Private Hire Insurance PHV Monthly
PHV pay monthly option, Part time and Full time private hire cover, One short form – Multiple Quotes
Monthly Private hire car insurance
Last Updated 08th March 2022 by MultiQuiteTime Editorial Team
Private hire insurance, abbreviated to PHV cover, is a speciality type of cover to financially protect those that take third party clients to their destination as a hire for reward type of service. This hire for reward taxi service is not for operators of the black cabs or others that can be called over from the curb, but for operators that have pre-booked clients or part of a shuttle service where clients can call for their services online or over the phone.
What is private hire insurance?
Private hire insurance is an insurance cover for drivers that provide a driving service, but it must be pre-booked. Remember a taxi can be hailed, but with private hire it must be booked. Subtle, but it is the difference that distinguishes private hire from taxi driver insurance. A good example of private hire service is Uber.
Private hire insurance is also referred to as hire and reward insurance. Hire for reward is self-explanatory, you as a driver are rewarded for being hired to drive a passenger from A to B or deliver goods from A to B. Hire for reward applies to both taxi drivers and private hire drivers.
Types of PHV Cover
If you are using your car for private hire, comprehensive insurance is recommended to provide cover when an accident happens.
Is private hire insurance monthly available?
Yes, most private hire insurance brokers will let you pay on a monthly basis. This is popular if you are just starting out or working a few months per year.
Who is required to have private hire insurance monthly?
Those operators of any hire for reward vehicles that can’t be called from the curb are required by law to have PHV insurance. This includes operators of private chauffeur companies and on call taxis, along with Uber and other ride-share services. Because Uber was instrumental in starting this disruptive private hire booking service, the cover is often referred to as
Since every private hire operator is different, each policy can be tailored made to meet their specific needs, budget and requirements.
What is required by law for private hire drivers?
Commercial vehicle comprehensive or third party only vehicle cover is required by UK law.
This area of cover is called road risk. This is cover for when the vehicle is involved in an accident. When you are at fault, third party cover will only cover the other vehicle. With comprehensive, both vehicles are covered along with the passengers possessions independent of who is at fault.
What is optional for a PHV insurance policy?
There are three main areas of additional cover a private hire operator can have to help ensure their business can remain operational independent of the obstacles that are encountered. These three items of optional cover include breakdown assistance, public liability and fleet covers. Each of them has multiple layers of cover so that the private hire operator can have the coverage they need that fits their budget.
How much does private hire vehicle insurance cost in the UK?
The price will depend on a number of factors, most of which are used to determine the costs of standard car insurance, for example the driving history and age.
The driving records include involvement with accidents, both the driver's fault and when just a victim. Also included are the number of road violation summons issued to the driver. The more activity in these areas, the higher the insurance premiums will be.
The criminal record of the operator also influences the cost of the insurance premium. This includes both drink-driving offences and other criminal offences. If you have points on your licence, expect to pay a higher premium.
The vehicle value and its maintenance records also play a part in determining the cost of the insurance premium. The vehicles with the highest risks are expensive vehicles and old vehicles that have been maintained poorly.
Taxi private hire insurance is available for drivers using these apps:
Why is private hire car insurance so expensive?
The key reason is that you will be covering many more miles that a traditional driver. Add to this working in all weather conditions, late at night and working within time constraints. All these just make you statistically a higher risk to the broker and this is reflected in your private hire car insurance premium.
Can my taxi be used for personal use?
Taxis can be used for personal use, but this must be included in the insurance policy, if not ask the broker to include private use.
6 Ways to lower the cost of private hire insurance
The major factors that affect the price will be your driving history, size of your cab and miles covered. We have listed some ways to reduce your annual premium below.
The taxi breakdown cover is another option to consider. Not only will aid be sent to assist you with the problem, but your clients can be taken to their destination, which will keep your reputation as a reliable driver intact. It is important to choose a reliable car for private hire use, so time off the road is minimal.
PHV insurance is a requirement by the UK government for anyone that can be called to take a client to their destination in return for a reward.
PHV Insurance FAQ's
Horsebox and horse trailer insurance tends to be a specialist product that not all brokers will provide. The good news is that you can choose from brokers that specialise in equine insurance products. The key providers include SEIB, KBIS , Shearwater, Equsecure, AdrianFlux, NFU and Anthony D Evans horsebox insurance all provide a range of policies geared towards the equine insurance sector. Getting multiple quotes on comparison sites will help whittle down the range of choices. When comparing polices, make sure that you are comparing like for like.
A private hire policy is not limited to any one location within the UK. This means that your policy will e cover you if you wish to provide private hire service in London, Manchester, Liverpool etc. The cost of London private hire insurance may be more expensive as risks of theft is higher in highly populated locations.