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Taxis are a common feature in city centres, providing a mode of transport when we need a lift somewhere. Cabs and cars can be seen outside airport arrival terminals, shopping centres and train stations, but they can also be found in town and city centres at night, providing a method of getting home

Many of which can be phoned up and ordered, or hailed in the case of black cabs, and with recent interest in ridesharing in recent years there’s now more choice than ever for passengers.

Whether it’s a black Hackney cab driven by a London cabbie, an inner-city taxi fleet or sole traders using ridesharing services such as Uber, taxis are a useful method of getting us from A to B.

What Type Of Taxis Are There?

There are two different kinds of taxi in operation, both of which will have their own requirements when it comes to the type of cover they require:

Private Hire Vehicles (PHVs) are those which must be booked using an appointment system from a taxi office. These usually offer services on a local level, and some will usually be used for specific journeys – including as a shuttle between airports and home addresses, or as part of a school run.

Public Hire taxis are those which you can hail at any time. Known as black cabs or Hackney cabs, these taxis are most commonly spotted at taxi ranks in town and city centres around the UK, and can be flagged down if their light is on.

Taxi drivers are required by law to hold a specialist taxi licence, issued by their local council, before they start carrying passengers on a ‘hire and reward’ basis.

Does Taxi Insurance Differ From Car Insurance?

Taxi insurance is different from regular car insurance in that it covers a vehicle for commercial use.

In much the same way, taxi insurance policies differ from a regular car insurance policy in that they add an increased level of protection for their vehicle, taking into account both a change in driving environment and the behaviour of their passengers.

What Can Affect The Price Of Taxi Insurance?

Much like with car insurance, there are certain factors which can affect the price of a taxi insurance policy, including:

  • Location – the closer a business is based to a city centre the higher the premium. This is usually as a result of an increase in risk of the likelihood of having an accident or the vehicle being stolen.
  • Driver Experience – including how much No Claims Bonus they have accumulated while driving for you
  • Driver Age – younger drivers will be seen as a higher risk, so taxi companies will usually not allow those under the age of 25 to drive for them.
  • Mileage – the more distance your drivers cover, the more expensive your premiums
  • Where you store the vehicle at night – whether you store the vehicle in a secure lot or on the street can make a difference to the price of your policy.

By taking small steps to change certain aspects of your vehicle, how you store it and even the age of your drivers, you can help yourself to reduce the cost of your taxi insurance policy.

Remember that accumulating some No Claims Bonus can also help, not just with regards to your own car insurance but with that of your employer as well.

Check out our Guides page for helpful advice on topics such as insuring a taxi fleet, the impact of location on a taxi company and how can I become a taxi driver?

Whether you’re an independent taxi driver working for a ridesharing company such as Uber, or the owner of a taxi company who is looking to insure their entire fleet of taxis, here at Quotiva we can use our network of brokers to find the best deal for you and your fleet.


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