Knowing just what is taxi insurance will help you be legally protected when you are transporting passengers in your commercial vehicle. Since you cannot be covered by a standard vehicle insurance policy, a Hire for Reward policy is required. If you operate a fleet then we can provide you with quotes for taxi fleet insurance.
Hire and Reward insurance is the coverage every taxi driver, rideshare driver like Uber, chauffer and courier needs to be legally covered on the road in accordance with UK law. This protects the person you are transporting and their contents.
Public Liability insurance is highly recommended. This will protect you against any lawsuit that might occur if one of your passengers files a lawsuit for damages while they were in your vehicle.
Taxi Breakdown coverage will cover the costs of taking your passengers to their final destination if your taxi breaks down or in involved in an accident.
Replacement Plated Cabs coverage which will provide a vehicle to be used as a taxi within 24 hours of an accident or your vehicle is not road worthy.
In some taxi policies legal assistance is provided while in others it is not. Read the fine print and if your policy does not cover legal assistance, an add-on for it should be included to cover the legal cost. This is used if you need to take legal action for the recovery of fees or the costs of damage to your vehicle
The biggest reason taxi insurance is more expensive than a standard vehicle policy is because of the increased risk associated with this type of vehicle. This includes the vehicle being on the road more hours and covering more miles than a standard vehicle.
Many taxis operate in highly congested urban areas which also contribute to high risk which means higher premiums.
If you are not sure what you need, one of our independent insurance brokers are ready and willing to assist you. They can help find the type of policy that fits your needs at a price you can afford.
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