Slice Monthly Costs With Cheap Private Hire Insurance

Cheap private hire insurance is something that all taxi drivers and taxi firms look for. As their cars are on the road 99% of the time, they are liable for the passengers’ well-being and the likelihood of being involved in a road traffic accident is higher than most people, finding the right insurance is imperative to keeping costs down.

With the price of fuel rising every year and the depreciation of cars, lowering the monthly and annual costs for any taxi firm is important. However, make sure that there is sufficient liability cover and the policy covers everything that a taxi driver needs before purchasing. It’s a good idea to compare insurance companies and find the one that suits your needs best. Cheap private hire insurance is available for taxis that aren’t allowed to be hailed from the side of the road. This is the difference between public and private hire taxis.

Private hire policies are therefore usually cheaper than public hire policies. While the cars might spend less time on the road compared to public ones, they are only driven when a taxi booking is made. This means that the cost of hiring the taxi can be slightly lower, which in turn means that more bookings are generally made. So, not only are private hire taxis cheaper to run all day, they can be insured for less and bring in more customers without the need to be driving around towns and cities aimlessly looking for new customers.

Insurers tend to look more favourably on private hire taxis compared to public ones, as they are generally looked after better, do less miles per year and as they aren’t always on the road, they won’t depreciate as fast as public ones. What’s more, fleet insurance tends to be cheaper for large taxi firms that have tens of cars. By bulking the policies together and paying one lump sum rather than many individual ones, cheap private hire insurance has many benefits. With sufficient liability cover for the vehicle and the passengers, taxi drivers and their clients can feel more at ease with the right insurance.