Private Hire Taxi Insurance
When it comes to private hire vehicles, you’re going to need specific coverage that differs to traditional taxi insurance. When it comes to each individual law, the difference between a taxi and a private hire vehicle is that taxis are able to look for business on public roads.
When it comes to private hire, all your vehicles will have to be pre-booked.
Setting Up A Private Hire Business
If you have come here looking for help with setting up your car hire business then there are a few factors you will need to bear in mind when it comes to insurance. This can be a great way to earn an extra income, so long as you follow the news.
Starting a private hire business does not stop at simply stop after you have bought the vehicle. You will need to be licensed in order to actually pick people up and earn money for your business. The process will involve taking licensed vehicle tests and health checks. You will also need photo identity that you wear whilst driving people around. It is important to get all these points covered before looking for your vehicle insurance.
Finding Private Hire Taxi Insurance
Once you have met all the necessary rules and regulations you will also need to get out the correct taxi insurance. This may include public liability cover, since you are working with the public, which is added as an extra to your basic insurance plan. When it comes to insurance costs there are a number of factors that come into play, and types of insurance that you can take out for your private hire vehicle:
• If you have a history of no insurance claims then you will benefit from a cheaper insurance quote for your private hire taxi.
• If you are working in an area that is deemed high risk, for example a large city or town, then you may not be able to get third party only cover. You will also generally be offered fire and theft on top of this. This means you will be covered for incidents including your vehicle being stolen, but your insurance premium will cost more.
• If you are able to take out third party insurance on its own then your premiums will be lower. However, if you cause any damage to your own vehicle then you won’t be insured.
It’s important to contact taxi insurance companies direct to understand the options that would work best for the private hire taxi business that you’re running.
Finding the Right Insurance
It is important to contact a taxi insurance company that specialises in private hire to ensure they understand just what it is that you need when it comes to taxi regulations. It’s also important to determine whether they offer insurance for the area in which you are doing business, including large cities if necessary.