As a taxi driver, you need to consider taxi insurance to protect your vehicle, going above and beyond simple vehicle insurance that regular road users must use. If your vehicle is your only source of income, then it is vital to get the right cover for your taxi to ensure that both you and your vehicle are safe to be on the roads transporting passengers at all times. Plus, you don’t have to refuse any business coming your way, all of which make you sure that your flow of income is regular.
What Is Taxi Insurance?
Taxi insurance is the insurance cover for taxi drivers as well as the vehicles they use as their taxis. There is a wide range of taxi cover available for your taxi depending on the type of vehicle you drive. There are basically two types of vehicles i.e. Public hire and Private Hire, so the insurance cover for these types of vehicles is known as public hire insurance and Private Hire Insurance respectively.Public Hire Taxi Insurance:
Since the public hire taxis are not booked in advance and can be hailed directly from the street, a taxi badge appeared at the front. It may seem that insurance requirements for public hire vehicles are higher, but in fact because of the tendency for older, more experienced drivers and the vehicles tend to be newer insurance quotes can, in fact, be lower.Private Hire Taxi Insurance:
On the contrary, private hire taxis tend to be booked in advance and thus appear to be at a lower risk. But because these vehicles are usually driven by younger, less experienced drivers and also the vehicles are older, this is not necessarily the case.
Minibus and MPV Taxis:
As these types of vehicles are larger and carry a large number of passengers within them, they will obviously fall into a higher insurance group that means a more expensive premium.Why Taxi Insurance Is Expensive from Regular Motor Insurance?
The difference between taxi insurance and regular car insurance is based on a number of factors. First of all, minicabs tend to cover a higher mileage each year than regular vehicles that means that there is more risk of an incident occurring and this is why prices tend to be higher.Farther, minibus insurance is even greater as, unlike regular motor vehicles these vehicles tend to transport even more passengers, making premiums even higher. Essentially, insurance policies for cab drivers reflect the distances they are travelling, the number of passengers they would be responsible for and whether they have public hire or Private Hire Insurance – all these factors can seriously impact premium prices.
Why Do You Need a Taxi Insurance?
Taxi insurance is vital as taxi drivers are in a position to be responsible not only for the safety of themselves and of their passengers and their vehicles. Without insurance cover, cabs won’t be covered and if there happens something wrong, it means that both the drivers and their passengers would be in danger both in monetary and safety terms.Here at The Cubit Minicab Insurance, we are the proud providers of monthly taxi insurance and minicab insurance packages. We are committed to making our customers’ vehicle ownership as cheap as possible by helping them get the quote they require to meet their needs. For more information about the services we offer, you can contact our friendly team today!
