Black Cab Insurance
Black cabs one of the most recognisable vehicles on the road in the UK. However despite their popularity their future is not guaranteed. They can be quite expensive to run and insurance is only offered by a few larger insurance providers. The cost of a black cab insurance policy will depend on a few different factors such as the driver's age, claims history etc. and where the cab is being driven. Whether the cab is public hire or private hire only will also impact price.
Private Hire Vs Public Hire
The two main types of taxi insurance are public hire insurance and private hire insurance. This applies whether it's a black cab, minicab or a minibus. How the taxi is used has a big impact on the price and therefore insurance providers will want to know this information before they can calculate the cost of a policy.
Public hire taxis are able to be hailed on the street as well as being pre-booked by phone. They are the most common type of taxi out of the two. Private hire only taxis are only able to be pre-booked and cannot display a 'taxi' sign like public hire taxis. Private hire taxis are typically at less risk than public hire taxis and therefore will usually cost less to insure.
Fleet Insurance
Although a lot of taxi firms now employ owner drivers who take care of their own insurance, MOT etc. There are still a good number of firms out there who insure their own vehicles. In this case fleet insurance is nearly always opted for. It makes sense as not only does fleet insurance work out cheaper than insuring vehicles individually but it's also a much more efficient way of doing things. When all the taxis are insured under one policy it's a lot quicker and easier to make a claim compared to searching out a specific vehicle's policy details
Additional Insurance Options
In addition to the main types of cover that are available with taxi insurance policies, many taxi drivers opt for additional cover for more protection. Some of the most popular types of additional cover include -
- Breakdown Assistance - Essential for taxi drivers. Their cab is how they make a living so when it breaks it's essential to get it back on the road ASAP
- Replacement Vehicle - This is a very useful type of cover and will ensure there's no loss of earnings if the taxi needs major repairs.
- Loss of Earnings - If for whatever reason you're unable to work for a period of time then you'll be compensated if you have loss of earnings included in your policy
- Personal Injury - It's an unfortunate fact of life but taxi driving can be a very dangerous profession. There's always the possibility of being attacked by abusive passengers so personal injury insurance is something that an increasing number of taxi drivers choose to get
