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What is taxi insurance?

If you drive a taxi for public or private use, regular car insurance isn’t enough. You will need a specialist policy that covers you, your taxi, and your customers.Taxi cover can vary depending on your business, vehicle size and operating patterns. For instance, only public hire taxi insurance will cover you to pick up customers on the street. Having the right level of taxi insurance is crucial. And you will need enough to cover you against alleged claims for injury and damage to your property.
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  • Taxi Fleet Insurance

    Operate a fleet of three or more taxis? Find out more about our Taxi Fleet Insurance

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  • Taxi Base Insurance

    If you operate a number of taxis from a base or office, you’ll need the right level of Taxi base Insurance.

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Why do I need taxi insurance?

The 1988 Road Traffic Act states that all vehicles driven on a public road must have at least third-party insurance. This goes for all public and private hire vehicles. So, whether you’re an Uber driver or a seasoned black cabbie, you’ll need the appropriate level of insurance.

As with any motor insurance, your cover will depend on your circumstances. This is also true if you’ve added any optional extras. Here at ChoiceQuote, we offer extra cover for new badge holders, breakdown, misfuelling, and more. Speak to our specialist team today to discuss what taxi insurance you need.

Public and private hire vehicles

You will need a specialist policy tailored to the type of taxi you drive. This cover comes in two forms: public hire insurance and private hire insurance.

  • Public hire insurance
    • This cover is for taxis who aren’t pre-booked by customers i.e., vehicles hailed down. You could be a black cabbie or a taxi that displays an orange sign. In either case, public hire insurance protects you and your customers in the event of an accident.
  • Private hire insurance
    • A private hire taxi is booked in advance. This could be a fleet of taxis or a single vehicle. Under such policies, you will not be covered to pick up customers without a prior booking. Private hire insurance is for minicabs and minibuses licensed to work from a designated taxi rank or office.

Why is taxi insurance more expensive?

As a taxi driver, you will spend more time on the road than the average driver. This naturally means unsociable hours, congested conditions and driving in city areas. These factors statistically increase the risk of certain accidents occurring and, in turn, reflect the price you pay.

This said, there are ways you can reduce your taxi premium. Building up a no-claims discount and owning a taxi badge for a long period can both affect the amount you pay. It’s also worth bearing in mind that your taxi is your business, and anything that happens to it could affect your livelihood. Thus, paying a little bit more could save you thousands in the long run.

Types of taxi insurance policies

Taxi insurance offers the same three levels of protection as standard motor cover:

  • Third-party only (TPO)
    • This is the minimum required by law and covers all third-party liabilities should an accident occur. This does not cover damage to your vehicle when an accident is your fault.
  • Third-party, fire and theft (TPFT)
    • The next step up provides the same protection as TPO but includes fire and theft cover. This tends to be slightly more expensive than the previous protection.
  • Comprehensive
    • This is the highest level of taxi cover you can get and is the most popular. It has all the above protection but includes any accidental damage caused to your vehicle.

Do you have multiple vehicles in your fleet? Speak to our team today about taxi combining them into a discounted taxi fleet policy.

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Frequently Asked Questions

  1. How many taxis are required for fleet insurance?

    If you have 3 or more taxis, then fleet insurance is the best cover for you. This will cover your company’s vehicles without taking out multiple policies. If you rent your taxi vehicles to your drivers, they can also be covered as part of the taxi fleet policy, but they must be 25 years or older.
  2. Do I need public hire taxi cover or private hire taxi cover?

    Private hire taxis are pre-booked and public hire taxis do not require a pre-booking.
  3. Can I insure my taxi for personal use?

    If you’re a registered taxi driver, you can still use your vehicle for personal use. Rules can differ depending on your local council, so make sure you check in advance.
  4. What types of vehicles will your taxi insurance cover?

    Our insurance covers a wide range of vehicles from saloons to executive cars.
  5. Can I get cover today?

    If you need insurance today, we have you covered. You can make a payment by credit or debit card or if you choose to pay by Direct Debit, you can pay an initial deposit and then pay the remaining amount over monthly instalments.
  6. How many drivers can I have on my policy?

    When you purchase single vehicle taxi insurance, you can insure up to 4 drivers on a ‘named drivers’ policy. Dependent on your insurer, you can cover any authorised driver, rather than all named drivers on your fleet.
  7. What other policies do you offer?

    We know that you rely on your vehicle to make a living. In an unfortunate case of a breakdown, you will want to get back on the road as soon as possible. We offer breakdown cover in addition to your existing policy or as a new policy. Legal expenses cover is also available.

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