Taxi Insurance | Insurance For Private Hire Taxi | Coversure

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Need a taxi insurance quote? Let the independent specialists at your local Coversure compare their markets to find you quality taxi insurance protection. Your local Coversure office can tailor protection to your needs, so start your taxi quote today.

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What Is Taxi Insurance?

Taxi insurance is a specialist form of motor insurance designed to meet the needs of drivers who carry passengers for money. Taxi insurance is a flexible policy, and thanks to our close connections to a range of leading insurers, your local Coversure office can offer cover to:
  • Private hire drivers
  • Public hire drivers
  • Euro Cab drivers
  • Electric cab drivers
  • Uber drivers
  • Chauffeurs
  • Minibus drivers

How Are Taxi Insurance Premiums Calculated?

Many factors contribute to how much your taxi insurance costs, and these include;

  • Your age – generally speaking, the younger you are, the more it will cost, as the risks of a claim are deemed to be higher. Also, elderly drivers may find themselves paying more for similar reasons
  • No claims bonus – how many years you have gone without making a claim will help insurers decide on your premium
  • Your vehicle – cars are placed in insurance groups that range from 1 to 50, with one being at the cheaper end and fifty containing sports and luxury cars. The age of your vehicle is also a factor.  Older cars are not only (generally speaking) less secure, but they are also more attractive to thieves as they are less conspicuous and easier to steal
  • Your driving history – how long you’ve been driving, whether or not you’ve had any claims, convictions, or points on your licence will be considered
  • Your postcode – where you drive makes a big difference to your policy costs. Postcodes with unfavourable crime rates – especially those with higher than average car crime rates – will push up premiums
  • The hours you work – night work and early mornings are likely to increase your premiums

What Types Of Taxi Insurance Are There?

Like most motor policies, taxi insurance comes in various forms, offering a different level of cover.  The most common types are:

  • Third-party only – this is the minimum required by law and will only protect you for third-party liabilities – e.g., damage to another driver’s car in the event of an accident if it’s your fault
  • Third-party, fire, and theft – this is basically the same as third-party, but it also insures your taxi should it be stolen, damaged or lost in a fire
  • Fully comprehensive – fully comprehensive will protect you should your vehicle be lost to fire, stolen, and, in the event of an accident, it will pay for repairs to your vehicle even if the accident was your fault

On top of that, there are two other forms:

  • Private hire – covers you if you drive a taxi that must be pre-booked and can’t be hailed on the street
  • Public hire – covers you if your taxi is available to pre-book or can be stopped on the street. Public hire taxis are usually company owned and will display a taxi sign on top of them

Regardless of which type of cover you choose, you’ll need a taxi license before you can request a taxi insurance quote.  If you’re unsure which type is best for you, please get in touch with your local Coversure, and they’ll be happy to give you some independent help.

What can Taxi Insurance cover?

A taxi insurance policy through Coversure can offer you the following important protections*:

Protected no claims bonus

In the event of a claim, you won’t lose your any claims discount

Excess protection

If you’re required to pay an excess, such as if an uninsured driver hits you or you’re at fault in an accident, you’ll be insured against the excess costs

Motor legal

Accidents happen, and you can protect yourself with up to £100,000 of motor legal cover, including recovery of uninsured losses, personal injury cover, and a guaranteed replacement vehicle regardless of fault

Breakdown Cover

Your vehicle is your business, and if it’s off the road, you can’t earn. Adding breakdown insurance to your policy can help you get back on the road sooner. Including home start and European options

Public Liability

Provides cover should a member of the public injure themselves or if their property is damaged while you are working.  It covers the cost of claims made by members of the public for incidents that occur in connection to your business’s activities, for example if they slip on the floor and decide to sue you, you’ll be covered.

How to Cut the Costs of Taxi Insurance?

No one wants to spend more on their insurance than they have to – let’s face it, there are more exciting things to spend your cash on.  So, to help you save on yours, here are Coversure’s top tips for saving on taxi insurance costs;

  • Tip 1: Shop around – it’s a competitive market, and you’ll need to spend some time looking around if you want the best deal
  • Tip 2: Use an insurance broker – an independent broker such as your local Coversure can not only save you time by doing the shopping around for you, but through their contacts at leading insurers, they may be able to find you an even better price – even for postcodes that can prove difficult to get cover for
  • Tip 3: Raise your excess – raising your excess – the amount you pay in case of a claim – can help reduce your premiums. This is because a) in the event of a claim, the insurer will have less to pay out, and b) a higher excess is likely to reduce your claims for more minor incidents
  • Tip 4: Check the policy wording – extras such as breakdown or any driver cover are great, but they can add to your premiums. So, check your policy carefully – or have your broker do it for you – to make sure you are only paying for what you need
  • Tip 5: Protect your vehicle – dashcams, in-car systems such as telematics, and having your car parked securely overnight can all help keep premiums down
  • Tip 6: Build up your no-claims discount
  • Tip 7: 2 or more vehicles? Look into fleet insurance – fleet insurance is an excellent option if you have two or more vehicles – be they cars, MPVs, or electric cabs.  It can reduce the cost per vehicle costs, gives you one renewal date and the flexibility to add and remove vehicles and drivers as you need to

The best way to find out how much protection you need is to contact your local Coversure. They’ll be able to advise you as to what you need and create a package of Taxi cover for you.

Taxi Insurance FAQ

This can be a complex area of cover, so to help you get the protection you need, here are Coversure’s taxi insurance frequently asked questions.  We hope they will be of use, but if you’d like some personalised independent advice, contact your local Coversure office.

Yes, it’s designed to protect you, your vehicle, and your customers while you’re driving for commercial hire.  You’ll need a full taxi license before you can order to get  a policy.

A no-claims discount (NCD) or no-claims bonus (NCB) is a way that insurance providers reward careful drivers by offering you a discount on your premium.  The longer you drive without claiming, the bigger the discount on your premium could be

No, that usually needs to be taken out as an option

Yes, if you have two or more vehicles, you can get a taxi fleet policy

Private hire insurance is for drivers of cabs that must be pre-booked rather than hailed on the street.  Public hire taxi insurance covers drivers of cabs that are available to pre-book and can be hailed on the street

Getting a quote is easy; contact Coversure or start your taxi insurance quote today

Need a Taxi Insurance quote?

If you’d like a Taxi Insurance quote from Coversure, please contact your local Coversure office or start your quote here. Our independent brokers will search their markets to find you the right policy at the right price to keep your business protected.

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* Policy information is correct at the time of writing. Policy details, limits, and exclusions are subject to insurer’ changes. When taking out a policy, your local Coversure office will be able to advise you of the specifics of your cover.

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