Taxi insurance regulations clearly distinguish between different types of taxi businesses being operated, with public hire insurance needed for black cabs and private hire insurance for PHVs. For a self-employed driver who runs their own car, the differences are straightforward, and each driver must ensure their own vehicle is covered for the type of taxi
The founder of an Isle of Wight taxi firm is so hooked on electric vehicles that he will never buy a petrol or diesel car again.
Kevin Barton, CEO of We Go Local Solutions LTD and Go Taxi, used his tech background to help create sustainable businesses on the popular holiday island which enjoys a bustling hospitality and entertainment sector.
The motor insurance industry takes two main factors into account when calculating insurance premiums – the risk and the cost of paying out a claim.
We recently looked at how the soaring cost of vehicle parts was pushing up the price of repairs and making taxi insurance and other business motor insurance claims more expensive.
Although you must have taxi insurance to operate legally in the UK, there are other types of insurance needed to run a taxi business.
And, typically, the bigger the operation, the more cover is needed to protect staff, passengers and the entire operation.
Taxi drivers need one thing to make the switch to EV – to be sure that it will do at least what their current petrol or diesel cab will do. Anything less isn’t worth bothering with.
In simple terms, they want something with a decent range and can charge up whenever they need to so they can be on their way again in a matter of minutes.
As the cost of living continues to increase, there are steps taxi drivers can take to reduce their taxi insurance premiums.
The rising cost of domestic car insurance made headlines recently after the Association of British Insurers revealed that soaring repair costs pushed the average vehicle premium to £511 – 21% higher than this time last year.