and budget. ‘Any driver’ policies do tend to be more expensive than named driver policies but offer complete flexibility in terms of who can drive your vehicle.
3. Should I consider taxi fleet insurance? – If you own two or more taxis, then it makes sense to insure them under one fleet policy rather than separately. Not only does this make things much simpler in term of policy documentation etc. it’s also likely to save you a great deal of money on your overall premium. Your broker can guide you through the process of switching.
4. What happens if you have an accident or breakdown? – Although we really hope it won’t happen, this is the main reason why we have insurance. If you’re unfortunate enough to have an accident or breakdown then you want to know that you’ll be back on the road again quickly so that you can carry on earning. Breakdown cover and roadside assistance can be purchased from as little as £89 per year from insureTAXI so there really is no need for you or your passengers to get stuck by the side of the road.
5. Is there anything else to consider? – Your vehicle is critical to your livelihood and the need to get it insured is obvious. However, you will also be aware of a whole host of other risks you face on a daily basis and may want to consider the following;
- Claims of negligence – Standard taxi insurance policies usually include unlimited liability for all passengers whilst the taxi is being driven so everyone is protected in an accident. However, it’s also essential that you have public liability cover to protect yourself against third party injury or property damage (including passengers that have just left the vehicle). Negligence claims run into thousands of pounds and it can be devastating if you don’t have the right cover in place. If you employ one or more members of staff then you will also require employer’s liability by law.
- Your earnings – Purchasing an insurance policy that will protect you if you are unable to work because your vehicle needs repair or you are not well enough to drive, could also be beneficial so that you don’t suffer financially in the long run. insureTAXI can offer replacement plated vehicles (like for like) in the event of a non-fault accident. We also offer sickness cover suitable for taxi drivers (including those that deal in cash) that will provide you with a monthly benefit if you are unable to work.
- Taxi office and contents – This can be arranged to suit your individual requirements and can provide cover for your office building, contents like phone and computers , signage, glass, staff and much more.
6. Do you need expert advice? – Getting the support you need to obtain the right taxi insurance is quick and simple. insureTAXI is one of the UK’s leading brokers with over 10 years’ experience in the industry . We’ll shop around for you to find a cheap quote but with all the cover you need. This will save you both time and money!