As with a standard private policy you will have the option to take out third party, third party fire and theft or comprehensive cover when you insure taxi. You will need to weigh up the cost of each policy and the costs you would incur if your own vehicle was damaged or written off. Comprehensive cover is most popular amongst taxi drivers because any damage to the taxi itself can result in a loss of earnings. If your taxi is your main source of income then getting it fixed or replaced as quickly as possible is critical and you receive no help with this with a third party policy.
Policy only is the cheapest option available for taxi insurance if cost is your main concern. This is the most basic level of taxi insurance needed by a taxi driver so it is the least thorough type. Taxi insurance companies may assume that you want a greater level of cover than just policy only so specify if this is all you need. It is important to remember that if there were an accident you would be left to pay for any damage or additional fees such as legalities.
Named Driver or Any Driver Policies
Named driver or any driver policies are both available when it comes to taxi insurance. These are dependent on your business needs and which policy is more convenient for you.
Any driver policies are less applicable for single taxi drivers. They are used mainly by large taxi companies who have many interchangeable staff. All-driver policies can be more expensive but this is more convenient than taking out an individual policy for each employee. This also means that if you have a high turnover of staff then you do not need to pay to cancel and take out new policies. Any driver fleet insurance policies cover multiple vehicles and multiple drivers, which are commonly used by taxi companies. You can of course still put down the names of all the drivers on a fleet policy. This reduces your costs if the insurer has a record of everyone’s driving histories. It is also important to not forget about exclusions as most ‘any driver’ policy means drivers over the age of 25 and with no convictions.
If you are working as a single driver you will more than likely take out a named driver policy that works similarly to a private policy. This type of policy is tailored based on the drivers driving history and one specific vehicle. This would more than likely be the cheapest option for a single taxi driver.
There are many features that can be included in a taxi driver insurance policy and a combined policy tends to umbrella all the desired components. This can include breakdown cover, taxi insurance, loss of earnings, liability insurance, legal expenses etc. Different combined policies will cover different elements but below is a list of the possible extras that would be included in a combined policy.
Combined policies provide the best peace of mind as you are covered for most incidents. This can be useful for a single taxi driver if an accident puts them or their vehicle off the road as this can completely stop their income. Although combined insurance is the most expensive type it could save you a lot of money in the long run.