In the world of taxis there are two broad types – private hire and public hire. They both operate on a hire and reward basis but there are a couple of marked distinctions, namely that private hire vehicles only operate on a pre-booked basis whereas public hire vehicles can work from a taxi rank and can also be flagged down on the street, and naturally the insurance implications will differ accordingly. So, that being said, just what is public hire insurance and what can you expect from such a policy?
In a nutshell, this type of insurance is offered to all vehicles that operate on a public hire basis, with black cabs being the most well-known option. This way of working can be incredibly profitable – you’re your own boss and can work whenever you want, ultimately meaning you can enjoy a fantastic income. But, it also means you have to take a closer look at your insurance requirements, because it’s essential you’ve got a policy that can cope with the demands of the industry.
The most important thing to remember is that you should always get the most comprehensive level of cover that you can afford. Your cab is your livelihood, and if you’re self-employed this is even more important to remember – you need to make sure that your policy can cover you for all eventualities to protect your income and your financial obligations, and always think about things like breakdown assistance, replacement vehicle cover and legal/medical expenses cover to ensure you’re totally prepared.
You’ll ideally want a policy that’s been tailored to your precise needs, meaning heading to the experts is essential. You don’t want a one-size-fits-all policy because in this industry your needs could be markedly different to someone else’s, so make sure to source a specialist firm that can give you the level of protection you need at a price to suit. This all comes down to doing your research and comparing the available options, and with the right public hire insurance you can look forward to total protection that ensures you’re prepared for every eventuality when you’re on the road, letting you get on with your day in confidence.