If you are a private hire minicab taxi driver, it is important to have the right level of insurance cover. Insurance is a way to protect you from damages that makes you sure that you, your vehicle and your passengers are all protected. As you are a taxi driver and covering far greater distances than most average road users. Probably, you spend a lot of time driving around towns and cities, which can increase the chance of an accident.
Why you need a Taxi Insurance?
You need to have the right level of insurance cover to get your day to day work, safe in the knowledge that you are protected. As you are driving a private hire vehicle, so Private Hire Insurance is necessary to cover your vehicle. A comprehensive insurance policy covers you for third party liability including you’re your passengers and will protect you financially against fire and theft. You are required to take out insurance every 12 months as a minicab driver unless this has been agreed otherwise with your insurers.
Importance of Having the Right Level of Insurance Cover in Place:
Having the right level of insurance cover in place is important to legally drive your vehicle on the road. Without having the right level of insurance in place means you might not be legally covered to operate a taxi or operate as a taxi driver. Keep in mind that the ordinary car insurance won’t cover you to drive a taxi for hire and reward, so need to have specific private hire cover.
If you do not have the correct insurance for your taxi, it may lead your policy being voided or cancelled and leave you exposed to costs if you get involved in an accident and have claims made against you.
You can also be put at risk of potential convictions and fines which lead to increased premiums.
What is Private Hire (Minicab) Taxis?
Generally, the private hire taxis or minicabs are pre-booked either by phone call, email or in the booking office and cannot be hailed down directly by customers. This may include; the ones who cater to social events, such as; proms, stag and corporate events or the contract drivers who do school runs for the council.
What Are Public Hire Taxis?
Typically, public hire taxis or Hackney carriages are licensed to be either pre-booked, pick up customers from a taxi rank or can be flagged down on the street. One very famous example of public hire vehicle is London’s black cabs.