Insurance for a taxi – what to know
Getting insurance for a taxi is vital, it is crucial that you protect your livelihood against potential threats. Though the difference between your everyday car and a taxi essentially boils down to who’s driving the thing, there are some differences between standard motor insurance and insurance for a taxi. Motor insurance is a legal requirement in this country if you wish to use or park your car on public roads. Taxi insurance on the other hand, is required if you plan to ferry passengers around for hire.
With normal everyday car insurance, you can extend the policy to cover you driving around other people’s cars – insurance for a taxi does not work in this same way, unless you are buying taxi fleet insurance which then only covers the taxis in your fleet.
It’s not just everyday taxi’s that can be covered – you may find that some specialist taxi insurance policies cover all types of vehicles, such as Saloons, Hatchbacks, Estates, Black Cabs and even Minibuses.
It is also possible under some insurers for you or your partner to use your taxi for personal use, so long as it is allowed under your licensing authority or your partner holds a private or public hire driving licence.
There are different types of cover when it comes to buying insurance for a taxi, depending on your circumstances. Private insurance for a taxi, for example, protects the individual driver; an accident that results in the loss of your vehicle can be a stressful time, particularly as the longer you are off road, the less income you are able to earn. With the right insurance for your taxi, you may receive a replacement car which will enable you to get back on the road as quickly as possible. Public hire taxi insurance includes cover for loss or damage to vehicles, third party liability and legal expenses cover.
Always make sure to choose the best policy for your needs, and don’t be afraid to look around a bit. Many of the online insurers out there offer instant cover, or will at least aim to provide this for you within 24 hours and there are numerous discounts available, from no claims discounts from private vehicles, to reductions relating to your past fleet experience.