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Some taxi firms will organise taxi insurance for all their drivers, which takes advantage of bulk ordering to reduce costs. If you’re an independent driver or your firm makes drivers responsible for their cars, this option may be closed to someone else.
Most taxi insurance follows the same cover structure as standard UK car insurance. This means your usual choices would be:
Third-party insurance covers you only against damage or injury to someone else. Yes, this includes your passengers! Third-party fire & theft also cover if your vehicle is damaged by fire or stolen. Comprehensive cover insures your taxi against all damage, theft, and third-party liability. What level of cover you prefer depends on your priorities and budget. Getting the best deal for the cover you need takes time.
The cost of taxi insurance can vary significantly, depending on a range of factors such as the driver’s age, experience, location, type of taxi (public or private hire), and claim history. Prices fluctuate over time and between insurers, so getting a personalised quote for the most accurate estimate is crucial.
Traditional taxi insurance typically doesn’t cover food delivery as it’s considered a different type of service, often referred to as “hire and reward”. The risks associated with food delivery (such as more frequent stops and potential damage to the vehicle from food spillages) are different from those of carrying passengers. If you’re a taxi driver considering food delivery, check with your insurance provider to ensure you have the right cover. You may need to add additional coverage or a separate policy.
Taxi drivers need a specialised form of car insurance known as taxi insurance. There are two types: public hire insurance for taxis that can be hailed on the street (like black cabs) and private hire insurance for pre-booked taxis. Both should provide third-party liability for injuries to passengers and other road users and cover for damage to the vehicle and property. Some policies may include extras such as legal expenses coverage, breakdown cover, and public liability insurance.
Uber drivers, considered private hire drivers, need private hire taxi insurance. The cost depends on similar factors as traditional taxi insurance: the driver’s age, experience, location, type of vehicle, and claim history. The price can fluctuate, so getting a personalised quote is crucial. Uber also provides a degree of liability insurance for drivers, but this may need to be more comprehensive, so drivers are typically advised to maintain their own private hire taxi insurance. Not all providers cover Uber drivers!
Taxi insurance tends to be more costly than standard car insurance due to the higher risk associated with taxi driving. Factors contributing to this higher cost include:
Remember, these are general industry trends, and individual experiences may vary. Always consult with a licensed insurance professional for the most accurate information. Insuro is not responsible for the results provided by SEOPA.
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