Not all taxis are the same and neither are all taxi insurance policies.
If you drive any sort of vehicle for transporting people commercially, you’ll need a taxi licence and insurance by law.
Policies can cover more than just your standard black cab - all sorts of private hire cars will need taxi insurance, as well as public hire vehicles like hackney carriages.
Our panel of insurers includes options for MPVs, minibuses, chauffeurs, wedding car drivers and the carriage of schoolchildren, so you can get the right type of cover for your business.
As with other types of vehicle insurance, you can be covered third party only, third party fire and theft, or fully comprehensive.
It won’t take long, we just need a few details to get your quotes.
Your contact details, whether you run your own firm, plus information about your taxi - its value and mileage, for example.
We need to know if you’re a private hire or public hire cab and who your taxi licensing council is. Plus whether you need to add any other drivers.
Things like ramps or other adaptations for passengers with disabilities. Security devices like CCTV or Thatcham-approved alarms and trackers might even get you a cheaper quote.
If you can pick up customers from the street (think London black cabs and purpose-built taxi vehicles) you’ll need public hire insurance.
That’s because private hire insurance only covers pre-arranged appointments from a selected pick up point, like minicab drivers or airport pickup companies.
It’s worth checking whether you could find cheaper or more suitable cover separately for extras, rather than simply ‘bundling’ them with your vehicle cover.
London’s Uber drivers are estimated to earn £11 per hour after expenses.Oxford University report ‘Uber happy? Work and well-being in the gig economy’ (October 2018) estimates an hourly rate after taking into account licencing fees, Uber service fees, fuel, vehicle tax, maintenance, vehicle rental/repayments, depreciation and insurance
Could you give yourself a pay rise with cheaper taxi insurance?
The size of your cab, your driving history and the mileage you cover all affect the price of your insurance. But there are still a few ways you can keep the costs down. Take a look at our top tips.
If you can, pay for your taxi insurance annually - monthly payments are essentially a loan with interest to pay and interest rates (APR) can be high
Installing Thatcham-approved security and CCTV or a dash cam can make you a lower risk to insurers
If you don’t need to, don’t change your car from its standard kit
Store your taxi in a garage or on a driveway overnight
We take the legwork out of comparing policies, so use our taxi insurance comparison to get the right cover at the right price
Yes, as long as your insurance policy covers you for this.
If you want your partner to drive your vehicle, you might be out of luck if they aren’t registered as a taxi driver as well.
That’s because not all licensing authorities will allow people without a taxi licence to drive a vehicle registered for private or public hire, even if it’s just for social use.
Taxi insurance is usually more expensive than conventional car insurance because taxi drivers tend to drive more miles, in all sorts of traffic conditions.
Some insurers will only be able to cover drivers over a certain age - commonly 21 or 25.
Older drivers might also have had longer to build up a no-claims discount, which can make your insurance cheaper.
If you have comprehensive cover, your insurer will pay you the market value of your vehicle. It’ll be influenced by your mileage though.
A gap insurance policy taken out before racking up all that business mileage could help make up the shortfall so you’re able to replace it with something similar to how it was when you bought it.
You’ll be asked to input the mileage for private and business use separately.
Estimate the number of miles your car does during a typical weekday, weekend and any longer trips you’ve done over the last year. Apply this method to your personal and business usage and you should have a rough idea of your total mileage for each.
You should be able to cancel your policy at any time, though you may be charged an admin fee and the cost of the cover already provided.
Fees vary between insurers, so if you think you might need to change or cancel your policy mid-term it’s a good idea to find out any admin fees that apply before you commit.