If you make a living driving people from A to B then it’s really important to make sure you have the right type and level of taxi insurance. Not having the right cover could leave you liable for huge costs if you are unlucky enough to have an incident with passengers in the car. And when you work long days and nights for a living, the last thing you want to do is find yourself paying out big money when it could have been avoided.
There are two main types of taxi insurance – private hire insurance and public hire insurance. Private hire cover is what you need if you work for a cab office or drive a car that needs to be booked. Public hire insurance covers taxis that can be hailed down by the public in the street, for example, black cabs in London. To make sure you’re getting the best deal possible on insurance for your taxi it’s important to know what level of cover you need and what you don’t really need to pay for.
The first thing to check is whether or not your taxi insurance includes public liability insurance. Not all providers include this in their policy as standard so when comparing quotes make sure you’re comparing like for like. You don’t have to get it, but for your own peace of mind it is definitely worth the investment as it covers you if passengers make a claim for damages.
Another thing to look out for is a policy that includes unlimited mileage which may mean the premium is slightly higher. If taxi driving is your main source of income then this is probably worth having, but if you only drive a cab at the weekend then this could be an extra benefit that you don’t need with your insurance.
As with all other types of motor insurance if you are a younger drive then you will probably be paying more for your taxi insurance. This is when it really pays to hunt around on the internet and see if you can find a company that specialises in younger taxi drivers. But remember not to compromise on the level of cover that they offer. Insurance can be a hefty expense, but it’s much better to pay up now rather than risk being under-insured.