So… How much Does it Cost to Insure a Taxi?

You may be new to the business of being a professional driver or an experienced Cabbie – whatever your circumstances, insurance is a must to protect you and your passengers. And while it’s difficult to give a specific figure unless you talk to us, below we’ve put together a handy guide as to what factors come into play when giving you a quote:

  • If you work as a taxi or private hire driver your location will have an impact on how much you are charged by your insurance company.
  • Where you drive your vehicle, and park it, is another factor insurance companies will use when calculating how much public or private hire insurance should cost.
  • The age of your vehicle, its make and model, whether it’s an import or has been modified – these can all affect the price you pay when you come to insure your vehicle.
  • And beyond the car itself, facts about the actual driver or drivers will also be considered by insurers when they calculate the premium.
  • So, whether your vehicle is private hire or public hire, how long you’ve held your licence, your age, whether you have any points on your driving licence, whether you have a No Claims Bonus…these can all influence exactly how much you pay for your insurance.
  • Each insurance company may also give each of these variables a slightly different weighting, which can result in a broad range of insurance quotes – that’s why it pays to compare the best insurance policies before deciding on which provider to go with.
  • Whether you drive a saloon taxi, a hackney carriage, a people carrier a minibus or a coach, you can be confident that it is going to cost you more to insure your vehicle than it would cost if you were taking out regular car insurance. That’s because insurance firms have determined that claims costs on private hire and taxi polices tend to be higher than private car claims and as taxis are usually on the road more, are more likely to drive at night and are also more likely to spend time in heavily built-up areas the claims frequencies tend to be higher.
  • Did you know that your credit score and “other factors” in your personal history can now affect your premium. Some insurance companies now use background checks in the same way that other financial institutions do and this can significantly impact your premium. So to get the best prices, always try to keep your credit score healthy and make sure you keep up to date with any payments you may have.
  • Did you know there is an optimum time to try to obtain a quote? Over the years a lot or private car insurers have used something called “Active Pricing”. A lot of taxi insurers are now starting to follow the same model and rates can change daily. Our research has found that the most likely time to get the cheapest quote from these insurers would be between 10 and 16 days prior to renewal.

So, there really is no simple answer to the question ‘how much does taxi insurance cost’.

At Jenkinson’s Insurance, we have significant experience with helping Taxi and Private Hire Drivers to get the best prices for all different types of cover, which enables you to compare insurance firms in real time and only receive quotes from those firms that are able to offer you the cover that you want and need. Whether you have an entire fleet of vehicles or work alone, we’re sure to be able to help you. Contact us today to find out more!

Related Post

Answered by People, Not Machines

Request a Quote