Car Insurance for Taxi Drivers
If you drive a private or a public hire vehicle for commercial purposes in Britain then you will require a more tailored form of car insurance than standard policies. This is because you don't just have liability for yourself and other road users but you also have the reasonability of carrying your passengers from A to B safely. Taxi insurance doesn't just stop there; it can also extend to cover your loss of income if your car was to be involved in an accident.
Extra Benefits of Taxi Insurance
If you own a taxi or a fleet of taxis it's a good idea to shop around as prices vary dramatically. It is also recommended that you don't just look at price but compare the benefits. For example, some taxi insurance policies will provide you with a plated, licensed cab if yours were to be involved in an accident so you can carry on working. Other policies will simply reimburse your lost income if you can't drive your taxi due to theft or damage.
Public Liability Cover
Other benefits to look out for when purchasing taxi insurance include whether they offer public and employers liability cover, this means you are covered legally outside of your taxi if you have to escort passengers to and from the vehicle.
Named Drivers or 'Any Driver'?
Due to the number of hours you are on the road for, and the risks involved in driving a taxi, insurance can get very expensive. If you have drivers working for you, it can work out cheaper putting them on a policy as named drivers as opposed to having an 'any driver' policy. If you work for yourself look for specialist insurers rather than generic car insurers or brokers, as you may be more loikely to get a cheap quote.
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Consult with an FSA authorised insurance advisor if unsure on any topics related to car insurance.
