Category Archives: Taxi Insurance

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.

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!

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.

Requirements for Chauffeur Insurance

In the United Kingdom, it is mandatory under the law to hold a minimum level of insurance for your vehicle, if you want to use it on a public highway. Moreover, if you plan on carrying passengers in your vehicle with reward, you will need a license from your local vehicle authority. This type of license is called a Chauffeur Insurance.

The major difference between a private hire driver and a chauffeur is that, despite the fact that in both cases your journeys need to be pre-booked, private hire taxis can collect cash whereas chauffeurs cannot. As a chauffeur, all your appointments will be pre-paid. The individual rules and requirements by the authorities will differ according to the area in question. Finding the right chauffeur insurance is an essential prerequisite to ensuring the smooth running of your business.

The insurance policy should be comprehensive enough to cover all possible risks you may encounter as part of your everyday business activity. There are a number of chauffeur insurance policies offered by a range of insurance companies. Your needs depend on the kind of car hire you have on offer. Your chauffeur insurance deal should cover quotes for public liability insurance, insurance in the event of breakdowns or any other kind of damage, and even the option of replacing your vehicle in case the damage is irreparable.

If you more than one chauffeur driven vehicles, you may be able to secure a low cost deal with an insurance company. You have more chances of being given lower premiums if you are purchasing insurance for a number of vehicles from a single insurance company. In the UK and elsewhere, most chauffeur driven vehicles are expensive relative to the traditional taxis. This means that the repairs and maintenance costs are also higher, meaning that you will have to pay a higher insurance price for a chauffeur driven vehicle than a normal taxi. Paying the price is worth it, because at least you will be covered for any damage to your vehicle. Most importantly, you do not want to be caught evading the law.

Taxi Cab Insurance;What is UK Black Cab insurance Legal cover?

Black cabs have become UK’s icon. They are the main mode of transportation, to ensure that they always stay that way you need taxi cab insurance. There are a number of different considerations that should be further looked into when looking for a taxi cab insurance quote. Some companies only specialise in larger cities such as London, or Birmingham whereas some focus only on the small cities such as Reading or Lancaster. So first of all it is necessary that the company you choose for your insurance quote covers all locations within the UK.

The typical criteria that will help in determining your premium and its percieved risk will involve questions such as the taxi driver’s age; the number of years he has held his taxi badge for; period of years that you wish to be insured for; age, make and model of the taxi that you wish to insure and the added alternative of a replacement vehicle should the current one go out of commission.

Some insurance companies strongly advise taxi cab drivers to also look into and take into serious consideration the options of a public liability cover and a legal fee cover. Legal fee coverage would help in the case of a court ruling or a situation where your driver may get stuck on the bad end of a court order, if such a case arises your taxi cab’s insurance will take care of any legal expenses that might take place.
Some companies also give out extra added benefits such as insurance for new badge holders, a 24-hour claims service, flexible payment options, a choice for a 3 level insurance cover including; third party fire and theft, third party only and comprehensive insurance. Also some insurance brokers compare rates from some of UK’s top specialist taxi insurers and get you their least expensive and their best possible taxi cab insurance quote. This is means that now you get more for less!

Be sure to keep in mind all the above given factors and expand your market research, as this is the only possible way for you to get the best taxi cab insurance suitable for you.

What defines a mini cab?

Minicab in England is used to refer to a private hire car and “private hire” is used in Scotland. As the name suggests these are passenger vehicles which can accommodate either 4 passengers in its 4 door saloon/hatchback or 5-8 passengers in its licensed MPV’s and can only be hired on pre-booked basis. It started off its operation in the 1960’s in direct competition to Hackney carriages which can cater to passengers without pre-bookings.
Starting 2001, the minicabs have been regulated in London and are now licensed under the Public Carriage Office, renamed as London Taxis and Private Hire (LTPH). The drivers need to undergo a Topographical test in order to obtain the Private Hire drivers license.
Owners of any type of vehicle; be it heavy and light weight motors, personal or public taxis have to have insurance before taking their vehicle on the road. It is the responsibility of the driver, be it public or private Hire to have the insurance while driving on the road. Safe drivers are aware of the risks involved and Taxi insurance is important for their livelihood’s security.
Taxi insurance is aimed at the cab drivers or those who operate the taxi business. Insurance not only speculates the drivers’ risk but also insures the passengers. Due to increased competitiveness in the insurance industry, there are separate policies for the drivers and the taxi owners for their convenience. To make it easier for the drivers and the owners, insurance companies have started their online ‘quote’ system where they make it easier for the insurer to get a quote on the insurance policies offered by them.
The Mini Cab and the public hire have different quotes available by different insurance companies. There are different policies, different number of people to be insured on the same vehicle. Due to increased competitiveness there is a minor difference between the insurance of private and the public Hire vehicles. It is important for you to know the difference between the policies to ensure that you get the best insurance for your minicab

Black Cab Insurance

Black taxi cab is truly an icon. It is a symbol of UK itself and there are not many streets in U where you wont come across one black cab. But for a driver, black cab is not only an icon but also a source of income. If you are driving a black cab in UK then you will have different needs than other taxi drivers driving in other cities. That is why you need to get a black cab insurance to accommodate your needs and to be mentally at peace that everything is under control.

Black cab insurance is there to protect you and your passengers in case of accidents. It also provides cover for repair work or any other expenses paid. But for your total protection, insurance is required which cover things like medical and legal expenses. Extra coverage of breakdown assistance, replacement vehicle cover and windscreen replacement cover is worth thinking.

There are a growing number of brokers in UK that deals only in black cabs. They offer insurance policies, give you convenient options and are ready to help you with queries. They would advise you respecting the general areas where you can operate your black cab business effectively. While searching for an accurate black cab insurance policy, the first thing you should look for is that your insurance provider includes UK under their area of coverage. Also make sure that you are covered against all likely risks to your vehicle and business. Some black cab risks include:

• Risk of damage by customers that is covered by third party insurance.
• Risk of fire and theft, coverage of which is included usually in all black cab insurance policies.

Black cab insurance is not hard to find, because these days there are plenty of firms and companies that offer necessary protection and cover for your black cab.
Choice Quote Insurance Services has been providing black cab insurance since 1995. In UK they have established a reputation of offering excellent taxi insurance cover and professional services. But most of their policies for public and private hire black cab taxi drivers, offers cover to full time taxi drivers with minimum of 2 years taxi no claim bonus. Drivers must not have more than one ‘at fault’ accident and two minor traffic offences. Other schemes are also available.

MCE insurance is famous for giving cheapest quote for your black cab insurance by comparing insurance prices with more than a dozen leading companies. As MCE Insurance works with leading UK’s black cab insurance companies, they protect no claim bonus for small premium in case of theft or accident. They also provide 24 hours breakdown service.

Taxi Protection also compares the rate of UK’s top specialist taxi insurers, providing best possible taxi insurance quote. It gives choices of three level of cover: comprehensive, third party fire and theft and third party only available. It also gives 24 hours UK based claims service.
By searching online you can compare different black cab insurance policies and select the most beneficial of all, letting you get on road in confidence

Cheapest taxi insurance

Is it really worth risking your life and that of your passengers by opting for the cheapest taxi insurance? Probably not worth all the trouble you’d have to go through later when the law catches up with you. Taxi insurance is intended to provide an insurance cover for you in the worst of times, such as accidents and lawsuits. The taxi business is considered to be the one of the riskiest jobs since a lot of different lives are at risk. Insurance helps reducing the major risks and damages that might come to the driver, vehicle and the third party; be it in an accident or fire or theft.
Opting for the cheapest taxi insurance does not make you smart at all; it just puts you at greater risk, since it does not provide all the cover s that normal taxi insurance may. At the time of claim in the case of an accident, your insurance may not be able to help you to its utmost potential seemly because you opted for the cheapest taxi insurance possible; despite paying premiums every month. So if you still want to buy the cheapest taxi insurance possible then be sure that you are at least covering the major risk factors if not all.
Although it is not worth the risk, when you are buying cheap taxi insurance be sure to check for hidden charges that might be included in the terms and conditions. Since the demand for cheap taxi insurance started to rise, a lot of companies have come up with different ways to make the taxi insurance costs seem less. They offer great discounts on the insurance. Although such insurance seem cheap and easy to obtain they usually include hidden charges that make the policy a lot more expensive as time goes on or at the time of claim.
Cheap taxi insurances are also sometimes just a con artist trick. Be sure to check whether the insurance company you are satisfied with is registered with the State Insurance Department since all legally operating insurance companies must be registered. Even though it is not worth the risk to get the cheapest taxi insurance, be sure to at least satisfy all your queries before making a decision.