Private Hire Vehicle Insurance – What Is The Average Premium?

Private hire vehicle insurance is mandated for cab drivers in the UK by law. The transportation of passengers who are being paid is not covered by standard auto insurance. As consumer demand for cabs rises beyond levels seen before the pandemic (and some are starting as beginners), more experienced drivers are returning to the workforce. However, in order to drive, they need to purchase private hire insurance for their car.

How much does private hire insurance cost is a topic that drivers frequently ask?

Here’s everything you need to know:

What determines the cost of your taxi insurance? When determining the price of PH insurance, taxi insurance brokers take various factors into account. These ‘factors’ include:

  • your history of driving and age
  • Your choice of vehicle for public health work
  • Past complaints and mishaps
  • Using your no-claims bonus
  • Using your no-claims bonus (NCD)
  • the location where the car is kept when not in use

Generally speaking, your expenses rise as your car gets more expensive and powerful. When you have an excessive number of claims and penalty points on your license, the cost goes up. Typically, younger drivers pay more. No NCD entails full premium payment.

What can you do to reduce the average premium of your Private Hire Insurance?

The price can be decreased, though, if you take certain actions. By using a slow-moving, inexpensive vehicle, your taxi insurance expenses can be decreased. maintain a license that has no points. Get no-claims discount insurance to keep your discount in the event of an accident. Although young drivers can’t do much about their age, if they drive safely over time, their insurance costs can be reduced. The cost of insurance for fast food delivery drivers may be different from that for private hire depending on how much you choose to pay and the type of insurance you choose based on your preferences and anticipated usage.

Your choice of insurance coverage on private hire insurance will impact the cost.

There are two primary varieties of Private hire taxi Insurance: Third Party, Fire & Theft, and Fully Comprehensive.

Third-Party, Fire, and Theft

In the event that the taxi driver is at fault for an accident, Third Party Fire & Theft cover other people. Their property and cars will be repaired or replaced, and their legal responsibility for any injuries they sustain will be covered by the insurance. It does not safeguard the taxi driver’s vehicle or belongings unless they are stolen or suffer unintentional fire damage.

Completely Complete  coverage 

In the case that the taxi driver is at fault for an accident, this safeguards both other parties and the driver. As well as broken windscreens and theft of electronics for audio, communication, and sat-nav, it also covers fire and theft.

In the case that the taxi driver is at fault for an accident, this safeguards both other parties and the driver. As well as broken windscreens and theft of electronics for audio, communication, and sat-nav, it also covers fire and theft. As you may assume, fully comprehensive insurance is more expensive because it offers more coverage.

How long do you need insurance cover for?

The cost of annual Private hire vehicle insurance is lower. However, some cabbies only require coverage for temporary or seasonal jobs. Opting for yearly private hire taxi insurance purchases are less expensive. Some cabbies, however, simply require coverage for temporary or seasonally available jobs. To keep prices in check, they might get 30-day plans. Taxi drivers also have the option of telematic PH Insurance. This app-based policy evaluates your driving without using a black box. Safe driving drives prices down.

What is auto insurance for private hire?

Professional drivers who transport prearranged passengers or deliveries of food and packages in exchange for money are covered by private hire taxi insurance. Another term for this is “Hire & Reward.”

Bookings are often done by phone, text, or mobile app, and drivers may work with local or national taxi firms, or rideshare applications like Uber, Ola, and Bolt. Private hire vehicle insurance can cover the driver, their car, and their passengers, as well as third-party people and property, depending on the amount of coverage chosen.

PCO insurance, minicab insurance, and taxi insurance are other names for private hire insurance. It specifically addresses licensed drivers who make a living by transporting people. This kind of activity is not covered by typical auto insurance.

What is covered under private hire vehicle insurance?

Protect My Taxi’s Private Hire Vehicle insurance offers comprehensive protection for certified PH drivers when they transport food and packages, carry passengers, or use their vehicle for personal or household needs. PH drivers have the option of purchasing fully comprehensive or third-party insurance; the differences are outlined below.

– Personal driving, private hiring work, food, and package delivery are all covered by fully comprehensive or third-party insurance.

– Up to £5 million in costs for causing damage to other cars or property are covered by only third-party or fully comprehensive insurance.

– Included with Third Party or Fully Comprehensive: Your legal responsibility for harming or killing others.

Both fully comprehensive and third-party policies include public liability coverage up to £5 million.

– Loss, destruction, and theft of your car and its spare parts: covered by fully comprehensive insurance.

– Windscreen (above £50): Only available with Fully Comprehensive.

– Audio, communication, and navigational devices over £500: only available with Fully Comprehensive.

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