In a similar way to car insurance, each taxi insurance policy can vary depending on the vehicle and the provider. Therefore, it is important that taxi drivers have a basic understanding of private hire insurance as they search for a policy.
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 does taxi insurance cover?
- Windscreen Cover
Anything from a small chip that needs filling to large fractures and full windscreen replacements are all covered in both car and taxi insurance.
- Social, Domestic and Pleasure
Even if you are a registered taxi driver, your insurance will still cover your vehicle for personal use as well as for work. This means your vehicle will still be covered for any social, domestic and pleasure purposes outside of work time.
- 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.
For cheap taxi insurance it is important to compare taxi insurance quotes across a number of different suppliers to find a great deal.