Taxi Insurance Essentials
If you drive a hackney carriage or private hire vehicle for profit you will need a specialist taxi insurance policy, as standard car insurance won't cover this type of business use. Whereas a standard insurance policy protects a vehicle, a specialist taxi or private hire policy helps to protect not only the vehicle but the investment and livelihood connected to it. Taxi insurance is available with third party only, third party fire & theft or fully comprehensive cover; however, there are also three specific types of policy available that vary, in both price and levels of cover.
Policy only cover: rhis is the least expensive form of public hire and private hire insurance. Whilst this type of cover is very basic, it may also be the most cost effective and may be suitable for new drivers and owner operators. Named drivers can be added to this type of policy, but this is likely to result in a higher premium.
Named driver cover: this is generally regarded as the most suitable type of cover for individual drivers who require cover for themselves and their vehicle. This type of cover only applies to the named individual and will not cover other drivers or motorists.
Any driver cover: this type of cover is usually the most expensive option, but it allows any licenced motorist to drive the insured vehicle. Any driver cover is normally best suited for companies with multiple vehicles and drivers, and although adding further drivers to the policy is often expensive it allows for a greater level of flexibility. Some insurers will only allow cover for drivers over the age of 25; however this isn't always the case and certain providers may have different age criteria.