A Guide to Private Hire Taxi Insurance

Is private hire cover cheaper than public hire?

Yes. All things being equal, private hire insurance usually works out cheaper than public hire insurance. The reason for this is that driving a private hire taxi is generally less risky since they cannot be hailed from the street and must be booked in advance.

What type of cover do Uber drivers need?

Uber insurance is a type of private hire insurance since Uber taxis are considered to be private hire vehicles.

What is the best way to get quotes?

The best way to get quotes for private hire taxi insurance is online. Getting quotes online is incredibly quick and simple compared to getting them over the phone by contacting insurance providers separately.

What factors affect the cost of private hire insurance?

Some of the major factors that impact the cost of a private hire insurance policy are –

  • Driving experience – Your age and the amount of driving experience you have are certainly factors that insurance providers will consider when coming up with a price for your cover.
  • Value of the vehicle – The value of the vehicle you’re insuring is another big factor that affects price. This is why most taxi drivers will opt for a modestly priced vehicle.
  • Level of cover – The level of cover you take out is another key factor. A third party policy will always be cheaper than comprehensive cover for example.
  • Security of the vehicle – How secure your vehicle is will affect what you pay too.

What are the best ways to save money on private hire taxi insurance?

  • Pay for your cover annually – If you can pay for your cover annually rather than monthly then a lot of insurers will offer you a good discount for doing this. Insurance providers are a business and if they’re able to get a bigger upfront payment from you then most will certainly offer an incentive to do this.
  • Lower the level of cover – Lowering the level of cover you get is a very obvious way to save money. A third party only policy will provide enough cover to make your vehicle road legal.
  • Increase excess – If you’re happy to increase the excess on your policy then this will help to lower your monthly payments.
  • Shop around – You can get quotes from many different insurance providers very easily these days and it’s definitely worth doing since it prevents you from overspending on your cover.