Average Cost Of Private Hire Taxi Insurance Uk

Understanding Average Cost of Private Hire Taxi Insurance in the UK

What is Taxi Insurance?

Taxi insurance is a type of motor insurance specifically designed to cover private hire taxi drivers and their vehicles. As with any other motor insurance policy, private hire taxi insurance provides cover in the event of damage to the vehicle, as well as the passengers and any third party involved. However, there are some additional features that are tailored to the specific needs of taxi drivers. For example, taxi insurance policies often include cover for loss of earnings and public liability insurance.

What Factors Influence the Cost of Private Hire Taxi Insurance?

There are a number of factors that can influence the cost of private hire taxi insurance. The most important of these is the driver's experience and the type of vehicle being insured. The more experienced the driver, the lower the cost of the insurance policy. Similarly, vehicles that are considered to be low risk, such as small saloons and family cars, can often be insured for less than larger and more expensive vehicles. Other factors that can influence the cost of private hire taxi insurance include the area in which the vehicle will be used, the age of the driver, the number of years they have been driving, and the number of miles they will cover.

What is the Average Cost of Private Hire Taxi Insurance in the UK?

The average cost of private hire taxi insurance in the UK can vary significantly depending on the factors mentioned above. However, the average cost of a policy is typically between £650 and £750. It is important to remember, however, that this figure can vary significantly depending on the individual circumstances and the type of vehicle being insured. For example, policies for experienced drivers with low-risk vehicles can often be found for significantly less than the average.

What Additional Cover is Available?

When taking out private hire taxi insurance, it is important to consider the additional cover options available. Most policies will include cover for damage to the vehicle, passengers and third parties. However, some policies may also include additional cover for legal expenses, loss of earnings and public liability insurance. It is important to make sure that the policy provides the right level of cover for your needs.

What Should I Look for in a Private Hire Taxi Insurance Policy?

When looking for a private hire taxi insurance policy, it is important to look for a policy that offers the right level of cover for your needs. As mentioned, this should include cover for damage to the vehicle, passengers and third parties. It is also important to look for a policy that offers additional cover options, such as legal expenses and loss of earnings. It is also important to make sure that the policy is provided by a reputable insurer and that it includes a 24-hour claims hotline.

Conclusion

The average cost of private hire taxi insurance in the UK can vary significantly depending on the individual circumstances and the type of vehicle being insured. It is important to make sure that the policy provides the right level of cover for your needs and that it is provided by a reputable insurer. Additionally, it is important to look for a policy that includes additional cover options, such as legal expenses and loss of earnings, as well as a 24-hour claims hotline.