What Does A Taxi Insurance Policy Cover?

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Written by Michael Foote, Insurance and Finance Expert

Michael 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.

In a similar way to car insurance, each taxi insurance policy can vary depending on the vehicle and the insurance provider. Therefore, it is important that taxi drivers have a basic understanding of taxi insurance as they search for a policy. However, for those that are unsure, you will have the opportunity to discuss your exact requirements with a specialist insurance provider when you get a quote through us. They are best placed to advise on what type of insurance you will need.

Taxi insurance does exactly what is says on the tin; it covers any vehicles used as a public or private hire taxi. Seasoned drivers may very well be familiar with the three main types of car insurance available, and these types are the same for taxis.

Taxi Insurance Types

Third Party Only (TPO) insurance is the minimum insurance required by law and works the same for cars and taxis. The policy covers all third-party liabilities should an accident occur. The policy can also be extended to include fire and theft (TPFT), which provides the same protection as TPO, but adds fire damage and theft to the cover.

Comprehensive taxi insurance offers the same as TPFT but includes protection for you and your vehicle with the most complete level of cover.

What can taxi insurance cover?

  1. Windscreen Cover

Anything from a small chip that needs filling to large fractures and full windscreen replacements are all usually covered in both car and taxi insurance.

  1. Social, Domestic and Pleasure

Even if you are a registered taxi driver, your insurance can also cover your vehicle for personal use as well as for work. This means your vehicle would still be covered for any social, domestic and pleasure purposes outside of work time.

  1. Public and Private Vehicles

Insurance companies provide cover for both private and public hire taxis, but your quotes for taxi insurance can differ between the two. Public hire vehicles are for taxis that can be hailed in the street, booked in advance or hired from a taxi rank.

Private hire vehicles differ slightly. These taxis can only ever be booked in advance, such is the case with Uber drivers. If they choose to give someone a ride who hasn’t previously booked, they can see their insurance null and void if they are involved in an accident.

To find a competitive insurance quote for your taxi, why not compare taxi insurance quotes across a number of different suppliers to find a great deal?