While all vehicles on public roads need to be insured, you need to have slightly different policies in place if you’ll be carrying passengers for profit. Taxi insurance is an essential consideration for all drivers of black cabs, mini cabs and indeed all other type of taxi, and if you want to ensure that you’re working legally then you need to have adequate cover in place before you begin.
This type of insurance policy protects the driver as well as the passengers, and is a vital component of all taxi firms. A basic motor insurance policy simply won’t be enough, and you’ll find it impossible to get a taxi licence or to be hired as part of a fleet if you don’t have adequate cover in place. It’s a legal requirement, and if you’re caught without it at any point you’ll lose your licence, your job and your livelihood.
But, just because this type of taxi insurance is so important and specialised it doesn’t mean that you have to spend a fortune. It’s certainly true that you’ll be deemed as a higher insurance risk because of your increased driving time, but if you head to specialist companies and do a bit of haggling you’ll be able to reduce your premiums. Always see what introductory or no claims discounts can be offered, and if you want to lower your premiums even more then consider increasing you excess – within reason, of course.
Price isn’t the only thing you need to think about, and if you want to be completely confident in your policy choice you need to make sure that you’ve got all the added extras you could need. Breakdown assistance should always be considered for the simple fact that your taxi will be on the road for far longer than normal vehicles and as such could need breakdown assistance more often, and consider things like legal expenses too – if you were to be involved in an accident where passengers were injured then the costs could quickly add up, so it makes sense to be prepared.
You may think that taxi insurance will be hard to find, but there are a lot of specialist firms out there that will be able to accommodate your every need. Make sure to do your research and always compare several options if you want to be sure that you’ve chosen wisely, and once you’ve found the policy for you you’ll be able to start work in complete confidence.