Are you looking for insurance as a minicab driver or as the owner of a private hire firm? We help drivers find cheap deals on their insurance by comparing quotes from leading insurance providers through our preferred provider, Quote Searcher.
Please use the quote button to get a quote or read on for further information.
What is Private Hire?
Private Hire or Minicabs are taxis that offer a booking in advance service. This means that they are unable to pick up a passenger who has not pre-booked. 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’s important to purchase your insurance from a specialist. We compare quotes from taxi insurance specialists who are well-placed to advise you on your requirements.
What type of insurance is available?
As with a standard car, there are three levels of private hire 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.
What information is required when getting a quote from an insurance provider?
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.
It may be worthwhile getting a quote for the varying levels of minicab insurance to see how this affects your premiums. You can discuss this with the insurance provider.
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 will be protected against legal or compensation claims that may arise as a result.
In light of this, keep this level of cover in mind when comparing quotes, this 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 find cheaper minicab insurance
- Have you installed CCTV on your vehicle? This helps 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 insurer 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?