A Guide to Taxi Insurance

As a licensed taxi/private hire driver you will definitely require a hire and reward insurance policy for your vehicle. Initially this may seem like a daunting task. You want the cheapest possible price but where do you go to compare minicab insurance prices online. Most car insurance compare websites on the internet only offer private car insurance but you require a private hire insurance policy.

Well help is at hand. Just type the words "taxi insurance" in a search engine and you will be presented with hundreds of taxi brokers that specialize in this field. Before you start asking for cheap taxi insurance quotations you will need to ensure that you have all the necessary information at hand. Question sets vary from insurer to insurer but generally speaking they all need to know whether you are a private hire or a public hire driver.

If you just own a single taxi car you need to decide who else will drive this vehicle. Some taxi insurance companies allow multiple drivers on a vehicle. Perhaps you wish to add your spouse on the policy for social, domestic and pleasure use, but remember not all insurers allow this option. If this is one of your requirements let the insurance advisor know about it during the quote stages.

Important rating factors that could affect the cost of your hire and reward insurance include the area you are licensed in, your age, vehicle group, length of driving license, previous taxi insurance are just a few to name.

Other important factors that dictate whether you will be eligible for cheap taxi insurance include the number of driving convictions and any previous claims. Some insurers will ask about claims history for the last 5 years and others only go back as far as three years.

There are many additional options that are available as add-ons to a taxi insurance policy. You could also obtain a taxi breakdown assistance cover, legal expenses policy and public liability. With some taxi insurance companies these additional options are included in the package whereas others charge a small premium for the add-on products. Again check with your taxi broker what options are available to you.

As with any type of contract ensure that you have disclosed all facts honestly to your taxi advisor as any material facts not declared or otherwise incorrectly declared could lead to your policy being invalidated or a claim not being paid. Before signing any proposal form check that all the information is correct and contact your broker if there are any inaccuracies.

To get the best deal for your taxi insurance, shop around and try to obtain at least three or more quotes from reputable taxi insurance companies. Also ask your fellow colleagues as to where they are insured and how they have found the service of their brokers.