Taxi insurance is an obvious must have product for any private hire taxi driver, however, it is important that you consider the additional requirements necessary to fully protect yourself against the risks of being a taxi driver. You will have more risks than a standard domestic driver due to long hours on the road, driving late at night, in a number of different areas including inner cities, and driving to a timescale, and as such you need a specific private hire taxi insurance policy.
As a taxi driver, you will be aware of how important your vehicle is to your business and personal life, so it is important that you treat your only source of income with respect. Private hire taxi insurance will help keep you protected in the event of any incident such as a road traffic accident, theft, or fire. You are only required to hold a third party insurance policy by law, this insurance will pay out to cover the costs of damage to the other person’s vehicle. Although you would not be in legal trouble with this basic level of cover, you could end up in financial difficulty. How will you cope if your vehicle is off the road awaiting expensive repairs, or if your taxi has been stolen, or been the victim of an arson attack? Would your business be able to survive?
It is vital that you are aware of the risks involved with taking out a basic insurance policy. Private hire taxi insurance will include different aspects of cover depending on the provider. Some insurance providers may include breakdown cover – designed to toe your vehicle to a garage in the event of breakdown; public liability insurance; legal expenses cover – designed to help you if you are ever taken to court; and loss of income cover into your policy. If you are unsure what a policy includes you should contact the insurance provider directly to discuss your requirements. A reputable insurance provider should be more than happy to tailor your quote on an individual basis.
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