Choosing the right insurance is vital for keeping your taxi – your livelihood – on the road.
It is natural that drivers look for the cheapest quote when taking out or renewing their taxi insurance because no one likes paying more than they have to.
And with the cost of living rising, it makes sense to save money wherever you can.
But it is not until they are involved in a crash or make a claim that they know how good – or bad – that cheap taxi insurance really is.
Because taxis spend more time on the roads than non-professional drivers, they are considered higher risk by insurers and the premiums are more expensive than those for domestic use.
The best taxi insurance a driver can take out is a policy that will protect them in the event of a crash or claim, taking care of the cost of repairs, courtesy cars and, in the event of more serious collisions, injuries and replacement vehicles.*
The worst insurance they can take out is a policy that leaves facing large repair bills or time off the road because particular circumstances were not included in their policy, or were considered too expensive as optional extras.
We work with drivers to find the right taxi insurance that will have them back on the road in no time – so they won’t be left counting the cost.
The key is making sure that the insurance covers every aspect of their work. Whether they have private hire insurance, public hire insurance or taxi fleet insurance, they need to have the appropriate cover in place to start with.
They then need to consider the area and the hours in which they will be operating, as well as public liability insurance which can be included as standard in fully comprehensive taxi insurance, but is usually an extra in cheaper policies.
They also need to consider whether they will be the sole driver or whether other licensed taxi drivers need to be added to the policy.
We work with drivers to understand their needs help them choose the appropriate taxi insurance that covers everything they need. For example, if a driver already has breakdown insurance which covers taxis in place, there is no need to take this out as an optional extra. We will help them find suitable cover so that they are not doubling up and paying for something they do not need.
Similarly, if more than one driver is likely to be using more than one taxi, it might be cheaper to take out a fleet policy which could allow them all to drive all of the taxis.
It isn’t pleasant to be involved in a collision or to have to make a claim if someone else damaged your taxi, but having the right insurance in place means that your taxi will be repaired or replaced and you can get your business back on the road with minimum fuss and inconvenience.
There are plenty of deals and discounts to be had, but it is vital that drivers ensure that whatever taxi insurance they take out covers them for what they need. Otherwise, the money they have saved on premiums will seem like a drop in the ocean compared to the bills and loss of earnings they could face.
*Claims handling, repairs, courtesy vehicles etc. vary for each insurer and are subject to availability
Information correct at time of publication. Information provided within this article may have changed over time. No responsibility for its accuracy or correctness is assumed by John Patons Insurance Services or any of its employees.