Whether you’ve been taxi driving for years or you’re just starting out, there comes a time when you need to think about getting a new taxi insurance quote. Before you request a quote from a taxi insurance firm or broker though, there are a few things that you need to know. Here we round up the main things that you need to know before you get a taxi insurance quote.
What type of taxi driving you’ll be doing
As you’re no doubt aware, there are two distinctly different types of taxi driving that you can engage in, and you’ll also need a different type of taxi insurance depending on which one you do. Private hire taxi drivers, or minicab drivers, pick up customers who have pre-booked at a fixed price with a specific start and end point. Hackney, or black cab, drivers on the hand pick up on an adhoc basis, from the street or from a designated taxi rank. Each type of driving carries its own unique risks, so you’ll need to specify which you’ll be doing. It is possible to get taxi insurance which will cover you for both.
All relevant details about your vehicle
As with all road insurance, you’ll need to provide accurate details about your vehicle, including, engine size, registration, number of doors and the age of the taxi.
Details of modifications that you or a previous owner has made
If you’ve made significant alterations to your vehicle, such as making your taxi wheelchair accessible, you must declare this to your insurance company or broker. Failure to do so may result in your taxi insurance being declared void in the event of an accident.
Whether you have any current motoring penalty points
Any motoring penalty points on your license will usually result in an increase in your policy costs, but it’s vital that you declare them or you again risk your policy being rendered void. After a certain number of years the penalty points will be removed, so be sure to check whether or not they have expired.
How many years of no claims bonuses you have
Insurers like taxi drivers and other motorists who are safe drivers and don’t make a habit of claiming on their insurance policies. Be sure to check how many years worth of no claims bonuses you have and be honest when telling your insurance company.
Where you’ll be storing your vehicle
Driving it on the road isn’t the only time and place when your taxi is at risk. To determine the probability of your vehicle being stolen or vandalised, insurers also need to know where you’ll be keeping it when it’s not in use, both in terms of whether it will be on a street, driveway or in a garage, and in terms of its actual geographic location.
What level of cover you require
The type of cover you need will depend on your own personal circumstances and preferences. If you are employing others to work as taxi drivers for you then you will require employer’s liability insurance as this mandatory. For your own peace of mind you may also want to include public liability insurance as part of your policy, as this will protect you financially in the event that you are sued by a passenger or by another member of the public. Other additions to consider are breakdown insurance, personal injury insurance and replacement vehicle cover.
Whether you’ll use the vehicle for personal as well as business use
You can, if you want, get covered to use your vehicle for leisure and personal errands as well as for business use, but you will need to make sure that your insurance company knows that this is the case and has provided you with the relevant cover.
Providing all relevant details will help improve the accuracy of any quote you receive. Get in touch with Park Insurance to get a competitive taxi insurance quote, or if you need any further advice.