Taxi Fleet Insurance

Guide To Fleet Taxi Insurance & Private Hire Fleet

Are you searching for a comprehensive taxi fleet insurance policy? If you have a fleet of minibuses, black cabs, minicabs or a mix of vehicles, you will need a policy to protect all your vehicles. Going the fleet route will potentially provide savings and at the same time lower your admin costs by having only one policy as opposed to multiple policies.  

MultiQuoteTime have partnered with Quotezone who provide a simple form which once completed is submitted to a specialist panel of brokers. The panel can provide multiple quotes from UK brokers that deal exclusively with providing coverage for private hire or taxi fleets.

Private Hire Fleet Insurance

Comparison quotes are available for both traditional taxi fleet insurance—covering vehicles you can hail on the side of the road—and private hire insurance, which applies to vehicles that must be pre-booked.

The Main Benefits of Taxi Fleet Insurance

As a business owner, saving time is always a priority. One of the key benefits of taxi fleet insurance is the ease of setup and management compared to insuring each vehicle individually. Taxi fleet insurance is also likely more cost-effective, as most brokers offer discounts when adding multiple vehicles. However, it’s always wise to compare the costs of a motor fleet policy with insuring vehicles on an individual basis to ensure you’re getting the best deal.

Is A Fleet Policy The Best Option?

If you have a small fleet of taxi vehicles or private hire vehicles, consider using regular taxi insurance, as the number increase the fleet route should work more convenient and cheaper. It is worth comparing both options if you are operating a small fleet.

Taxi Fleet Insurance Can Include:

• Cover for 3 + Taxi vehicles
• Mixed fleet, for example public hire black cabs and private hire vehicles
• Third Party Only, TPFT and Comprehensive options are available
• Any driver fleet policy, conditions will apply
• Tailored policies: the panel can tailor the policy to your business requirements
• Monthly taxi insurance payments to help spread the cost.

Steps to lower your taxi fleet insurance premium

• Annual Payment of Premium. Pay your premium upfront rather than making your payments on a monthly basis.
• Only Employ Safe Drivers. Be selective when choosing your drivers; if possible, select divers with at least 3 years of driving experience and a clean driving record. Young drivers under the age of 25 are generally considered higher risk compared to those over 25, so age is an important factor to consider when hiring new drivers.
• Compare The Market. Get quotes from different providers. This simple step will enable you to compare quotes easily and make an informed decision.
• Following Accident Reporting Instructions. Report all accidents that involve a third party immediately. Failure to do so by thinking that no further action will be taken by the third party and can easily result in unforeseen costs in the form of a later claim. The claim at that stage may include costs for hiring a car and other items that could have been excluded had you been quick to inform your insurance provider. The end result is a higher claim, resulting in a larger increase in your annual premium.

Levels Of Cover Available

• Comprehensive  – This type of cover will provide protection for all types of accidents, and is highly recommended, as it can enable you to operate your business with full peace of mind.
• Third Party Only Plus Fire and Theft (TP&FT)- TPO cover plus cover if your fleet vehicles are damaged by fire or stolen.
• Third Party Only (TPO) – This is the legal minimum level of cover required to drive in the UK. The cover payouts to the third party only and you will have to pay out for any damage to your vehicles. 

Additional Cover Options 

A minimum of third party road risk insurance and employer’s liability insurance if you have employees are two forms of insurance required by law. Additional cover can be added to build a more comprehensive policy. A good example is public liability insurance for taxis. It is viewed by many as essential when working with the public, and you may find some insurance companies will have this included as part of their base package. 

For completeness, we have listed below some of the more common additional cover elements that can be added in to your policy. 

• Breakdown Assistance.  Taxi breakdown cover is recommended for all taxi fleets and can easily be included as part of your taxi fleet insurance
• Legal Expenses : Claim back legal expenses if you need legal representation.
• Public liability: Public liability Insurance which will protect you from any claims made by members of the public including passengers against your business.
• Driver Assault Cover. Cover for unprovoked attacks
• Personal Contents Cover : This cover is aimed at cover for your personal items from theft, fire and dame. The cover will have an upper limit, typically in the range of  £250  – £500
• Taxi Business Office Insurance.  Insurance for your office and buildings 

How Much Does Taxi Fleet Insurance Cost?

The fleet cost will depend on a number of factors that include the number of taxis and the value of the taxis in the fleet. In addition, the history of the taxi fleet drivers will also play an import role. If you can then provide safe, secure parking for the taxi fleet, this will reduce the overall cost further. Another factor that you have little control over is the fleet postcode. Some postcodes have a higher criminal rate and this will be factoring into the cost calculation.

Is Taxi Fleet Insurance The Best Option For 2 or 3 Minicabs?

In most cases, cost savings become more significant as the fleet size increases. For those that are starting a new venture with 2 or 3 private hire or minicab vehicles, it is always sensible to compare a fleet policy against unsure the vehicles on separate polices. 

Compare Taxi Fleet Insurance Quotes Today

To save money on anything, you need to do some upfront research and compare all the available options. The quote system can help you on your journey by providing you with multiple quotes that are tailored to your taxi or private hire business requirements. Get started by clicking or tapping the GET MULTIPLE QUOTES button below.