What is Public Hire Taxi Insurance?
Public hire taxi insurance is a type of insurance policy that is specifically designed for taxi drivers who operate on a public hire basis. Public hire vehicles are described as taxis that can be hailed on the street or in a taxi rank.
Insurance for a public hire car is a legal requirement and provides cover for the driver, the passengers, the taxi itself and any third parties. Policies are completely tailorable to your needs and can cover for things such as bodily damage, vehicle damage and general liability in the event of an accident.
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Levels of Public Hire Taxi Cover
There are several protection options available to taxi drivers. When choosing your level of cover, it is important to weigh up the cost against the level of cover.
- Third-Party Insurance: This is the minimum level of insurance required for public hire drivers. It covers harm to a third-party or another vehicle. It does not cover expenses related to personal injuries or car damage to your own vehicle.
- Third Party, Fire and Theft: This policy offers the same cover as third-party insurance as well as for your own car if it is stolen or damaged by fire. It does not cover expenses for collision related repairs to your own car.
- Fully Comprehensive Public Hire Taxi Insurance: This is the most popular kind of insurance for public hire taxis. Offering protection not only for you and your own vehicle but also for other people and their property. It typically provides the most complete protection in the event of an accident.
What Does Public Hire Insurance Include?
Public Hire Insurance is a type of insurance policy that is specifically designed for taxi drivers who operate public hire vehicles in the UK. It is a legal requirement for all taxi drivers who operate public hire vehicles.
Public Hire Insurance typically provides the following coverage:
- Public Liability Coverage: This coverage protects the driver in the event of an accident where a member of the public is injured, or their property is damaged, as a result of the driver’s actions.
- Passenger Liability Coverage: This coverage protects the driver and passengers in the event of an accident where passengers are injured or their property is damaged.
- Vehicle Cover: This coverage protects the driver against damage or loss to their vehicle as a result of accidents, theft or fire.
The specific coverage and the cost of Public Hire Insurance will vary depending on factors such as the driver’s age, driving history, location, and the type of vehicle being insured. It is important to carefully review the policy and compare different providers to ensure you have the appropriate level of cover for your needs.
Add Ons For Public Hire Insurance
When selecting a public hire insurance policy, there are several add-ons to consider.
- Insurers often provide flexible payment options, including monthly payments, which can make policies more affordable for drivers. It’s worth comparing public hire taxi insurance quotes to find the best payment option for you.
- Legal cover is another important consideration, as it can assist with legal costs if needed. Although some policies already come with basic legal cover, it may be worth considering adding this to your policy to ensure you have sufficient protection. When comparing policies or speaking with a public hire insurance broker, ask about legal cover options.
- As a public hire service, you will likely be covering a significant amount of mileage, which can increase the risk of breakdowns or mechanical issues. You can add breakdown cover to some insurance policies to provide additional peace of mind and ensure you can get back on the road quickly if your vehicle breaks down.
Do I Need Public Hire or Private Hire Taxi Insurance?
Taxi insurance is broken down to reflect the two types of taxi driver. These are public hire or private hire taxi insurance.
Here are some key differences between the two:
- Public hire taxis: These are taxis that can be hailed on the street or picked up at taxi ranks. Drivers of public hire taxis must have a special licence, known as a Hackney carriage licence. Public hire taxis usually have a sign on the roof that says “TAXI” and may have a metre inside to calculate fares. Public hire taxis require Public Hire Taxi Insurance.
- Private hire taxis: These are taxis that must be pre-booked in advance, either by phone, app, or in-person. Drivers of private hire taxis must have a private hire vehicle licence. Private hire taxis are not allowed to pick up passengers from the street, and fares must be agreed in advance. Private hire taxis require Private Hire Taxi Insurance.
In summary, if you operate a taxi that can be hailed on the street, then you need Public Hire Taxi Insurance. If you operate a taxi that must be pre-booked, then you need Private Hire Taxi Insurance.
Who Can Get Taxi Insurance?
A public hire taxi insurance policy is available to any driver who possesses a full taxi licence. There may be some situations where it is more difficult to get insurance for your public hire taxi. For example, if you have a previous driving conviction, you may find only specialist insurers are willing to insure you.
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