A Guide for Taxi Insurance – Quote The Market

Taxis on the road used for our Taxi insurance guide blog post

 

A taxi insurance policy is an obligation for anyone driving a taxi, but not all insurance cover is the same. This guide will answer some of the main questions surrounding taxi insurance.

Taxi insurance – what is it?

All vehicles on the road need insurance by law, and taxis are no different. Taxi insurance is designed to protect both you and your car, but also your passengers.

Your insurance can be a way of protecting your livelihood too. Being on the road for extended periods of time, often at late hours of the night where the number of uninsured and intoxicated drivers increases can be risky.

Whether you are looking for private hire insurance or you are insuring your hackney carriage it is important to be protected against any misfortune, but the level of protection is up to you.

Types of Taxi Insurance Policy

The most common thread on our Facebook and Twitter feed is “Who quotes the cheapest taxi insurance?” “Who is the cheapest minicab insurance or taxi fleet insurance broker?” “Where can I get a better black cab insurance quote?” But is that the right question? A growing number of better drivers are asking “Who is the best value?

In general terms ‘value’ is defined as “the worth of something compared to the price paid.”. Obviously there is the legal requirement for taxi insurance, but if satisfying that requirement were a driver’s only concern, third party only basic cover would dominate, and simply put – it doesn’t. So what are the options available?

Third Party

Third party taxi insurance offers the legal minimum insurance cover. It will only protect other people and their vehicles in the event of an accident where you are found to be at fault. This policy will not cover the damage to your taxi. Many people believe this is the cheapest option when insuring your taxi, this is not always the case and it pays to shop around and find the best policy that meets your needs.

Third Party, Fire and Theft

As the name suggests a third party, fire and theft policy will only cover third parties in the event of an accident so the other parties vehicles, their passengers together with the passengers in your taxi. Your taxi and associated damage will not be covered with this policy type. Your taxi will be covered in the event of fire damage or it is stolen and never recovered.

Comprehensive taxi insurance

Widely referred to as full comp, comprehensive taxi insurance is the highest level of protection for your taxi.  It will cover damage to your taxi as well as the third party in the event of an accident where you are at fault, it also provides the best protection in the event of your taxi being vandalised or where fault can’t be determined.

Taxi Insurance Cost

Taxi driver insurance is considerably more expensive than standard car insurance for 2 main reasons. First it’s the nature of the job, as taxi drivers tend to cover a lot more miles than a standard driver. They also do so in much more congested times.

Taxis are also likely to be larger than standard cars, which puts them in a different, often more expensive car insurance group. The higher the insurance group your taxi is in, the higher the premium costs.

There are a number of ways to try and lower your insurance price, these include:

Shopping around- there are a lot of taxi insurers that offer different levels of service. Shop around and find the best deal that suits your needs

Choose the right car- When deciding which car to get, it is important to know that the smaller the car is (both in size and engine) the cheaper the insurance will be.

Build a clean record- Insurers often offer considerable discounts to drivers who are able to stay claim free, sometimes up to 30%, so the higher your claims bonus, the lower your insurance price.

Security measures- Installing CCTV, trackers or any other security device can help reduce the overall cost of your premium

Follow the link to find more ways to reduce your taxi insurance price

How to Find Your Taxi Insurance

There are many ways you can find insurance, but the best way is to look for taxi insurance quotes online. This gives you the most amount of information about your policy and it can be built specifically for you.

A lot of “price comparison websites” promise you the best quotes but when push comes to shove they end up just taking your contact information, which is then sold to a number of insurance brokers that will call you to try and sell you their policy. This can be extremely painful, as you don’t actually get to compare any prices, and you will get a high number of cold calls from brokers trying to sell their policies.

Sites like Quote the Market on the other hand put you in the driving seat. We put the prices in front of you.  We do it so you can make the decision yourself, no more cold calls and no more confusion!

Would you like to insure your vehicle or compare taxi insurance quotes and find the best prices. If so, click the button bellow and start your insurance process.

Get a Quote