Taxi Insurance

Insurance for Taxis

Taxis are similar to our personal cars except they’re used as a paid-for service to get people where they need to go. There are a number of different types of taxi business, including black cabs, public hire taxis, chauffeurs and private hire taxis. As with other kinds of business, adequate protection should be considered against the risks that come with it.

Is Taxi Insurance Legally Required?

All vehicles that drive on UK public roads are legally required to have insurance, whether this is a personal car or a taxi service. If you are running any kind of taxi business then you will need to get taxi insurance that protects both you, your vehicle and the fare-paying public in the event of an accident and subsequent claim.

How To Choose the Right Taxi Insurance Policy?

There are a number of insurance brokers offering taxi insurance, all of which will have subtle differences when it comes to the cover they can offer. When it comes to choosing your taxi insurance policy, it pays to research carefully and read all of the terms so you know just what you’re covered for and more importantly what’s not included.

In general, you should start by finding an insurance company that offers protection for your kind of taxi service. As a taxi owner it’s important that you understand which category you will fit into, and the risks that apply to your specific kind of taxi service. A taxi insurance policy is there to protect your vehicle as well as your passengers as well as yourself.

What level of Taxi Insurance Cover do I need?

Though some sort of taxi insurance is legally required, the level of cover is up to you. Some businesses may choose comprehensive insurance, where others may opt to save as much money as possible.
It is important to get the level of cover you feel comfortable with. Nobody can ever predict when a breakdown could leave you off the road for hours, or when an accident leaves your vehicle completely out of action. Your business depends on your vehicle and taxi breakdown cover can give you the peace of mind you need to ensure you will be looked after in these circumstances.

When it comes to accidents that also affect your passengers, public liability will take care of any legal implications as well as making situations a lot easier to take care of generally. Not all taxi insurance policies offer public liability as standard so be sure to ask.

The insurance that is essential for your business will depend on your individual circumstances. For example, chauffeurs may need insurance providers that can provide replacement executive vehicles, and black cab taxis may need protection for doing business in big cities that are perceived as a greater risk. If you are considering expanding your business, ask if the policy can be amended to offer taxi fleet insurance and other named multiple drivers.