As a taxi driver or taxi company, you will want to protect your vehicles and any liabilities that they have from being on the road day in day out. As your vehicle/s are the lifeblood of your business you will want them to protect them and get them back on the road as quickly as possible if the worst should happen. Below we have explored what is available from a variety of insurance providers for taxi businesses.
The table below gives a quick comparison of the top UK providers for taxi insurance.
| Company | Minimum cover | Maximum cover |
|---|---|---|
| Aviva | Not stated | £20 million |
| ACE | Not stated | Not stated |
| Kerry London | Not stated | Not stated |
| Acorn Insurance | Not stated | Not stated |
| DNA Insurance | Not stated | £10 million |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. Aviva
Some of the features and benefits of Aviva’s taxi insurance.
- Cover for businesses with up to 4 vehicles
- Includes most vehicles used for hire and reward excluding coaches
- Choice of fully comprehensive, third party fire and theft, and third party only
- Third-party property damage up to £20 million
- Taxi
- Minicabs
- Minibuses
- Chauffeur-driven limousines
- Legal services and advice
- Fleets of taxis over 5 can also use their Fleetwise product
Aviva is a business insurance provider that offers a wide range of business insurance products that are designed for small to medium-sized businesses. They provide cover for categories like property, liability and vehicles such as fleet insurance and commercial vehicles like taxis.
Aviva’s taxi insurance is designed for businesses with up to 4 vehicles and their fleet insurance can offer cover for those with 5 or more vehicles. Their cover offers the choice of fully comprehensive, third party fire and theft, or third party only. They cover vehicles that are used to carry passengers for hire and reward such as private hire taxis, minicabs, minibuses, chauffeur-driven limousines and hearses.
2. ACE
Some of the features and benefits of ACE’s taxi insurance.
- Tailored insurance policies for taxi drivers
- Choice of comprehensive, third party fire and theft, and third party only
- Offers a personal service
- Public hire insurance
- Private hire insurance
- Affordable quotes
- Offers a loyalty scheme
- Protection for day-to-day taxi work
- Will try to keep you on the road
- 24/7 claims support
ACE is an insurance provider that offers a range of business insurance products that are designed to meet the needs of small businesses. They specialise in providing insurance to businesses that are in the motor trade and taxi drivers as they aim to keep business vehicles on the road.
ACE Insurance’s taxi insurance offers businesses a tailored insurance product with comprehensive, third party fire and theft or third-party cover. They provide a personal service with affordable quotes and they have a 24/7 claims support helpline as well as offering a loyalty scheme for customers. They provide policies for both public hire and private hire taxi businesses.
3. Kerry London
Some of the features and benefits of Kerry London’s taxi insurance.
- Commercial vehicle insurance
- Includes passenger carrying vehicles
- Covers accidents, fire and theft
- Tailored service
- Exclusive policy wordings
- Will help you get the right level of cover
- Aims to help minimise the disruption to your business
- Experienced insurance provider
- UK based claims team
- Provides personal account managers
Kerry London is an insurance provider that offers a range of business insurance products that are largely created for manufacturing, healthcare, construction, property, sports and leisure sector. Their range of products includes commercial motor insurance such as fleet insurance and commercial vehicle insurance which includes cover for taxi businesses.
Kerry London’s commercial vehicle insurance is designed to cover a wide variety of vehicles which includes those carrying passengers like taxis. They provide personal account managers who will tailor their insurance policies to you with exclusive wording and they will ensure you get the right level of cover.
4. Acorn Insurance
Some of the features and benefits of Acorn Insurance’s taxi insurance.
- Flexible taxi insurance
- Specialist provider
- Annual and short-term cover
- Choice of comprehensive, third party fire and theft, and third party
- Private and public hire
- Minibus
- Fleet of taxis
- Competitive prices
- Considers all circumstances and drivers
- Includes public liability taxi insurance
Acorn Insurance is an insurance provider that offers specialist business insurance products in household and motor vehicle insurance which includes cars, vans, taxis and motor trade insurance. Their taxi insurance offers a variety of insurance policies which includes private hire, public hire, minibus and fleets of taxis.
Acorn Insurance’s taxi insurance is a flexible policy and you can choose the level of cover you require from comprehensive, third party fire and theft, and third party cover. They will consider all circumstances which include drivers that have been refused or declined insurance. They provide both annual and short-term insurance which includes public liability taxi insurance.
5. DNA Insurance
Some of the features and benefits of DNA Insurance’s taxi insurance.
- Variety of taxi insurance
- Public hire
- Private hire
- Chauffeur
- Immediate cover available
- Rewards more experienced drivers
- Unlimited mileage policies
- Legal expenses
- Offers a range of optional extras
- 24-hour claims helpline
DNA Insurance is an independent insurance provider that offers a variety of business insurance products. They are UK based including their call centre and they specialise in commercial vehicle insurance which includes fleet insurance, car, van, minibus, taxi and motor trade.
DNA Insurance’s taxi insurance covers public and private hire companies, minicab, chauffeurs and taxi fleet with immediate cover and they reward more experienced drivers that are over 35 years old. Their cover includes unlimited mileage and legal expenses. They offer optional extras such as guaranteed vehicle hire, breakdown cover, protected no claims bonus, gadget cover and windscreen cover.
FAQ
What Is Taxi Insurance?
Taxi insurance is unlike standard car insurance as it is specifically designed for taxi drivers and the special considerations that specific occupations and businesses possess.
Taxi insurance covers the unique commercial, legal and usage issues that normal drivers do not have. In addition, taxi cover furnishes protection for the driver, the taxi, and the customers.
Regardless of whether you drive a black cab, an Uber or operate as a vehicle for private hire, you are legally required to carry taxi insurance cover.
How Much Does Taxi Insurance Cost In The UK?
As with any insurance, there are numerous factors that figure into the final cost.
Factors such as years of experience in taxi service, years of driving experience in general, length of time in which the driver has not filed a claim, whether the driver has any convictions, what are the specific details of the vehicle, whether you require public hire taxi insurance or private hire taxi insurance, and other important information as well.
In general, taxi drivers can expect to pay an average of £1,300 to £1,800 a year for cover. However, private hire taxis, such as Uber, have been known to pay as high as £3,500 a year.
You can use a comparison site to compare policies from many different insurers. This will allow you to see at a glance which policy is the cheapest, but you’ll also need to make sure it provides a sufficient level of cover for your needs.
Why Is Taxi Insurance So Expensive?
Taxi drivers tend to be amongst the most experienced drivers on the road, which normally results in lower insurance costs.
However, because taxis are on the road for longer hours than the normal driver and drive many more miles than the average driver, they naturally have the highest probability of being involved in accidents more often.
In addition, taxi insurance can provide public liability insurance and the basic cover for passengers. Unlike normal drivers, taxis carry passengers and are thus most likely to have a passenger in the vehicle when an incident occurs.
So, insurance companies naturally inflate the cost of taxi insurance simply because it is more likely to be used.
Is Taxi Insurance The Same As Business Insurance?
No, they are not the same. There are significant differences between a taxi insurance policy and adding business use to a standardised regular car insurance policy.
Public hire insurance and private hire insurance provide hire and reward cover, which means the driver is exchanging rides for payment and can add other insurance requirements such as public liability insurance cover.
Business use means that a vehicle owner and driver uses the car to conduct and carry out responsibilities for a job or business, such as door-to-door sales, a repairman who must go from client site to client site, or various types of delivery.
Think of it in these terms. Business use is when your car is essentially a piece of equipment you use to carry out aspects of your job.
Taxi insurance policies are required when your car is your job and business and that business is transporting people for payment.
Can I Insure My Taxi For Personal Use?
This will depend upon your specific taxi insurance policy, location, and your particular situation. Suppose you are a registered driver with a local council.
In that case, personal use of a vehicle insured with taxi insurance is authorised and regulated entirely by them, regardless of whether your specific policy would permit it.
Generally speaking, though, as long as you are a properly licensed and legally authorised taxi driver, the same policy you have for hire and reward will also provide cover for social, domestic, and pleasure purposes.
This, of course, is primarily focused upon personal vehicles that are licensed, insured, and used as private hire taxis. Of course, cars owned by the company would fall under the fundamental authority of the vehicle owner and not the operator.
What Is Taxi Fleet Insurance?
Taxi fleet insurance is designed for companies that operate a number of vehicles, such as public hire taxis, chauffeured limos, or other companies that operate vehicles in the hire and reward scheme.
Mini fleet insurance covers smaller businesses, typically up to 10 or 12 vehicles. Regular fleet insurance is necessary for larger businesses. A taxi or other transportation company needs a specialised cover, such as public liability insurance, for every public hire taxi and other vehicles it operates.
Fleet insurance providers cover all the vehicles and the entire business operation in a single policy.