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What is Taxi Fleet insurance and why is it important?

Private hire fleet insurance is a specialist policy designed for business owners with a fleet of taxis, including London-based PCO-licensed vehicles. It offers protection for your vehicles, drivers and other employees, members of the public, and even your premises, with all your covers neatly combined under one umbrella policy.

Whether you're running an airport shuttle service, corporate minicabs and MPVs or a private hire business, Park Insurance keeps you moving with affordable, practical taxi fleet insurance.

What does it cover?

As well as specialist commercial vehicle insurance (a legal requirement if you're using vehicles for business purposes), it can also include Public Liability cover. This is essential if you're dealing with the public, as any claim for compensation due to injury or personal property damage could result in a payout of thousands of pounds, along with associated legal costs.

As you’re employing drivers (even on a contractual basis), you have to have Employer’s Liability insurance by law to the value of at least £5million. This is used to handle claims made by staff for illness or injury attributable to their employment with you.

If one of your vehicles is off the road because of a breakdown or accident, breakdown and replacement vehicle insurance covers any financial losses. To prevent shortfalls from insurance payouts when a taxi is written off or stolen, gap insurance is a smart addition to your private hire fleet insurance policy.

What levels of Taxi Fleet insurance are available?

Taxi fleet insurance doesn't just cover individual vehicles. It creates a multi-vehicle policy that protects all your vehicles with either third-party liability, third-party, fire, and theft, or comprehensive cover. Flexible and practical, it can also let you choose different levels of coverage for your fleet, for example, extending to fully comprehensive cover if you have high-value limousines or executive taxis.

Public hire fleet insurance can cover a range of different vehicles, including minicabs, private hire, airport shuttle businesses, hotel taxi services, Uber fleets, and London cabs.

How much does taxi fleet insurance cost?

Fleet insurance is one of the most costly aspects of any taxi business, but there are ways you can keep your insurance down. The average cost is based on the number of vehicles in the fleet, their age, make, and model, where they operate, and where you park them. You can save money by having named drivers on the insurance policy, parking your vehicles off-road or in a secure area, and fitting safety features such as immobilisers. Paying for your policy annually and choosing the highest excess you can afford will also lower your premiums.

How many vehicles are needed for fleet insurance?

On average, three vehicles are considered to constitute a ‘fleet’, although some insurance providers will offer you private hire fleet insurance cover for just two vehicles. If you're just starting your business, this can really keep costs down.

Do taxi fleet insurance policies cover drivers too?

Some policies include drivers, and adding named drivers to your policy rather than choosing an ‘open’ policy where any driver can operate any of your fleet vehicles is a good way to keep your premiums down.

Get moving with Park Insurance

For over 30 years, Park Insurance has been offering businesses and individuals the best in bespoke and niche insurance tailored to your exact needs. Our teams are experts not just in insurance, but in business too, so they know what you want, need, and can afford to keep your assets protected. Our teams will never try and ‘upsell’ you insurance you don’t need, and we use our position as preferred brokers to the UK’s biggest providers to find you insurance that suits you, your business, and your budget.

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Park Insurance Services Ltd
323 Church Road
St George
Bristol
BS5 8AA

Tel: 0117 955 6835

Email: info@parkinsurance.co.uk

Park Insurance Services Limited is authorised and regulated by the Financial Conduct Authority under FRN 998383. You may check this on the Financial Services Register by visiting the FCA website. Park Insurance Services Limited is registered in England and Wales (company number 13091532). Registered address: 323 Church Road, St. George, Bristol, England, BS5 8AA.