What is Taxi Fleet Insurance?
Taxi fleet insurance is a type of insurance policy that provides coverage for a fleet of vehicles used for taxi or private hire purposes. This type of insurance is specifically designed for businesses that operate multiple taxis or private hire vehicles, such as mini cabs or limousines, and need to insure all their vehicles under a single policy.
With taxi fleet insurance, businesses can insure all their vehicles under one policy, which can be more cost-effective than insuring each vehicle separately. It can also simplify admin, making it easier for the business to manage and keep track of their coverage.
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What Does Taxi Fleet Insurance Cover?
Taxi fleet insurance typically provides cover for a range of risks that taxi or private hire businesses may face.
The specific cover provided will depend on the policy chosen and can vary between insurance providers. However, some common cover options that are typically included in taxi fleet insurance policies are:
- Third-Party: This covers the cost of damages and injuries to third parties in the event of an accident where the taxi driver or one of the vehicles in the fleet is found to be at fault.
- Comprehensive Insurance: This covers damage to the taxi or private hire vehicles in the fleet caused by accidents, theft, vandalism, or weather-related events.
- Public Liability: This covers the cost of damages and injuries to members of the public caused by the taxi drivers while they are working.
- Employers Liability: This covers the cost of damages and injuries to employees of the taxi company in the event that they suffer an injury or illness while on the job.
- Breakdown Cover: This covers the cost of repairs or towing if one of the taxi or private hire vehicles in the fleet breaks down.
- Legal Expenses: This covers the cost of legal fees in the event that the taxi company needs to defend itself against a claim or bring a claim against another party.
The exact cover provided will depend on the specific policy chosen and any optional extras added to the policy will also affect the insurance policy.
How Many Vehicles Do I Need For Taxi Fleet Insurance?
The number of vehicles required for taxi fleet insurance can vary between insurance providers but in general, most providers require a minimum of 3 vehicles. Some providers may offer fleet policies for as few as two vehicles in certain circumstances.
It’s important to note that the more vehicles on the fleet policy, the greater the potential for cost savings on insurance. This is because many providers offer discounts or reduced rates for larger fleets as the risks associated with the fleet are spread out over a larger number of vehicles.
It’s always a good idea to compare taxi fleet quotes to find the best value for your money. A specialist broker will help you understand your risk and provide a quote that will insure you the best way possible.
Can I Get Taxi Fleet Insurance For Mixed Vehicle Types?
Yes, it is possible to get taxi fleet insurance for mixed vehicle types. Many insurance providers offer policies that cover a range of vehicles including cars, vans, minibuses and even coaches.
It’s important to note that the cost of the policy may vary depending on the types of vehicles included in the fleet, as different vehicles may have different levels of risk associated with them.
When applying for taxi fleet insurance, it’s important to provide accurate information about the vehicles in the fleet, including their make, model, and age, as well as the number of seats they have and any modifications that have been made.
What Are The Benefits Of Taxi Fleet Insurance?
There are several benefits to having taxi fleet insurance for your taxi or private hire business in the UK. Some of the main benefits of taxi fleet insurance include:
- Cost Savings: Insuring your taxi fleet under one policy can often result in cost savings over insuring each vehicle separately. Many insurance providers offer discounted rates for larger fleets, which can help to lower the overall cost of insurance.
- Comprehensive coverage: Taxi fleet insurance typically provides comprehensive coverage that includes third-party liability, public liability, employer’s liability, and other coverage options to protect your business and your drivers.
- Flexibility: Policies can be tailored to suit the needs of your business, allowing you to choose the coverage options that are most relevant to your specific needs.
- Convenience: Insuring your entire taxi or private hire fleet under one policy can be more convenient than managing separate policies for each vehicle. This can save time and effort as well as reduce the risk of errors and omissions.
- Reduced paperwork: Insuring your taxi fleet under one policy can help to reduce paperwork as you will only need to manage one policy instead of multiple policies.
In conclusion, those operating a fleet of taxi vehicles can save themselves time and money by insuring their taxi’s all under 1 policy. You won’t need to worry about multiple renewal dates and frequent payments to insurers. Instead, you’ll have everything in one place.
How Much Does Taxi Fleet Insurance Cost?
The cost of your taxi fleet quote will depend on a number of factors. These include the number of taxi’s, the type of taxi, driver history, claims history and the location of your taxi rank.
As a rough guide, policies can cost anywhere from a few hundred pounds per year for a small fleet of vehicles to tens of thousands of pounds per year for a larger fleet. The actual cost will depend on the specific circumstances of the business.
The best way to reduce your taxi fleet insurance costs however is to take time comparing quotes and build up and maintain a good claims record.
Can I Add New Vehicles To My Taxi Fleet Insurance Policy?
Taxi fleet policies are designed to be versatile so it is possible to add and remove vehicles from your policy. This is referred to as mid-term adjustments.
When adding a taxi to you policy, like a standard car insurance, you will need to provide all the information on the vehicle so that your provider can ensure it is correctly insured. The same goes for adding a driver to your policy unless you have an any driver fleet insurance policy where this step is not always required.
There is likely to be an admin fee when changing your policy. Because of this, it is suggested that you bulk together any changes where possible and get multiple changes made under 1 admin fee.
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