The Essential Guide To Taxi Fleet Insurance

Insurance is essential for every taxi business. But, when you manage a taxi fleet, it’s time-consuming to make sure everything is in order with your policies. It’s not just the vehicles that you need to insure, but also other eventualities that can affect your business. If you accidentally make a mistake, it could cost you a lot in the long run. That’s why taxi fleet insurance makes sense. If you have three or more cars, it means you only need one policy. And as well as making renewal time simpler, it can also make it much cheaper.

 

To find the right taxi fleet insurance policy to help your business thrive, read our guide below.

 

1) First, is taxi fleet insurance the right choice for me?

If you have three or more vehicles, you can opt for taxi fleet insurance. As well as saving you the hassle and admin time of insuring vehicles separately, it can also be more cost-effective.

 

Benefits of a fleet policy

  • Generally, the more cars you insure, the greater the cost savings.
  • You only have to remember to renew one policy.
  • Your policy can be tailored to your specific needs, for example, types of vehicles to be covered.

If you only have two vehicles, it’s normally better value for money to insure them separately. For more help, speak to an expert insurance broker for advice on the best-value approach.

2) Second, can drivers of any age be covered?

Yes, taxi fleet insurance can be arranged for drivers of any age or any experience, including under 25-year-olds. However, bear in mind that younger drivers cost more to insure, just like with standard car insurance. That’s because they are considered to pose more of a risk. If you only employ drivers aged over 30 years old with good experience, the cost of your policy is likely to be lower.

  • Tell your broker about the ages of everyone who is driving your vehicles so the best price can be sourced.
  • Remember to keep your broker updated if driver details change.

3) What types of vehicle can be covered on a fleet policy?

Any kind of vehicle, from basic saloon to minibus, can be covered on a fleet policy. You can also include modified vehicles, for example, stretch limousines if you need to.

 

Just like ordinary motor insurance, the types of vehicles you run will make a difference to the cost. As you’d expect, luxury vehicles with large engines can be more costly to insure.

  • The number of passengers can also impact the cost of your insurance. For example, if you transport a large number of passengers, Public Service Vehicle insurance may be a better option for you.
  • If you run a fleet of luxury limousines, it might be worth thinking about chauffeur insurance. An experienced insurance broker will guide you through your options to find the right insurance for you.

4) Can minicabs and hackney carriages be insured under a taxi fleet policy?

Yes, you can cover a minicab business or hackney carriage fleet using fleet insurance. If you operate both, ask your broker for a policy designed for both types of licence.

  • Private hire and public hire vehicles pose different risks. It’s important to tell your insurance company exactly what type of licences you operate under. If you don’t, your insurance could be invalid.

5) How can the right taxi fleet insurance help to boost your profits?

Whatever your business, finding the right insurance at the right price makes a difference when it comes to profits. Skimp and you could find yourself paying out a lot more in the long run if something goes wrong. But pay too much and it can be a big dent on your income. It’s exactly the same when it comes to taxi fleet insurance. That’s why it’s important to take the time to understand the different types of cover available and ensure you have the right sort for you.

  • Shopping around is the best way to make sure that you have secured the best price. However, it can be hard to know where to start, especially with something as niche as fleet insurance. That’s where a specialist broker, like Park Insurance, can help. We’ve been helping drivers and fleet managers for nearly 30 years to find the best price on reliable insurance. We know what questions to ask and have sound industry contacts. That’s why we’re confident we will find you low-cost options with no compromise on cover.

6) Next, other ways to keep costs down

Where your vehicles are kept overnight can also help to keep premiums low. For example, ideally they should be kept locked in a garage. However, this can be trickier if your drivers keep their car at their home address. Adding security features can also help. For example, vehicle immobilisers and security cameras at your premises.

  • Make sure you tell your broker about any extra security features you have invested in. As a result, you could  save cash.

7) What types of cover can I choose?

You can choose between third-party, third-party fire and theft, or fully comprehensive insurance. Depending on the value of your vehicle and if you operate in a high-crime hotspot, you may decide that the basic cover is best for you.

  • If you operate private hire vehicles, your local council may stipulate a minimum level of cover as a condition of your licence. This could also include public liability insurance. Make sure you check what is required.
  • Your broker can advise you on all the options to help you to make a decision.

Finally

Taxi fleet insurance offers a no-hassle, value for money option if you have three or more taxis. With our guide above, you know what to look for and how to find insurance at the best price. As a result, you can get the best value quote and help to boost your profits this year without compromising on cover.

Have a question or want more information on taxi fleet insurance? Talk to our expert team on 01179556835 today or fill in the form below for a free, no obligation quote.

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