Public Hire Taxi Insurance
What is Public Hire Taxi Insurance and what do I need to know before I buy?
In the world of taxi insurance there are two main types – private hire and public hire. Private hire taxi insurance is for cabs that have to be booked prior to use, usually including fleet taxis, whereas public hire taxi insurance is for hackney carriages or black cabs which can stand in taxi ranks or can be flagged down in the street without any prior appointment.
Both types of taxi insurance are a legal requirement and they have to be fully comprehensive to protect both the driver and their passengers, and, in the case of public hire taxi insurance, the driver has to show the relevant local authority proof of their cover before they start work.
The point of public hire taxi insurance is to negate any personal responsibility for any accident or damage that occurs, and having adequate insurance in place means that you, the driver, won’t have to personally pay for any costs incurred. It’s also worth considering adding liability insurance to your cover so that if a passenger gets injured, any legal or medical expenses will be paid out too.
Before you buy your public hire taxi insurance it’s also an idea to consider a number of other factors, including the company that you get it from, the extras that can be included and the overall price of the cover. For starters, it’s always a good idea to go for a specialist taxi insurance firm. These firms will be experienced in the field so will be able to give you just what you’re looking for, as well as all the advice you need to make sure that you’re completely covered.
It’s also worth looking into extras such as breakdown assistance, replacement car cover and loss of income protection. By having these extras in place you’re prepared for all eventualities and will be back on the road as quickly as possible, as being self-employed it’s essential that you’re not missing work if you don’t have to. And, if you do have to miss work, loss of income protection will ensure that you’re not losing out financially.
You also need to be prepared for the fact that public hire taxi insurance will probably be more expensive than regular car cover, simply because of the amount of use that a taxi will see. Taxis are statistically more likely to be involved in an accident and as such the insurance company has to prepare for the increased likelihood of you making a claim, but don’t let the extra expense put you off.