Buying fleet insurance for taxi, minicab and private hire companies

If you own a taxi, minicab or private hire company there’s a strong chance that there will be one of your vehicles on the road as you read this. Your cars and drivers will be on constant rotation and so it’s important that you have the peace of mind of knowing you have the right insurance cover.

No two taxi fleets are the same and so it’s vital that you benefit from a policy tailored to your needs. That is where taxi fleet insurance comes in. This type of insurance lets you cover all your drivers and vehicles under one policy. An insurer will tailor a quote to your specific requirements and make sure that you have the right level of cover for your needs.

There are a number of advantages to a taxi fleet insurance policy:

  • It can save time – Rather than insuring each of your vehicles under a different policy, minicab fleet insurance lets you cover all your private hire vehicles or taxis under one policy. This means you don’t have to spend time contacting multiple insurers, filling in lots of forms or administering dozens of different insurance policies
  • Flexibility to add/remove vehicles – With a fleet insurance policy it is easy to add and remove vehicles as necessary. You can always make sure your current fleet is covered
  • It can save money – Many insurers offer discounts for buying your insurance in ‘bulk’. Fleet taxi insurance is often cheaper than insuring your vehicles individually

When you are choosing taxi fleet insurance it is vital that you find the right cover for your needs. For example, some insurers will not cover saloon cars, black cabs or MPVs. And, if they do insure MPVs, there may be an upper limit to the number of passengers you can carry.

Bear in mind also that some insurers will have a minimum or maximum limit to the number of taxis they will insure on a fleet policy.

When you buy taxi fleet insurance, you should take the following into account:

  • Does the fleet policy cover you for a replacement vehicle if one of your minicabs or private hire vehicles is out of action?
  • Do you want to take out basic ‘third party’ cover, third party, fire and theft cover or a ‘comprehensive’ policy?
  • Does the insurer offer a no-claims discount?
  • Does the policy cover any drivers over a certain age?
  • Does the policy offer any additional benefits, such as public liability insurance, goods in transit cover or employer’s liability insurance? If so, you may want to take advantage of this additional cover

Taxi fleet insurance can be a simple and cost-effective way to insure your minicabs and private hire vehicles. Make sure you shop around for cover and that you find the policy that’s right for you.