Taxi insurance

Start comparing UK taxi insurance providers

Driving a cab as an occupation that comes with major responsibilities. Top of the list is keeping your passengers safe and to be able to provide compensation should an accident occur. Regardless of your driving skills, accidents can and do happen. It is your responsibility to ensure that you have a good taxi insurance policy in place. We can help by providing multiple quotes for all taxi vehicle categories, including the key ones listed below. We are also able to provide new taxi drivers insurance.  

Multi Quote Time works in partnership with QuoteZone who provide a simple form which once completed is submitted to a specialist panel of taxi insurance brokers. These brokers will be in contact via the telephone to provide you with quotes on your motor fleet insurance

All categories of UK taxi insurance now available

• Mini Cab : When you need to compare quotes online quickly for your minicab insurance premium.
• Public hire insurance is one of the main categories of taxi insurance, also referred to as PCO insurance in London
• Chauffeur : Do you provide an exclusive chauffeur service and need chauffeur insurance? 
• A growing sector is the private hire taxi sector. Private hire drivers can not be flagged down, but must be prebooked. They have a slightly different risk profile and a range of polices exits including PHV insurance that can be paid monthly. Uber’s drivers also fall into the private hire category, and Uber taxi driver insurance is also available.

Levels of UK taxi insurance available

Different types of auto insurance are  available, and you need to select the type that best meets with your individual cover needs. Some of the common types that you will encounter are listed below. 

• Comprehensive is the highest level of cover that is available for any owner driver, it covers damage to not only third parties, but also damages to your own property and self.
• Third party is the minimum cover required by UK law. This cover does not provide any protection for damage to your own vehicle or any injures to oneself resulting from an accident. Needless to say, should you be unfortunate enough to be involved in a major road accident that you are responsible for, you could easily be liable for steep costs. Do take into consideration the possible medical bills and the restoration of your motor to road worthiness or indeed replacement costs should it be a write-off.
• Third party with Fire and Theft In addition to third party cover is also provided for for and theft.
• Break Down Cover : Taxi breakdown cover for private hire owner drivers and can save you many hours that would otherwise be lost had you not included it within your policy.
• Europe : Taxi insurance for driving abroad may be added as an extra if required.

A few tips towards getting the best  price 

Underwriters work out the cost of your  premium based on a myriad of factors. Fortunately, you do have control over some of these factors that go towards working out the cost of your policy. However, there are some factors that you unfortunately do not have control over, one example being your post code. City postcodes attract a higher premium, simply because operating within city limits will increase the risk that your vehicle is stolen or becomes a victim of vandalism. 

Take action to lower the cost of taxi insurance

• 1. Comparing quotes: is the first step to saving money, start the process by using comparative websites. Please be aware that some brokers may not offer their rates on some of these sites, so it may pay to visit individual broker sites. One of the best ways to really save money is to shop around for quotes and get different quotes, so you can compare them, this may also give you some leverage at policy renewal time. Different companies offer different policy rates, discounts and coverage, so it’s better to get multiple quotes.
• 2 Pay your policy yearly: If you are currently paying monthly, switching to paying your policy annually should bring down the cost of your annual premium.
• 3. Security: If you have fitted any safety / security items from Thatcham, please insure you advise your broker, as this could result in savings on your premium.
• 4. Beef up on Security: The more secure that you make your cab secure, the less the risk of theft, which should translate into a lower annual or monthly premium. Increase security by adding extra security devices such as an immobiliser or a GPS tracking unit. Please ensure they comply to any standards set by the insurance industry within the UK.
• 5. Consider Fleet Cover: If you have a fleet of cabs as a business, it is generally more cost-effective to purchase a taxi fleet insurance policy. Fleet policies will provide protection for all your vehicles under one easy to administer policy.
• 6. Car Category: Not all cars are created equal in the eyes of the underwriter. Hire for reward vehicles are split into 50 categories, category 1 being the cheapest to ensure and 50 the most expensive. Repair costs play a significant role in this calculation as 50% of payouts are paid out to repair cars according to the AIB.
• 7. Driver Profiles: Ensure that the drivers that you hire have a good driving history and a clean licence. In addition, young drivers under 25 will inflate the premium. Finally, if possibly avoid selecting any driver, named drivers on taxi insurance will work out cheaper, but can be inconvenient.
• 8. Black Box: Essentially this enables the insurer to collect data on your driving habits. These can then be used to prove either that you are a good driver and thus less of risk, or alternatively a bad driver and higher risk. If you feel you fall into the former then discuss this possibility with your broker as it can lead to a win-win for both parties

How can I reduce the cost of my taxi insurance?

Taxi drivers may be able to reduce the cost of taxi insurance rates by taking steps to improve safety. Safe driving should also result in a driving record with few or no claims, leading to future no claims discounts. A clean driving record plays a significant role in finding cheaper insurance. Additionally, take time to compare options across the providers of taxi insurance and use sites like Multi Quote Time that are able to provide access to taxi insurance providers.

• Install a taxi dash camera, this will let your insurance provider to process any claims quicker and may have the added benefit of safeguarding you from fraudulent claims. Fraudulent claims are on the rise!
• If your vehicle does not have a factory immobiliser fitted, get one fitted and make sure it is professionally installed and is compliant with the insurance industry
• Drive carefully and build up a no claim’s bonus. 
• If possible, provide secure off-road parking when not on the road.
• Pay your insurance as a one off annual payment rather than choose monthly taxi insurance payments. For some, taxi drivers, the extra fees are acceptable for the added ease of budgeting. 
• Keep your Taxi Secure : Make sure your vehicle is as secure as possible. Consider installing an alarm and keeping it in a locked garage overnight and when not in use.