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What You Get for the Money: Private Hire Taxi Insurance

What You Get for the Money: Private Hire Taxi Insurance
October 20, 2021 OTTIS Blog
private hire taxi insurance

Ever have that unsettling feeling that you’re not properly insured?

A myriad of issues pop into your head. What am I responsible for in the event that the unforeseen happens? Am I liable? Is it possible that this could derail my business?

These dark thoughts are not unusual for business owners and independently licensed taxi owners. Especially here in the United States, where innocent people can be sued for nearly anything.

If these kinds of thoughts and worries have popped into your head, maybe it’s time to review your insurance plan and ensure you’re properly covered. Wouldn’t it be nice not to have to worry? 

Fortunately, private hire taxi insurance can provide you with the peace of mind you need.

What is Private Hire Taxi Insurance? 

Before we get into why you may need private hire taxi insurance, let’s make sure we understand what the term actually means.  

It’s important to note that people sometimes use different terms to describe private hire insurance, such as “for-hire transportation insurance” or “livery insurance.” 

But all of these terms refer to a specific type of commercial auto insurance that covers businesses that transport people on a for-hire basis (scheduled in advance), rather than one that accepts bookings on the spot. 

Choosing private hire taxi insurance takes the worry out of the process. Want to know how?

Private Hire is Cheaper than Public Hire Taxi Insurance 

Bet you didn’t know that.

While public hire taxis suffer from the unknown of who they will be picking up and where they might be going, private hire taxis are usually pre-booked.

The benefit with this is that insurance companies usually give you a break for preparing in advance. By vetting your clientele and booking longer journeys, your risks are lowered and your insurance bill is lowered.

For more detailed information on the cost of private hire insurance, get a taxi insurance quote and explore your options with an experienced taxi insurance agent. 

public hire taxi insurance

For-Hire Transportation Insurance May be Required

Private hire insurance requirements vary from place to place and will depend on your specific areas of business and whether you schedule your rides in advance or not.  

Private hire or for-hire insurance doesn’t just apply to taxi drivers though. Limos, town cars, buses, and rideshare services can also be considered private hire vehicles and may need this kind of insurance. 

It can get complicated, so talk to an experienced private hire insurance agent if you are unsure about what kind of transportation insurance you need! 

With Taxi Insurance, You Will Be Following the Letter of the Law

Remember that nagging feeling we described above? Every day businesses are lost due to liability cases and huge payouts. 

Don’t let your company fall victim to this innocent mistake! By being properly insured, you are securing the health of your business, as well as your drivers’ ability to earn a living.

By selecting private hire taxi insurance, you are guaranteed tailored coverage for your needs. You will no longer have to worry about pertinent coverage needs such as liability coverage or legal assistance, as it will be included in your package.

Insurance Provides Expanded Options at Your Fingertips

Thinking about expanding your business? Want to specialize in high-end long trips only? With private hire taxi insurance, the opportunities are boundless.

You’re securing your drivers, business, and reputation from needless liability expenses by providing your fleet with coverage. You will also sleep better at night knowing that you don’t have to nag your drivers to keep their coverage active.

You Have Many Options When it Comes to Buying Private Hire Insurance 

When buying private hire insurance, you can choose between different levels of coverage to suit your specific budget and business model. 

At the more comprehensive end of the spectrum, taxi insurance will cover accidental damage to third-party property, as well as personal injury, windscreen damage, personal possessions, and more. 

At the other end of the spectrum is third-party only insurance, a more bare-bones option that will only cover damage to vehicles you cause in an accident, and to passengers in your car who may have been hurt.

There are other options and further add-ons to consider too, such as unlimited mileage, public liability policies, or personal use coverage.

We usually recommend going with the most comprehensive plan that you can afford in order to fully protect yourself, your vehicles, your passengers, your drivers, and your business as a whole. Talking to an experienced agent can help you make a more informed decision that suits your budget. 

for-hire passenger transportation insurance

You’ll Never Be Out of Pocket with Comprehensive Taxi Insurance

Minor hiccups are always a part of the taxi driver’s life. It comes with the territory that inevitably they will be involved in small fender benders.

When (not if) this happens, you will want to be protected. By securing private hire taxi insurance you receive a level of customer service that ensures taxi drivers have appropriate coverage, as well as a clear understanding of exactly what that coverage is.

Reading between the lines with public hire taxi insurance is hard. Oftentimes, taxi drivers are dinged for small fender benders and they’re required to pay out of pocket.

Private Hire Insurance Helps Minimize the Risks of the Road 

Working in the transportation industry comes with many inherent risks. For one, you’re on the road constantly, which means you’re more likely to be in a collision at some point during your career. 

Additionally, you’re welcoming strangers into your vehicle throughout the day and often handling money. This presents additional risks of theft, harassment, and violence.  

Of course, private hire insurance can’t stop bad things from happening to you, but it can prevent small problems from becoming larger ones, ones that have the potential to ruin your business and livelihood. 

With Private Hire Taxi Insurance, Peace of Mind is Guaranteed

With your insurance needs solved, you will be able to focus on the bigger picture: expanding your business, growing your reputation, and providing your clientele with positive experiences.

Want to know more? Take the next step in securing your private hire taxi insurance.

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