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Why compare private hire insurance with MultiQuoteTime?

Private hire vehicle insurance is a legal requirement in the UK for anyone who can be booked to transport passengers in return for a fare. Whether you’re looking for PHV insurance for the first time or renewing, finding the right cover at the right price matters.

MultiQuoteTime understands how time-consuming and often frustrating it can be to get multiple insurance quotes from a range of fast. – Especially when you could be on the road earning money

That’s why MultiQuoteTime gives you fast access to multiple quotes from specialist private hire brokers, with the option to filter results to only those that meet your insurance requirements. Get started by simply completing one easy form to obtain multiple quotes – and it’s 100% free!

MultiQuoteTime helps you to quickly explore multiple private hire insurance options by simply completing one online form – saving time whilst reducing stress!

Who Needs Private Hire Insurance?

Private hire insurance is aimed at anyone that intends to use their private car to provide a prebooked hire and reward service for paying passengers. Most drivers accept bookings via one of the popular apps that include Bolt, Uber, and Grab.

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Did you know

Driving without the right insurance is the same as driving with no insurance and can lead to a criminal conviction.

Compare UK Private Hire Car Insurance

Private hire insurance, abbreviated to PHV cover, is a speciality type of cover required if you’re ferrying passengers in return for a reward. This hire for reward taxi service is not for operators of the black cabs or others that can be called over from the curb, but for operators that have pre-booked clients or part of a shuttle service where clients can call for their services online or over the phone.

The panel of taxi insurance providers offer private hire drivers in all the UK authorities with a large demand for Manchester private hire insurance followed by Liverpool taxi insurance amongst many other UK cities and towns.

What is Private Hire Insurance?

Private hire insurance is an insurance cover for drivers that provide a chauffeur style service for the public on a prebooked basis. This is in contrast to a taxi can be hailed, but with private hire it must be booked. Subtle, but it is the difference that distinguishes private hire from taxi driver insurance. A good example of private hire service is Uber.

Private hire insurance is also referred to as hire and reward insurance. Hire for reward is self-explanatory, you as a driver are rewarded for being hired to drive a passenger from A to B or deliver goods from A to B. Hire for reward applies to both taxi drivers and private hire drivers.

Private Hire Insurance: Comprehensive, Third Party & Fire and Theft

There are three main levels of private hire vehicle insurance available in the UK. Each offers a different degree of protection.

Comprehensive

The highest level of cover available. Comprehensive policies typically cover damage to your own vehicle, third party property, injury claims, and may include windscreen and personal belongings cover depending on the insurer.

Highest Level

Third Party Only

This is the minimum level of cover required by UK law. It covers damage or injury caused to other people and their property only. Your own vehicle would not be covered under this policy type.

Legal Minimum

Third Party with Fire & Theft

Includes everything in third party only, with additional cover for damage caused by fire or if your vehicle is stolen. This sits between third party only and comprehensive in terms of the level of protection provided.

Mid-Level Cover

Eamonn’s Take: Choosing Your Cover Level

Eamonn Turley · Insurance Editor, MultiQuoteTime

One thing I always point out to drivers is that third party only isn’t necessarily the cheapest option. Insurers know that higher-risk drivers tend to gravitate towards the minimum level of cover, so they price accordingly — which can actually make third party more expensive than comprehensive in some cases. I’d always suggest comparing quotes across all three cover levels before making a decision. You might be surprised at the difference.

How Much Does Private Hire Vehicle Insurance Cost in the UK?

The price of private hire insurance will depend on a number of factors, most of which are also used to determine the cost of standard car insurance. No two quotes are the same, and premiums can vary significantly between providers, which is why comparing multiple quotes is essential.

Below are the key factors that insurers typically assess when calculating your premium.

Driving History & Experience

Your driving record is one of the biggest factors. This includes any previous accidents, whether at fault or not, as well as the number of road traffic offences or penalty points on your licence. A clean driving history will generally result in lower premiums, while a record of claims or convictions will push costs up.

Driver Age & Licence Status

Younger drivers typically face higher premiums due to less experience on the road. Most insurers require you to be at least 21, and some will only cover drivers aged 25 and over. How long you’ve held your PHV licence and your full UK driving licence will also be taken into account.

Criminal & Motoring Convictions

Your criminal record can significantly influence the cost of your premium. This includes drink driving offences, dangerous driving convictions, and other criminal offences. If you have points on your licence, you should expect to pay more. Some specialist brokers do cater to convicted drivers, so it’s still worth comparing.

Vehicle Value & Condition

The make, model, age, and current value of your vehicle all play a part. Higher value vehicles cost more to repair or replace, and older vehicles with poor maintenance records are considered higher risk. Keeping your vehicle well maintained and fitted with security features such as a Thatcham-approved alarm can work in your favour.

Did you know? Vehicles in lower insurance groups are generally cheaper to insure. Insurance group 7 cars are among the cheapest to insure in the UK — worth knowing if you’re choosing a vehicle for private hire work.

Location & Annual Mileage

Where you live and operate has a direct impact on your premium. Drivers based in major cities — particularly London — will typically pay more due to higher traffic density and increased accident risk. Your estimated annual mileage is also a factor, as more time on the road increases the likelihood of a claim.

No Claims Bonus

Building up a no claims bonus can make a significant difference to the cost of your private hire insurance. Some insurers offer discounts of up to 75% for drivers with five or more claim-free years. Protecting your no claims bonus is often available as an optional extra and can be worth considering.

Annual vs Monthly Payments

Whilst we do offer monthly payment options for private hire insurance, it’s worth being aware that paying monthly can work out more expensive overall. This is because credit fees and interest charges are often applied to monthly instalment plans. If you’re in a position to pay your premium annually in a single lump sum, you could avoid these additional costs and reduce the total amount you pay for your cover.

Why is private hire insurance more expensive than car insurance?

Private hire vehicles spend significantly more time on the road than standard cars, often in heavy traffic and during unsociable hours. This increases the risk of accidents and claims, which is reflected in higher premiums. Carrying fare-paying passengers also adds additional liability — all of which contribute to the higher cost compared to a standard motor policy.

Steps To Lower the Cost of Private Hire Taxi Insurance

The major factors that affect the price will be your driving history, size of your private hire taxi vehicle and miles covered. We have listed some of the ways that can help to reduce your annual premium below.

An easy way to lower the cost of your private hire taxi insurance premium is to pay it annually. When payments are made monthly, there is interest that is incurred on the unpaid balance each month.
Having a black box and or a dashcam installed in the vehicle is a positive way to prove the operator is driving safely and within the law.
The security of the location where the vehicle is parked when not in use is also a factor in the cost of the premium. When this location is in a locked facility like a shed or garage, the insurance firms will look at it favourably.
Get multiple quotes. This will enable you to compare different offers and select an offer that both meets with your requirements and is within your budget.
No Modifications. Mods must be declared to the insurance provider and these inevitably increase your premium.
Optional extras: Ask yourself two questions. Do I need that extra? Can I get it cheaper elsewhere? This should help you reduce overall cost. Take private hire breakdown cover, it is often cheaper to purchase direct from a local roadside recovery service.

What do you need to get a quote?

In order to get private hire vehicle insurance quotes, please have the following details available:

Private Hire Vehicle Details: The vehicle’s age, maximum passenger capacity, and approximate value

Driver details: Name, age, years of driving experience, postcode, and claims history

Level of Cover: Example fully comprehensive

Additional drivers: Who else will be driving the vehicle—insured only, insured and spouse, or insured plus named drivers

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Private Hire Insurance Quotes pay monthly

Who is Required to Have Private Hire Insurance Monthly?

Those operators of any hire for reward vehicles that can’t be called from the curb are required by law to have PHV insurance. This includes operators of private chauffeur companies and on call taxis, along with Uber and other ride-share services. Because Uber was instrumental in starting this disruptive private hire booking service, the cover is often referred to as taxi insurance for Uber drivers.

Since every private hire operator is different, each policy can be tailored made to meet their specific needs, budget and requirements.

What Road Insurance is required by law for Private Hire Drivers?

Commercial vehicle comprehensive or third party only vehicle cover is required by UK law.

This area of cover is called road risk. This is cover for when the vehicle is involved in an accident. When you are at fault, third party cover will only cover the other vehicle. With comprehensive, both vehicles are covered along with the passengers possessions independent of who is at fault.

private hire insurance optional extras

The range of available add-ons typically includes the following options. Note that some may already be included in your policy, for example, the uninsured driver promise is sometimes included in a comprehensive insurance policy.

Breakdown Cover

The taxi breakdown cover is another option to consider. Not only will aid be sent to assist you with the problem, but your clients can be taken to their destination, which will keep your reputation as a reliable driver intact. It is important to choose a reliable car for private hire use, so time off the road is minimal.

Uninsured driver promise

Uninsured driver promise: This is growing in popularity as the number of uninsured UK motorists increases. This guarantees that you will not lose your no claims history if you need to make a claim resulting from an incident with an uninsured motorist, normally only available with fully comprehensive cover.

Rental Replacement Car

If your private hire vehicle will be off the road getting repaired, you will be entitled to a replacement vehicle. Check that the vehicle will have the required cover to keep providing a hire reward service.

No Claims Protection

no-claims bonus (NCB) protection is a popular option that safeguards any no-claims bonus you’ve built up over time.

no-claims bonus will remain intact, meaning you won’t lose your existing discount even after a claim.

Common Questions About Private Hire Insurance in the UK

Can I pay my taxi insurance on a monthly basis?

Most brokers are flexible when it comes to arranging payment terms. However, choosing monthly payments may include extra interest charges, afew provider are now offering pay as you taxi insurance aimed at seasonal drivers.

Does my private hire insurance cover me for driving other cars?

Taxi insurance only provides cover for the vehicles that are listed on the policy schedule. If you need cover to drive another vehicle, you will need to either the vehicle including in your existing schedule or take out a new separate insurance policy.

Why is Private Hire Car Insurance Expensive?

The key reason is that you will be covering many more miles than a traditional driver. Add to this working in all weather conditions, late at night and working within time constraints. All of these factors make you statistically a higher risk to the taxi insurance provider, which is reflected in your private hire car insurance policy premium.

Can my private hire vehicle be used for personal use?

Taxis can be used for personal use, but this must be included in the insurance policy, if not ask the broker to include private use.

Can you deliver food with private hire insurance?

Yes, the cover is for hire and reward. You may also deliver food or parcels if you wish to supplement your income

Is Private Hire Insurance available for London?

A private hire policy is not limited to any one location within the UK. This means that your policy will cover you if you wish to provide private hire services in London, Manchester, Liverpool, etc. The cost of London pco car insurance may be higher, as the risk of theft is greater in highly populated areas.

Is Private Hire insurance available for electric vehicles?

The electric vehicle is now becoming a popular choice for private hire drivers, expensive, but the payback is the saving on fuel. To get the most savings, make sure you charge your EV at home, as charging stations can work out to be as expensive as using fossil fuels. Choosing the best electric private hire vehicle for your requirements and budget is important, with the MG5 Estate a firm favourite with its exceptional luggage space and budget price.

Is monthly Private Hire insurance available?

Yes, most private hire insurance brokers will let you pay on a monthly basis. This is popular if you are just starting out or working a few months per year.

Is public liability insurance included?

Please check with your insurance provider. Some taxi insurance providers will include public liability as standard or offer it as an additional extra. Please check with your policy provider or check your policy wording.

Is Taxi breakdown cover available as a standalone policy?

Yes, this can be bought as a separate policy or bundled into your taxi insurance policy. If you are driving a new taxi, taxi breakdown cover may already be included by the car manufacturer for the first few years.

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Reviewed by: Eamonn Turley, Insurance Specialist