Different Types of Insurance Policies You Need for Your Taxi

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Different Types of Insurance Policies You Need
for Your Taxi
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• As a taxi driver, you need adequate insurance to
  drive your vehicle legally on the road to earn a
  living. When going for insurance, there are a lot
  of concerns about running in your mind. While
  dealing with the insurance company, the cost will
  be the one thing you would be concerned about
  while getting a quote for your insurance policy.
  Therefore, it is vital to choose the right policy
  for you within an affordable range. However, it
  gets a little difficult by the changes in the
  industry caused by the rise of Uber, that has
  made things more complicated.

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Private Hire Taxi Insurance

• For your private hire taxi, you need Private Hire
  Insurance. You need to pre-book such type of
  vehicles and these taxis cannot be hailed down
  directly on the street.

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• Public Hire insurance is required for a public
  hire taxi that can be flagged down directly on
  the road and does not need pre-booking. The most
  common types of cabs are Hackney Carriages or
  London Black Cabs. Because of the differences in
  private hire cabs, you can get guidelines from a
  broker to know what you need.

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Public Hire Taxi Insurance

• Public Hire insurance is required for a public
  hire taxi that can be flagged down directly on
  the road and does not need pre-booking. The most
  common types of cabs are Hackney Carriages or
  London Black Cabs. Because of the differences in
  private hire cabs, you can get guidelines from a
  broker to know what you need.

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Minibus and MVP Taxis Insurance

• The vehicles who are larger than the normal sized
  vehicles with more than 5 seats. Such vehicles
  fall into a higher insurance group. Based on the
  group in which your vehicle fall defines the type
  of policy options you like. For instance, whether
  you like the comprehensive cover, fire and theft,
  and third-party liability.

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Named Driver Policies

• If you are the only driver that is looking for
  insurance, you will be able to get named
  insurance. However, if you have a fleet of taxis
  you would have two options policy only insurance
  and all driver insurance
• Knowing the insurance needs gives you the idea to
  get some knowledge about the additional options
  you may need. That includes, for example, taxi
  breakdown cover and public liability insurance.
  This information will help you to get the type of
  cover you want for your taxi to protect. If you
  are still confused, ask the insurance broker to
  help you find the right cover at the right price.

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