Written by Michael Foote, Insurance and Finance ExpertMichael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
Are you looking for insurance as a minicab driver or as the owner of a private hire firm? We help drivers find cheaper deals on their insurance by comparing quotes from leading taxi insurance providers.
Please use the quote button to get a quote or read on for further information.
What are Minicabs?
Minicabs or private hire vehicles are a form of taxi that offer a booking in advance service. This means that they are unable to pick up a passenger who has not pre-booked, i.e. a passenger hailing a cab from the side of the road. Minicabs have risen in popularity in recent years, due to their competitive pricing and the ease that comes with being able to pre-book as opposed to hailing a taxi or queuing in a taxi rank.
What is the benefit of Minicab Insurance?
The main thing to note is that having it is a legal requirement, without it you will be breaking the law. The second point is that driving is your livelihood and protecting your vehicle is therefore essential.
Minicab insurance is different to both standard car insurance and a public hire policy so it pays to purchase your insurance from a specialist. Using Quote Goat to compare quotes from mini insurance specialists give you access to expert advice and tailored quotes that fit with your requirements.
What type of insurance is available for a minicab?
As with a standard car, there are three levels of taxi insurance; Comprehensive, Third Party Fire and Theft and Third Party Only.
Comprehensive: as the name suggests gives you the highest level of cover, protecting damage to your vehicle as well as any third parties and the driver on both sides.
Third Party, Fire And Theft: Typically provides cover for damage or compensation due to the 3rd Party in an accident. You are also covered in the event that your vehicle is stolen or is involved in fire damage.
Third Party: The most basic level, which will cover any damage or compensation due to a third party, however it will not cover damage to your own vehicle or injury to the driver.
Minicab Insurance Tip: It is often thought that Third Party Only insurance will be the cheapest as it offers the least level of cover, however this is certainly not always the case. You should therefore discuss all levels of cover with an insurance specialist when you arrange your quotes.
What information is required to compare minicab insurance policies?
The standard information required includes:
Contact details, how you have held your driving licence and badge for, name of licensing authority, level of cover, drivers, any no claims bonus, any claims or convictions and vehicle details.
What is Public Liability Cover?
It is important that you know what public liability cover is when comparing quotes.
As a minicab driver you will naturally be working with the public and will therefore need public liability cover.
This protects you if a customer is injured in your cab or if a customer’s property is damaged. The cover means that you should be protected against legal or compensation claims that may arise as a result.
In light of this, keep this in mind when comparing quotes, as it should be an important part of your decision making process as claims can run into the millions of pounds.
What else should you consider?
Use outside of work: Your policy will be affected if you plan to use your minicab as your main vehicle outside of work. Make sure to include this in your quote.
Unlimited miles: minicab insurance policies often have a set maximum number of miles you can drive, opting for unlimited mileage cover means you will not be charged extra for driving over your agreed mileage.
Tips to reduce the cost of your insurance
- Have you installed CCTV on your vehicle? This can help to lower the cost of your private hire insurance
- Protect your no claims bonus: building up a NCB is an effective way of keeping your policy costs low by demonstrating to an insurance provider that you are less likely to make a claim on your policy.
- As well as CCTV, have you had an immobiliser or Thatcham security device fitted?
- Black Box taxi insurance – telematics give your insurance provider an insight into your driving ability and usage. Safer drivers can therefore be rewarded with lower premiums.