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 is the difference that distinguishes private hire from taxi driver insurance. A good example of private hire service is Uber.

What is Hire for reward?

Hire for reward is self explanatory, your as a driver are reward food 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.

How much does private hire insurance cost in the UK?

The price will depend on a number of factors, most of which are used to determine the costs off standard car insurance, example the drivers history of driving and age.n

Why is hire and reward insurance so expensive?

The key reason is that you will be covering many more miles that a traditional driver. Add to this working in bad 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 premium. However, it can be reduced as we have detailed below.n

Who is required to have private hire insurance?

Those operators of any hire for reward vehicles that can’t be called from the curb are required by law to have private hire insurance(or PHV insurance). This includes operators of private chauffeur companies and on call taxis along with Uber and other rideshare services. Because Uber was instrumental in starting this disruptive private hire booking service the cover is often referred to as taxi insurance for Uber drivers.

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Understanding Taxi Fleet Insurance

Compare Taxi fleet insurance quotes online in minutes, if you are the fleet manager or business administrator, please have all your vehicle details accessible to enable quick completion of the online inquiry form. After completion, expect a comprehensive list of broker quotes that can easily be compared side by side not only the price, but the actual policy contents which is the important part. Prices will depend on your requirements so do give some consideration to questions such as do I need any taxi fleet insurance or can you shoulder a higher excess for the reward of a lower premium on your fleet of taxi's.

In addition to hiring competent and reliable drivers, and seeing to it that your vehicles are serviced on a regular basis, there is another item that needs to be addressed as you run your taxi firm that is of the utmost importance to ensuring your success. You will need to obtain a good taxi fleet Insurance Policy. This insurance will enable you to insure all of your vehicles under one easy-to-manage policy.

The Two Main Benefits of Taxi Fleet Insurance

Save Time As a business owner, saving time is always a priority. One of the outstanding benefits of taxi fleet Insurance is that is by far, much easier to setup and manage when one compares it to insuring each vehicle individually. Save Money Compared to insuring vehicles individually, Taxi Fleet Insurance most often works out to be considerably cheaper.

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A Few Things You Can Do to Save Money When Purchasing Your Policy

Pay Your Premium Up Front Rather than making your payments on a monthly basis, making one upfront yearly payment is one of the best ways to save money on your Taxi Fleet Insurance.
Be Selective When Choosing Your Drivers The drivers that have much driving experience, as well as a clean driving license and claims history are the ones that you should seek to employ.
Get Quotes From Different Providers This simple step will enable you to compare quotes easily, and make an informed decision.

Lower Costs by Taking Steps to Reduce Your Risk in the Eye of the Underwriters

Third Party This is the minimum level of cover that is needed to make your vehicle legal to operate on the road. In the event of a collision that your driver is liable for, this will provide cover for third parties.
Comprehensive This type of cover will provide protection for all types of accidents, (even those your driver is responsible for) and is highly recommended , as it can enable you to operate your business with full peace of mind.
Breakdown Assistance Available at a very competitive cost is Breakdown Assistance. This is recommended for all taxi fleets and can easily be included as part of your taxi fleet insurance
Report all accidents that involve a third party immediately , failure to do so can result thinking maybe that no further action will be taken by the third party and can easily result in unforeseen costs in the form of a claim which includes costs for hiring a car and other items that could have been excluded had you been quick to inform your insurance provider. The end result is a higher claim resulting in larger increase in your annual premium.
Public Liability A must for taxi firms is Public Liability Insurance which will protect you from any claims made by members of the public including passengers against your business.

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