The Different Types of Taxi Insurance

The Different Types of Taxi Insurance

When it comes to taxi insurance, there are different types of cover for different types of vehicles.

Below is an explanation of the different types of taxi insurance there are as well as the types of cover that are included in a typical taxi insurance policy.

Private hire

Private hire taxi insurance is for mini cabs and Uber taxis. Private hire cabs are those that can only be pre-booked via phone or an app and cannot be hailed from the street. Private hire taxis are typically cheaper to insure than public hire taxis since the risks are lower.

Public hire

Public hire taxis are those that display a ‘taxi’ sign and can be hailed from the street i.e. black cabs. Public hire insurance is required for these types of vehicles.

Taxi insurance cover options

Below are some of the main cover options you’ll find in a typical taxi insurance policy. These cover options are commonly found in both public and private hire policies.

  • Third party only – Third party only insurance is the minimum level of cover required in order for a taxi to be road legal. It provides protection for other road users in the event of a collision where you were found to be at fault.
  • Third party, fire and theft – This is the same as third party cover where accidents are concerned although you’ll now also be covered for fire and theft.
  • Fully comprehensive – A fully comprehensive policy provides full protection for your own vehicle, even in the event of collisions where you’re the one to blame.
  • Liability claims – Liability claims are a pretty big risk when working as a taxi driver. That’s why it’s always recommended that you get a good amount of public liability cover included in your policy.
  • Fleet insurance – If you run a taxi firm and have multiple vehicles that you want to insure together then a taxi fleet insurance policy is the best way to do this.
  • Breakdown assistance – Breakdown assistance is another type of cover that can be included in a taxi insurance policy for an additional cost.