Minicab versus black cab – which offers greater earning potential?

Taxi insurance quotes
As a prospective cab driver, choosing which route to go down can be a bit of a conundrum. Both private and public hire have their benefits and their drawbacks. It’s a good idea to work these out before committing to see which would work best for you.

Average fare earnings

The general consensus is that a public hire black cab is going to offer better per-fare-rates than a private hire minicab. Public hire cabs are charged by the meter, and when working in a city, this can be beneficial for a driver, if not the passenger.

Minicabs will usually charge less than a black cab for the same journey. While this won’t work out as well per-fare, it’s likely that you’ll find more customers. Prospective fares much prefer to have a heads up on how much a journey will cost them, and also quite like the idea of being able to find the best deal. As a private hire taxi, you can agree on a price which is fair to all involved.

Perceived dangers

If you have a good booking number to work from, then working as a private hire driver will be fine. However, with the bad press and current ad campaign warning people to avoid unbooked cabs, this may well harm your chances of happening across a fare. This is not so much the case with a black cab.

Black cab drivers are licensed by the Public Carriage Office in London, or by the local authority elsewhere, and have been licensed this way since the times of the horse-drawn cart. This inevitably installs a little more trust in a fare. The checks required before being issued one of these licenses is seen to be more rigorous than with private hire. They also have to go through an additional test known as ‘The Knowledge’, which ensures they have specialist knowledge of the area(s) they operate in.

Of course, despite taking ‘The Knowledge’, you can find a lot of black cab drivers become lost and the extra time spent finding your destination just adds to the fare. This is why some people see private hire as a safer bet as far as costs go and usually have a couple of good numbers on them for trusted private hire firms.

Getting ready

First off you are going to need a car. To buy a used black taxi, you are looking around the £30,000 mark. When it comes to private hire cars, you can use any vehicle, so long as it passes the relevant tests and is fully road worthy.

Next you will need taxi insurance. Insurance companies offer both public and private hire-insurance for drivers and it’s a good idea to shop around. Insurance is a legal obligation for all drivers, but also provides a good financial safeguard should things go wrong.

Insuring the Elderly Driver

Insuring the elderly is sometimes a challenge due to presenting medical conditions, slow responses, and vision disabilities. AARP insurance is currently giving quotes on car insurance for people over fifty. These car insurance quotes vary depending on the elderly individuals driving record. A good driving record could keep the cost down but poor driving records, recent wrecks, and traffic violations could keep the quotes high. Anyone can go online to request an online car insurance quote. The quotes are sent to the individual’s email.

When the elderly is researching a car insurance quote, they will need to provide specific information such as the VIN number on the automobile. Providing the VIN number allows the insurance company to check out the vehicle history and understand the type of vehicle they are quoting car insurance. Low auto insurance quotes are available for vehicles that are safe, and paid. The driver usually has to carry more insurance when the automobile is financed. Full coverage is a requirement on vehicles that finance companies still own. AARP insurance can help with an online car insurance quote. Auto insurance quotes can help elderly individuals to choose the coverage that they can afford.

Auto insurance quotes can vary depending on the amount of deductible. Individuals searching for an online car insurance quote may not accept the first car insurance quote they receive. When the elderly is, trying to keep their cost down, they will increase the deductible amount as well as agree to drive less. Low mileage on a vehicle cost less than a vehicle that is driven excessively. Medical for the elderly individual as well as the potential other driver can be something that car insurance agents can reduce. Reducing this cost will cut down on the cost by a few dollars.

When searching for automobile insurance, take the time to collect all of the necessary information to provide for the online insurance quote. Having information accessible will give the shopper the advantage. Insuring the elderly is possible and inexpensive with the correct information and good driving history. Affordable plans are available on websites such as AARP.

How much does taxi insurance cost?

It’s a legal requirement for all road vehicles to have motor insurance. The difference between standard car insurance and taxi-insurance is that taxi-insurance only covers motor vehicles that transport passengers for hire and payment.

Taxi insurance companies provide cover for minicabs, black cabs, minibuses, taxi fleets as well as public and privately hired vehicles. And in order to be eligible for taxi-insurance your vehicle(s) must firstly be licenced by your local authority.

Public or private

In the UK, there are two types of taxi-insurance: public and private-hire insurance. The former refers to vehicles that immediately pick-up passengers in the street, e.g. London black cabs, whereas the latter is only relevant to taxis where appointments and pick-ups are prearranged.

Most policies are either Named Drivers or Insured Only and, generally speaking, as the number of drivers on a policy increases, the cost of the premium rises. The premium will vary, however, depending on not only the number of drivers that you have, but their age and each of their no claims histories will also play a part in the cost of the premium.

Appropriate cover

Most taxi-insurance companies such as Swinton taxi insurance offer most of the traditional options such as Comprehensive/Third Party Fire and Theft and Third Party Only cover, but there is plenty of variety within each policy, so it’s important for you to research the cover best suits your business.

Taking some time to assess your company’s needs and the appropriate level of cover it needs can save you a lot of money, but beware false economies. While scrimping on cover will save you from larger premiums, having insufficient cover to get a damaged car back on the road is catastrophic to a business that is so heavily reliant on exactly that.

New company

If you are new to the taxi business and have started up your own taxi company then you should ideally shop around online for a cheap quote. Head for the online comparison websites where you should find some of the more reputable insurers. Don’t always go for the cheapest as you may find that it’s cheap simply because it provides less cover.

If you are able to demonstrate a good driving history through previous private car insurance policies or company car insurance policies, then this will definitely help lower your new quote. Where your business is based will of course have a huge bearing on what you pay.

Safety and security

As will the safety devices you fit to your cars, and where you store them. As with most vehicle insurance policies, if you can show the insurer that you keep your vehicles locked in secured areas, as opposed to parking them in the street, this will help to significantly lower your premium. Investing in high-tech reputable alarm systems and immobilisers may seem expensive to start off with but you will make immediate savings through reduced premiums.

5 Things Your Taxi Insurance Should Have

The best taxi-insurance policies are the ones that give you everything you need. A great price will always grab your attention, but it’s always good to check what you get for your money. A low premium might seem good, but if it doesn’t give you the best of everything, then you might be better going elsewhere. These are some of the things you should look out for when you’re comparing policies:

  • Dedicated Service – It’s always better to have an insurer who is a specialist in insuring taxis and not just a general insurance firm. Generally they’ll give you the best price anyway, but they’ll also give you a much better service if and when you have to make a claim. They’ll also be in a position to give you a wider range of relevant products, including courtesy cars or replacement taxis.
  • Unlimited Mileage – You’re going to do a lot of miles in a year, and you have no real way of knowing just how many that will be. Having an unlimited mile policy means that you’ll never have to worry about going over your limit any paying excessive extra costs. It’s often not a huge increase in the cost of the policy either.
  • Legal Expenses – If the worst does happen, and you have to make a claim, then you could be in for a shock if your policy doesn’t include sufficient legal expenses. Make sure that your policy includes full legal expenses cover for whatever situation that might arise. Legal costs can be extremely high, so this is essential.
  • Discounts – The best insurers will offer a variety of discounts in several forms. You might get a good price for being a new taxi driver or company, and you should always accrue discounts for having a no-claims-bonus. Experienced drivers should have this protected. If you’re new to taxi driving, make sure that any quotes you get take into account any claim-free driving with a private vehicle.
  • Extra Insurance – There are a number of extra types of insurance that might be beneficial to you, and it always helps if your policy or insurer offers these. Public liability insurance is essential. Fleet and office insurance is clearly not for all drivers, but it’s great if a fleet can be completely insured under one policy.

This is not a comprehensive list, and as a general rule, you should try to get as many extras as possible to get as much value from your money as you can. It often takes a long time to search through policy details to find out all of the information you need, especially when comparing different insurers, but it can be much easier if you get taxi insurance. They are a taxi-insurance specialist who will help you to find the best quotes and prices. They search a wide panel of insurers to find you the right policy, and have excellent relationships with those insurers, meaning they can offer the best rates.

The internet as a means of a taxi insurance quote

The internet today has made practically everything possible while staying within the comfort of your home.  Now you can even purchase a taxi insurance quote online! There are several ways of getting the right cover for your taxi insurance policy, but nothing beats purchasing one online. It is the quickest and most productive way of securing the best deal for your taxi insurance policy.

You just have to go through a few essential steps and all you will be left with is the best quality and least costly taxi insurance quote. Some people go through the website of each individual insurance company to find themselves the quotes they desire. For people who want to avoid this time consuming process, there is always the option of comparable websites available. These sites are built for you to find the best taxi insurance policy in the shortest possible time. Using online taxi insurance quotes also helps you save a lot of money. In finding the most reliable comparable website, you will have to do some research.

Go through several comparable websites and find one that has a good deal of history behind it. This would be more reliable than a relatively recent website. A good comparable website would also include expert advice by professionals. If a website offers this kind of service, it is recommended that you call them and see how helpful they can be. Once you have found the right comparable website, your next task is to find a policy that saves you the most money. In other words, a policy that offers the lowest insurance premium should be your goal.

The internet has not only allowed you to find taxi insurance policies within a short time frame, but also at a much lower cost. Many online taxi insurance companies offer a lower premium because of the great deal of competition that prevails over the internet. In the war to secure the maximum possible customers, the one that offers the lowest price wins the race. If you follow these tips, you can not only save money, but also get the best quality.

Why are taxi Hire Insurance Policies so important?

Like a private car a taxi, be it a public or a private one, involve the need at one time or another of a taxi insurance company. The first thing when thinking of driving a taxi or of starting your own taxi business is to understand the importance of taxi hire insurance policies. However you should not only understand them but also implement them.

It is common sense to understand that the insurance policies between a personal car and a taxi cab would be somewhat different from each other. However, the basics of each are the same, mainly to pretect the car if and when it meets an accident, secondly protection for the driver and thirdly protection for all the surrounding people on the streets and the passengers included.

While out on the streets of London there are all kinds of accidents that your taxi driver could face so it is necessary on your part to take every kind of possibility into considertion and insure yourself against street accidents since car accidents can not be predicted or foreseen. Insurance helps in relieving you of all sorts of tedious paperwork and endless confrontations with traffic authorities if you do get involved in an accident.

However, if you get involved in an accident without any sort of insurance you may end up paying a heavy fine or could even end up in jail for putting your passenger’s lives at risk.

Insurance policies are important because once you become a taxi driver your taxi cab becomes your livelihood, so it is compulsory for you to insure your livelihood and its possible continuation in the future, this is why insurance companies also cover cab expenses if it breaks down or has a problem with its internal working.
It is essential to get taxi hire insurance and without you may put yourself and others at a great amount of risk of stiff inflexible penalties or even worse, jail. Thus it is necessary to recognize taxi hire insurance policies.

How can I reduce my Premiums on Taxi Insurance

Who doesn’t want to get cheap taxi insurance! The best way to get cheap taxi insurance is by lowering your premium costs. There are some tips that you can keep in mind while trying to reduce your premium costs. First off there are No-Claims bonuses. The discounts you can receive for for previously earned no-claims bonus on taxi insurance can vary, starting from 20% and going up to almost 60%. This would add up to a significant amount of savings for those drivers who have a history of claim free taxiing. Generous discounts are usually offered to customers  with a record of not making claims since they are seen as less of a liability.

Experience also plays a great part in reducing premium costs. The longer the taxi driving experience is the cheaper the premium gets. Taxi driving experience is linked to how long drivers have had their local authority taxi badge. Inexperienced drivers can also be insured but their premiums will always be higher.

One of the greatest discounts you can achieve on your premium is for restricting the number of drivers that can be used for every policy – this is particularly helpful if the driving is restricted to just the owner. Discounts are greatest when a specific policy is used only for a specific driver, and having named drivers is an effective way of decreasing premium costs.

Another way to reduce your premium costs is to apply for voluntary excess. Extra excess on your policy helps you save money. It gets you a cheaper taxi insurance but costs more if you claim. Policies are more expensive when risks involved are greater for the insurance company. Premiums may decrease in cost if the taxi drivers you employ have no history of conviction or penalties on their licenses, a clean record helps negotiate a lower premium price.

Lastly, you may even get a lower premium offer if your taxi is kept in the garage when not in use rather than on the road.  The best way to find a lower premium is to conduct market research and find the cheap taxi insurance that suits you!

Importance of Private Hire Taxi Insurance

Private hire taxi insurance is required under the United Kingdom law. A private hire taxi is one that is available for public use round the clock. These are the taxis that function with on-call customers, where you can call them and ask to collect or drop you from or at a particular destination respectively.

Under the law, insurance is mandatory for all vehicles that use the public highway. Private hire taxi insurance is usually more expensive, but the cost can be minimized in a number of ways. For instance, if you have a clean driver’s license, you can be offered lower premiums by insurance companies. Moreover, if you have no claims against you, it could help you secure you an even better deal. Experienced drivers and those over the age of twenty five are given even more preferential terms. Firms that wish to hire drivers must ensure that the vehicle has private hire taxi insurance. The different types of insurance policies available are comprehensive, third party fire and theft, and third party only. You must have one of these policies under your belt to able to drive your vehicle legally on the UK streets.

The laws pertaining to private hire taxi insurance in the UK are very strict and failure to abide by them may lead to severe repercussions. It is much less costly to purchase taxi insurance for your vehicle than be caught driving around in an uninsured vehicle. It is also essential for the safety of the passengers travelling in your vehicle if you have it insured. In case of an accident, all the damage to your insured vehicle will be paid for. Moreover, there will be no chance of the passengers filing a law suit against you. There have been incidences where firms have gone bankrupt due to not having prior insurance.

Insurance for private taxis can be paid at a monthly rate and hence is more practical for taxi drivers. You can reduce the cost by purchasing the insurance online through various websites or through an insurance broker if you wish to avoid all the hassle.

Cab Insurance Policies

Insurance for your taxi is required by UK law. Taxi insurance is necessary, be it for public use or private. It is compulsory as you could end up paying very heavily or you could even be put in jail. It is also required by law to have the correct type of insurance to be allowed to ferry passengers. To insure your taxi you must first know the two main types of insurance. The first is for public use and the second for private use.

Public taxis are the famous black cabs of London, such vehicles are required to have a license from the reigning vehicle authority in the area. Also public taxis must have insurance that allows them to stop and pick people up from the side of the road. However, private insurance for taxis is such that is used by local taxi firms that operates through an office. Usually private taxis are called upon and then they come pick you up and take you to the destination you wish to reach.

These two main types of taxi insurance have three different cab insurance policies. These policies are fully comprehensive and allow anybody to drive the vehicle,since there is no restriction, third party thefts and unexpected fires which is to recover the vehicle from any damage and lastly third party policy which only covers the damage that is experienced by the drivers or the passengers.

There might be an excess set on the insurance of taxi cabs which may be set on a monthly basis. It is an offense against the UK law if you do not have insurance for your taxi, it is a small price to pay in comparision to the heavy fines that may be imposed upon you if your taxi is found without insurance also it is safer to get insurance. The consequences of not having insurance and getting into an accident can be pretty heavy. Taxi companies have gone into bankruptcy by claims against them from dissatisfied passengers. Insurance is an important aspect of driving a taxi so be sure to get insurance for your taxi.

Insurance for Taxi: Why is it Required?

The law of the United Kingdom requires you to have taxi insurance. It is a major criminal offense to drive a taxi in the UK without certified taxi insurance. If you do so, you will end up paying a huge fine or might even be put into jail. You are required not only to have taxi insurance, but the correct type of insurance is just as substantial to avoid any future repercussions.

There are two main types of insurance for a taxi in the UK: public and private taxi insurance. The former category basically includes the cabs that are usually parked at the side of the roads and are available for use by the public round the clock. These are required to have a license from the local vehicle authority. Private insurance for taxis covers insurance for private taxi firms that offer on call services, and are available to pick and drop you at specified destinations.

There are three main taxi insurance policies in the UK that cover both private and public users. These policies are comprehensive and allow anyone to drive a taxi, required that they meet some standard criteria. There is a policy that offers insurance on fire and theft and is called the “third party fire and theft” policy. This saves the driver form any loss due to third party damage. Another insurance policy known as the “third party only” covers only the driver and passengers. All these policies are aimed at protecting users of the widespread cab service in the UK and making sure that there are no undesirable ramifications.

As a taxi owner or driver, you have a liability not only to yourself, but also to the large number of passengers that ride your taxi. Taxi insurance policies are also extended to cover funeral furnisher’s mourner’s car, hearses, hospital and social service cars, school contracts, chauffeur driven limousines and wedding cars. Living in the UK, you would rather pay a small price for taxi insurance than get caught for driving a cab without insurance and then having to pay a much bigger price if an accident occurs.