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Towergate Taxi Insurance Guide

By Wajahat Raja
Wajahat Raja
Wajahat Raja Insurance Expert

Wajahat is an accomplished writer with a drive for finance and content creation. He has an MSc in Accounting and Finance from the University of Northampton. He has a keen interest in exploring a variety of topics like subjects insurance, private equity, and investment banking. His work demonstrates his passion for writing informational pieces which make him an asset in the field of finance

Expertise: Finance, Insurance, Home Insurance, Public Liability
from the MultiQuoteTime Editorial Team April 2024

Towergate Taxi Insurance is cover for taxi, PHV and private hire drivers in the UK. Towergate insurance services is one of the UK’s largest independent insurance brokers, with over 100 offices across the UK. The head office is based in Swindon. 

They were recognized as an industry leader in the insurance market in July 2019 when they were named commercial insurance broker of the year, this was for all their products including Towergate taxi insurance, private hire insurance and public hire insurance

Others providers of taxi insurance and private hire insurance for Uber drivers include Acorn taxi insurance, Haven, Plan Insurance and Covermy Cab  plus newcomers like Uber and Motorcade taxi insurance plus others. 

The business side of the policy will resemble a regular commercial policy, as it will cover employer's liability as a minimum, product liability, stock, business interruption, pecuniary insurance and sometimes other business related cover, such as legal expenses.

The trailer side of the policy is especially important as it will protect the unit, as well as the fixtures and fittings, from theft, fire, and accidental damage. This can be more important for a catering trailer than a regular catering business, as trailers and vans are often more exposed to risks where they're located. However, cover for the vehicle is not always offered, even on a catering trailer policy. 

Levels of Towergate Taxi Insurance

Towergate insurance services like other providers of taxi insurance offer taxi insurance cover at 3 levels.

Third-party car insurance

  •  A legal minimum, Towergate offer a basic taxi insurance scheme. 
  • Covers the cost of injuries and vehicle and property damage to a third party in case of an accident
  • It does not include any cover for you, your property or your taxi vehicle.

Third-Party, Fire, and Theft

  •  Covers the cost of property or vehicle damage and injury to third parties.
  • Covers the cost of damage to your vehicle in the case of a fire incident.
  • Provides financial protection in case your car gets stolen or for any damages to your car that occur as a result of attempted theft.

Comprehensive Taxi Insurance

This is the most popular taxi insurance policy for taxi drivers and provides third party cover and also cover for damage to your own taxi, injury and damage to property claims.

Taxi Public Liability Insurance

When you are dealing with the Public, it is important to understand that you can be held liable to claims for injury or property damage.  Amounts awarded for injury claims can be significant, and this is why public liability is so important. Compare to road risk insurance, it is relatively cheap, but provides a high level of monetary cover if a member of the public makes a successful claim against you or your taxi business. 

Towergate Taxi Insurance

The cost for this type of policy will start at around the £75 mark for a year of cover. That’s no more than around £6 a month, although that’s for the bare minimum cover, which is just the employer's liability. This cheap option may work best for those seeking temporary cover, or who are on a tight budget. 

The majority of policyholders will take out a more extensive policy to protect themselves from other losses than just EL, which will invariably cost more, depending largely on the contents, and van values, as well as the levels of cover chosen on the rest of the policy.

This is of course not including commercial vehicle insurance, required for towing or driving a van. This aspect of the risk will often be taken care of through a separate motor policy, but can be included in some trailer policies and will bump up the premium significantly, by at least £200 a year.

6 Ways To Lower Costs of Towergate Taxi Insurance

1. Work with your broker - Part of an underwriter's job is to try to stop unnecessary accidents from happening in the first place. To do this, they will usually suggest risk improvement measures to the policyholder before or after quoting on a policy application. These measures may be as simple as getting an electrical inspection or fitting a security camera.

2. Only get the cover you want - The only part of the policy that is required is the Employer's Liability component. Apart from that, you can choose the level of cover that suits you. Many policyholders prioritise having cover for the most likely accidents, such as fires, floods and thefts by protecting their catering unit, and stock. Business interruption is another cover that is especially popular recently, as it protects the policyholder in the case of a temporary and unavoidable closure, such as a national lockdown.

3. Location And Security - A large part of a taxi and private hire risk is theft, vandalism and arson. This is much more of a problem in some areas than in others, so it’s worth considering this when you’re working out where to place your trailer and also considering countermeasures, such as security cameras, locked garages, and alarms. Location and prevention measures can both significantly reduce the premium you’re quoted when you contact your insurer.

4. Scale Down Cover - If budget is a concern, you may consider downsizing on your van or trailer and/or reducing sums insured on your policy. The premium will correlate with the sums insured on the trailer itself, as well as chosen sum insured on things like stock, and business interruption.

5. Provide Documents - It’s important to remember that the insurer is trying to build a picture of you, the policyholder, as well as the risks. If you have documentation that will help indicate that you are experienced and know how to operate your trailer, the policy application process will be smoother and the premium lower. Useful documents can be inspection certificates, industry qualifications, or anything that you think will help your application.

6. Pay A Higher Excess - When you get a quote, there is often an involuntary excess on the policy that, in the event of an accident, you must pay before the insurer will pay the rest of the losses. This type of excess is present due to a particular risk being very high, and so is not found on every policy. In either case, you can usually offer to pay a voluntary excess on top of the involuntary excess to reduce your premium further. This excess can be specific to a risk, such as flood, or general, and can range from £250 to £5,000.

Remember breakdown cover

Some policies don’t include breakdown cover for your taxi vehicle. You can compare the best policies and latest deals for cheap taxi breakdown cover separately on our website.

Taxi Insurance Throughout The UK

The demand for taxi insurance is on the increase in all parts of the UK, with a spike in demand for Birmingham taxi insurance, which is reaching similar levels to the current demand for London taxi insurance. 

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