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A Guide to choosing the right Taxi Insurance

Taxi light on top of saloon vehicle

Taxi insurance is a must for any taxi driver, are you fully insured to drive your taxi?

Choosing taxi insurance needn’t be difficult, we have just the solution, here at Patons Insurance! Making sure that you have the appropriate cover to drive your taxi is simple with Patons; we provide insurance for all taxi drivers, regardless of whether you drive a public or private taxi.

We can help you to stay clear of any unnecessary, costly consequences by providing you with all that you need to know when it comes to choosing insurance policy. Patons Insurance provide insurance to protect drivers in the event of an accident, regardless of whether it was your fault or not!

Whether it be the airport run or the taxi home from town, did you know that your vehicle is already at greater risk of being involved in an accident than any other domestic vehicle? Driving during peak times will leave you having to negotiate rush hour which can bring out the road rage in all drivers- not just other taxi drivers!

To make sure that you choose the right policy, why not consider the following?

Public or Private Taxi Hire?

Your taxi insurance is dependent on the type of taxi that you drive.

If you drive a black Hackney cab that can easily be hailed from the side of the street, you need public hire taxi insurance, but if you drive a taxi that only caters for passengers who have made a booking, you’ll want to invest in public hire taxi insurance.

Regardless of whether you drive a public taxi or a private taxi, you need to make sure that you have suitable taxi insurance! Everyone in your taxi needs to be protected, hence why it’s so important that you’re covered to transport your passengers from A to B.

Public Hire Taxi Insurance.

Public taxis are easily flagged down and don’t need to be booked in advance. If you’re a public taxi driver, you need to make sure that you have appropriate pubic hire insurance. Our public hire insurance takes into consideration that you work flexible hours, allowing you to find a reasonable insurance policy.

Private Hire Taxi Insurance.

Unlike the public taxis, private taxi drivers only need to drive when they have a booking.

We offer private hire taxi insurance to suit taxi drivers who work for themselves and have every opportunity to access fares by customers who have pre-booked. These booking can be made either over the phone or through an app.

To avoid being faced with fines or, worst case scenario, having your license revoked – make sure that you have private hire insurance.

Type of Insurance.

With so many insurance policies to choose from, it can be only to easy to choose the most affordable one, but this isn’t always the best idea! When insuring your taxi, you need to make sure that you choose the most suitable policy, taking into consideration the use of the vehicle. Not all policies allow you to use your taxi for leisure purposes, so make sure that you check what your policy entails.

Third Party Taxi Insurance.

Third Party insurance is the simplest type of cover that you can choose. This covers your passengers, property damage and personal injury but there are limitations, it doesn’t cover the cost of vehicle damage or damage from fire or theft.

If your vehicle is involved in an incident and you are at fault; you’re held liable for the repairs and replacements.

Third Party + Theft.

This is yet another insurance policy that we have available at Patons Insurance. We offer this kind of insurance for taxi drivers who are looking for a similar level of protection as the Third Party insurance but looking for additional cover for their vehicle.

Like the Third Party Insurance, you’ll still need to pay for any vehicle repairs if you are responsible but the Third Party + Theft taxi insurance makes sure that you’re insured should your vehicle be involved in an incident of fire or theft.

Comprehensive Cover.

When it comes to insuring your taxi, you need to make sure that you have sufficient cover for your vehicle. Comprehensive taxi insurance is the highest level of insurance that we offer, here at Patons Insurance, providing you with the peace of mind that the costs for repairs and replacements are covered. Comprehensive insurance also covers windscreen damage and chips.

If your vehicle is damaged in an incident, the comprehensive cover will enable you to repair your vehicle, stress-free, however, we recommend that you use the suggested repair garages when you claim through your insurance.

Keeping Premiums to a Minimum.

Generally, high performing vehicles are found in high insurance groups, where Groups 1 to 20 tend to be more affordable. If you’re looking to keep your insurance premiums to a minimum, find cover just for yourself (without any named drivers).

Driving safely is another way that you can prevent paying over the odds. Make sure that you drive your taxi sensibly, especially during peak times. Avoid convictions and points on your license, this will provide you with a claims bonus, potentially bringing down the cost of your taxi insurance.

To keep your insurance premiums low, consider choosing a policy that has high excess. The excess is the amount that you will need to pay, should you make a claim, so make sure that you can afford it!

Here at Patons Insurance, we offer private hire taxi insurance and public hire taxi insurance, to suit your exact needs and requirements, so you can rest assured that we have appropriate cover for you. Any modifications that are made to your vehicle need to be declared, otherwise, this could affect your cover.

Insurance premiums are often reduced when vehicles have security devices fitted and when in-vehicle CCTV is implemented. Leaving your taxi locked away in a garage overnight will also reduce the cost of your taxi insurance because your vehicle is at less risk of being stolen or vandalised.

If you need to know any more about taxi insurance UK, don’t hesitate to get in touch with the team of experts at Patons Insurance today, or request a quote here!

All information is 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.