Taxi Insurance

What cover is available?

Just like standard car insurance, taxi car insurance is available at three different levels of cover:

1. Third-party – the lowest and most affordable level of cover, which deals only with third-party claims.
2. Third-party, fire, and theft – which also includes coverage should your taxi be stolen or damaged by fire.
3. Comprehensive – which offers the benefits of third-party, fire, and theft but will also deal with damage to your taxi and personal injury.

Taxi car insurance also includes public liability insurance, to address the risks associated with operating a business around members of the public. While your chosen level of vehicle cover deals with RTA-related injury claims, public liability covers all other types of third-party claims, such as a member of the public being hurt when you open your door or a bottle of screen wash leaking in your boot and damaging your customer’s luggage.

Other types of cover that are commonly included are:

• Fleet cover – insuring multiple private or public hire vehicles under one policy.
• Employer’s liability – which you must hold if you have employees (even on a part-time basis).
• Personal accident or health cover – to give you a financial safety net if an illness or injury leaves you unable to work.
• Breakdown and replacement vehicle cover – so that you can always get your taxi up and running quickly or have access to another vehicle, thereby minimising your lost earnings.
• Gap insurance – when a taxi is stolen or written off, sometimes the sum paid by the insurer is less than the sum you paid for the vehicle or falls short of what you still owe a leasing company for it. Gap insurance bridges that “gap” to ensure you’re not left out of pocket.

FAQs

Is taxi insurance a legal requirement?

Yes, whether you're driving a black cab in the centre of London or running an executive taxi service in a prestige car, you must hold a policy.

Can I use standard car insurance for a taxi?

No, because a taxi faces a higher level of risk than a car and, therefore, doesn't receive the correct level of cover under a standard motor vehicle policy.

Does taxi insurance cover me for personal use?

Some policies cover you for personal use, but not all local authorities permit this. Also, only a named and registered taxi driver can drive the vehicle and not, say, a partner or family member.

Park Insurance takes a tailored approach to taxi insurance. We work with you to choose the best types of cover and set them at levels that offer you ultimate peace of mind. Contact us today to see how we can protect your taxi business.