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Driving a cab as an occupation comes with major responsibilities to keep your passengers safe and to be able to provide compensation should an accident regardless of fault occur whilst you are driving customer to their destinations. Regardless of your driving skills risk of an accident can be out of your control, as such it is imperative that you have a good taxi insurance policy in place. We can help by providing multiple quotes for all taxi vehicle categories including the key ones listed below.

Mini Cab : When you need to compare quotes online quickly for your minicab insurance premium we can help you by providing multiple quotes from a panel of UK underwriters.
Public hire insurance is one of the main categories of taxi insurance, the other being private private hire insurance. We can offer multiple quotes with a select panel of top UK brokers.
Chauffeur : Do you provide an exclusive chauffeur service and need chauffeur insurance? we can help when it comes to finding a policy that will meet with your chauffeur business requirements.

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Levels of Cover Available

Different types of autoi insurance are available and you need to select the type that best meets with your individual cover needs. Some of the common types that you will encounter are listed below.

Comprehensive is the highest level of cover that is available for any owner driver, it covers damage to not only third parties, but also damages to your own property and self.
Third party is the minimum cover required by UK law. This cover does not provide any protection for damage to your own vehicle or any injures to oneself resulting from an accident. Needless to say should you be unfortunate enough to be involved in a major road accident that you are responsible for you could easily be liable for steep costs. Do take into consideration of the possible medical bills and the restoration of your motor to road worthiness or indeed replacement costs should it be a write off.
Third party with Fire and Theft In addition to third party cover is also provided for for and theft.
Break Down Cover : invariably this is a must have for private hire owner drivers and can save you many hours that would otherwise be lost had you not included it within your policy.
Europe : Taxi insurance for driving abroad may be added as an extra if required.

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A Few Tips in Getting the Best Price

Underwriters work out the cost of your premium based on a myriad of factors. Fortunately you do have control over some of these factors that go towards working out the cost of your policy. However there are some factors that you unfortunately do not have control over, one example being your post code. City postcodes attract a higher premium, simply because operating within city limits will increase the risk that your vehicle is stolen or becomes a victim of vandalism.

Below are just a few tips to help you get the best quote before deciding:

Comparing quotes : is the first step to saving money, start the process by using comparative web sites. Please be aware that some brokers may not offer their rates on some of these sites so it may pay to visit individual broker sites. One of the best ways to really save money is to shop around for quotes and get different quotes so you can compare them, this may also give you some leverage at policy renewal time. Different companies offer different policy rates,discounts and coverage, so it's better to get multiple quotes.
Pay your policy yearly: If you are currently paying monthly switching to paying your policy annually should bring down the cost of your annual premium.
Security: If have fitted any safety / security items from Thatcham please insure you advise the broker as this could result in savings on your premium.
Beef up on Security: The more secure that you make your cab secure the less the risk of theft which should translate into a lower annual or monthly premium. Increase security by adding extra security devices such as an immobiliser or a GPS tracking unit. Please ensure they comply to any standards set by the insurance industry within the UK.
Consider Fleet Cover: If you have a fleet of cabs as a business it is generally more cost-effective to purchase a taxi fleet insurance policy. Fleet policies will provide protection for all your vehicles under one easy to administer policy.
Car Category: Not all cars are created equal in the eyes of the underwriter. Hire for reward vehicles are split into 50 categories, category one the cheapest to ensure and 50 the most expensive. Repair costs play a significant role in this calculation as 50% of payouts are paid out to repair cars according to the AIB.
Driver Profiles: Ensure that the drivers that you hire have a good driving history and a clean licence. In addition young drivers under 25 will inflate the premium. Finally if possibly avoid selecting any driver , named drivers on taxi insurance will work out cheaper, but can be inconvenient.
Black Box: Essentially this enables the insurer to collect data on your driving habits. These can then be used to prove either that you are a good driver and thus less of risk or alternatively a bad driver and higher risk. If you fee you fall into the former then discuss this possibility with your broker as it can lead to win win for both parties

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The backstory on how Insurance is Calculated

The cost of your premium are directly related as to how an underwriter views you as a risk of making a claim. This is partly based on your driving history and then how large previous claims have been. One key metric used is the cost of the vehicle, normally the more expensive the higher the associated premium. Below are some of the factors that you may have control over that should enable you to take actions to reduce your annual insurance costs.

Taxi Drivers

It is a statistic derived by actuaries that male drivers under 25 pose the highest risk of being involved in an accident and in addition the payouts are normally larger than for other age groups. This makes under 25 taxi insurance more expensive. Whilst lady drivers under 25 pose less of a risk to underwriters this cannot be reflected by a lower premium that is until the European legal gender policy of 2012 is binned as it prevents gender discrimination within the insurance industry. When it is repealed it will be one plus for young UK lady drivers as they will then benefit rightly by having access to lower premiums than their male counterparts.

If you operate a fleet and are able then be selective and only employee drivers that are over 25 with a clean motoring history and preferably female.

Location or Post Code

Unfortunately a factor that you have no control over, namely your post code will also have a bearing on your premium, Cities for example London or Manchester will attract higher premiums as the likelihood of theft or damage is statistically higher in these areas. If you operate outside the large cities especially in rural regions you will benefit from a lower taxi insurance premium than city drivers.

A Blackbox Can Reduce Costs

Going for this approach can either reduce or increase your policy premium depending on how you measure up as a driver in the eyes of your broker. In its simplest form a black box which can also be a phone app records information on how you drive. A few examples are as follows: how frequently do you break?, is your braking severe?, the frequency of sharp cornering, length of periods of steady driving without veering or excessive speeding. In short any biometric driving data that can be used to determine your level of risk to the broker. If you have a policy based on driver metrics you will then be rewarded for good driving by future discounts normally on a quarterly basis or at policy renewal time. Conversely if you are deemed high risk your premium will likely increase or the broker might even decide not to renew your policy.

A good history of no claims

A good history of no claims is proof to the underwriter that you as a driver pose less risk than other drivers or cab companies that have a history of making claims against the insurer. Please do keep this in mind before making minor claims as it may be more cost effective to shoulder small costs rather than make a claim against your broker.

InsuremyTaxicab works in works in partnership with QuoteSearcher Limited to provide you with cab insurance quotes. Insuring a pay for reward vehicle can be expensive and it normally pays to compare the market. This can be achieved by selecting the Get Quotes option and entering your individual cover requirements. On completion of the simply online form you will receive multiple quotes from a panel of UK brokers. This will enable you to easily compare policy details and in particular what is included and any exclusions that may apply. Monthly and weekly payment options are also available. If you do find a quote that your are happy with and wish to proceed, you may simply complete the transaction online or should you prefer over phone direct with the broker of your choice. Start the process of comparing prices from multiple UK brokers by selecting Get Quotes now!