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Taxi Insurance is Not All The Same!
The UK has thousands of taxi drivers transporting people from place to place every day. In order for each of these taxis to run, they must have two things; a license and insurance. Without them, they are illegal to operate as a taxi.
Although the two types of taxis, public and private hire, perform a similar task, that is, transporting passengers for a fee, they in fact have different types of taxi insurance. Driving as a public hire taxi with private hire insurance is illegal, as is driving as a private hire vehicle with public hire insurance. Both of these scenarios can invalidate the insurance policy, putting the safety of the passengers at risk. The reason is that the two types of taxis operate in different manners, and each has its own risks associated with it that would make it difficult to create a policy that would insure all types of taxis.
There is also a third option for taxi insurance and that is fleet insurance. This type allows for more than one vehicle to be insured on the same policy. It is generally a better choice for large companies, but typically not a good choice for someone with only one or two taxis as the costs would be too high. Companies which employ drivers will also need to have an employer's liability insurance, this can be added to the insurance policy for the vehicles or taken out as a separate insurance, it is usually more cost effective to combine the two. The vehicle type can affect the cost of the policy as well, as like any vehicle insurance the age, make and model of the cab can make a huge difference to the cost of the premiums.
In addition to these broad types, there are other types of cover that can be added to the insurance policy, such as a cover for multiple drivers or your spouse. This makes it a whole lot easier to customise your insurance policy to meet your own needs. A customised policy can allow you to make sure you aren't paying for things you don't need to be covered and that you are getting coverage for the things that you may need, such as theft protection if you live in a higher risk area.
Getting caught with the wrong type of insurance can be very bad for you. It could mean arrests or fines, or it could be putting other people at risk. Either way, you may be forced to go without driving your taxi for awhile, which can be particularly unpleasant if driving is your sole income source.
Therefore always make sure you have the right type of taxi insurance and be aware of what is covered under your policy, because driving outside of the policy can be very costly for you and your passengers if you don't have a mandatory public liability insurance either included within your policy or taken out as a separate insurance. Talking to insurers who specialise in providing taxi insurance could save you money as they are familiar with the legal requirements necessary to operate a taxi or mini cab within the UK.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including taxi insurance. Find out more by visiting his website, DNA Insurance
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