Whether you have a fleet of private hire taxis or a fleet of minbuses, compare taxi fleet insurance quotes from leading providers.
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Owning a taxi business comes with a list of challenges from managing drivers, finances and operational tasks through to adhering to legal requirements. As a taxi company, your vehicles are legally required to have insurance to be on the road and to carry passengers. A taxi fleet insurance policy can make it easier to manage this element of your business by covering all of your drivers and vehicles in one place. It can also help to reduce your insurance costs.
Taxi fleet insurance is a policy that combines various covers and offers differing levels of protection to cover vehicles, drivers, passengers, and third parties. Some covers are legally required, while others provide additional financial security.
Just like a standard car insurance policy, there are three main levels of insurance available for taxi fleets:
Regardless of your chosen level of vehicle cover, most taxi fleet insurance policies include the following or offer them as optional extras:
There may also be other covers that you wish to include such as business interruption insurance, buildings/premises insurance, and more.
To legally operate a taxi business, you must have:
The cost of a taxi fleet insurance policy varies significantly based on several factors, including the age of your taxi vehicles, the experience of your taxi drivers, the number of vehicles covered, and any additional business insurance required (e.g., public liability cover). The best way to get an accurate price is to speak to an insurance broker who can provide a tailored quote.
Any vehicle being used for hire and reward can typically be added to a fleet insurance policy, including minibuses used as part of a taxi service. A taxi fleet policy is suitable for both public hire vehicles and private hire taxis, allowing businesses to tailor the policy to their needs.
Most insurance providers do not allow the inclusion of vehicles not used for taxi purposes, such as company cars. A separate commercial vehicle policy may be required for those vehicles.
Whether you operate a fleet of public hire taxis or private hire vehicles, choosing the right taxi policy is essential for financial protection and legal compliance. Understanding the levels of cover available, how policies affect taxi drivers, and how insurance protects passengers during a journey will help in making the best insurance decisions for your business.
Quote Goat works with a panel of insurance providers who specialise in taxi fleet insurance and therefore understand your insurance needs. It takes just two minutes to enter your details upon which you will receive a call from up to 5 panel members who will create a tailored policy for your business. This process allows you to compare insurance premiums from multiple insurance providers to find the right insurer.
With insurance costs seemingly on the rise every year, we have compiled a short list of ways to try and keep costs to a minimum:
Consider your drivers
Inexperienced taxi drivers, young age and a history of claims will have an impact on your premium price. Insurance companies will normally consider lesser experienced drivers and those with claims to be a higher risk.
Optional extras
Think carefully about the optional extras and covers included on your policy. If you do not need them then they will potentially increase your insurance costs.
Pay annually
Cashflow is key, but if you can pay for your cover in one lump sum, you will save money on interest costs.
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Although we may be biased, taking the time to shop around each year is a good way to save money or at least know that you have a competitively priced fleet insurance premium.
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