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.
With public hire insurance, you can pick up customers from the street and be ‘hailed’ – think London black cabs and purpose-built taxi vehicles.
This is likely to be the most convenient option and can work out cheaper.
Private hire insurance only covers pre-arranged appointments from a selected pick up point, such as 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. Could you give yourself a pay rise with cheaper taxi insurance?
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
Six tips for cheaper cab cover.
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 cameras 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
Here’s what you’ll need to tell us:
Basic contact information and whether you’re an individual or a company, plus your vehicle information, including its value and annual mileage.
Private hire or public hire insurance and the name of your taxi licence council. Are you the only driver or do you need any-driver cover for a company?
Let us know about things like ramps and 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 have a no-claims bonus, did you earn it on your private hire or public hire policy, or on a private car insurance policy.
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.