Private Hire Insurance Quotes

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.

What Cover is Optional For a PHV Insurance Policy?

There are three main areas of additional cover a private hire operator can have to help ensure their business can remain operational independent of the obstacles that are encountered. These three items of optional cover include breakdown assistance, public liability and fleet covers. Each of them has multiple layers of cover so that the private hire operator can have the coverage they need that fits their budget.

• Breakdown cover for all levels of coverage will include having a mechanic attend to your vehicle on the road when it can no longer move forward. The towing of the vehicle has different levels of cover to choose from, as does the onward travel for the operator and their passengers.
• Public liability is the cover to add if you were only going to add one of the optional covers to your private hire insurance policy. This is protection against a lawsuit by a member of the public who files a claim against you or your service. Without this cover, you will be personally responsible for all legal fees and settlement if the claim against you is found to be valid.
• Fleet insurance is a very good way to lower the costs of the vehicles a business operates when they have 2 or more being used as private hire for reward service. Nearly all insurance firms provide a discount for adding vehicles to a policy once one is covered by them with vehicle insurance.

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

The price will depend on a number of factors, most of which are used to determine the costs of standard car insurance, for example the driving history and age.

The driving records include involvement with accidents, both the driver’s fault and when just a victim. Also included are the number of road violation summons issued to the driver. The more activity in these areas, the higher the insurance premiums will be.

The criminal record of the operator also influences the cost of the insurance premium. This includes both drink-driving offences and other criminal offences. If you have points on your licence, expect to pay a higher premium.

The vehicle value and its maintenance records also play a part in determining the cost of the insurance premium. The vehicles with the highest risks are expensive vehicles and old vehicles that have been maintained poorly.

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, 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 question. 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.