subject: Important Considerations Before Selecting Your Private Hire Insurance Policy [print this page] When you are running a private hire taxi company it is important that you have adequate insurance in place. It is not only a legal requirement and a licence requirement but is very important to the type of business a private hire taxi company operates. Choosing insurance may sound easy but it is often a lot more difficult than it can appear with so many options to choose from and a range of cover available for all different costs it can be a big deal, and subsequently have a damaging effect if you do not get it right. It is important however that you figure out the insurance policy that will be adequate for you and you will be happy with.
There are significant differences between public hire and private hire taxis, public taxis can collect customers of the street for hire or rewards, where as a private hire tax has to be pre booked. Whilst this can limit a private hire taxi drivers options for custom it does have a number of advantages.
Before you choose a private hire insurance policy of any type it is beneficial to think about what would be an adequate cover for you and your minicab.
It is important to take into consideration what discounts may be on offer before you rush into buying a policy. If you contact an insurance broker that specialises in policies directly for private hire taxi vehicles it is likely that there will be a number of discounts available. This could include a substantial discount for insuring more than a single vehicle. This is useful if your personally manage a fleet or run a private taxi operation with a group of people. By grouping cars together under a single policy significant savings can be made.
It is also important to find out what extra benefits would be included in more premium levels of cover such as a fully comprehensive private hire insurance policy. Will it include breakdown cover, legal cover and assistance or windscreen damage? One of the most beneficial options that are occasionally included is accident and assault however this generally has to be taken out as a separate policy. This is important as a taxi driver as it will cover you for any violent crimes against your vehicle as well as provide compensation in the event of accidents under different circumstances.
There is a lot to consider when choosing your private hire insurance policy but it is worthwhile ensuring you get it right.
by: Neil Anderson
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