How much is private hire taxi insurance?

Private hire taxi insurance rates depend on many factors, such as the vehicle and the driver’s age, experience and previous driving-related claims/convictions. However, according to NimbleFins, private hire taxi insurance typically starts from £150-£200 per month for a typical driver with at least 5 years of no claims. Costs may be considerably higher than this if insurers view a potential customer as a higher-risk taxi driver.

There are some methods you can take advantage of to keep taxi insurance costs as low as possible. The simplest of all is to make sure to shop around with several different providers. It can be tempting to take the first price offered, especially after going through the process of filling out quote forms or talking to someone over the phone or via email, but this might result in missing out on significantly cheaper prices.

As with traditional vehicle insurance, telemetrics like a blackbox or security device may also reduce the amount you insurers charge for cover. They’ll help reassure insurers that the insured driver is driving safely and taking preventative measures to avoid their vehicle being stolen, giving them a good reason to offer a better price to be insured by them.

Specialist insurers may also offer cheaper cover depending on different criteria, such as when drivers are and aren’t allowed to drive their taxi. By limiting driving hours to more ‘regular’ hours, avoiding more dangerous late-night shifts, insurers can reduce the chances of the driver being involved in an accident (and needing to make a claim), allowing them to offer a better price.

If it’s affordable, paying annually will save money too. While this can be a great option for anyone who sees taxi driving as something they’d like to do long-term, it might not be suited to those who are between jobs or who only see taxi driving as something they want to do for a short time. There are a number of pay monthly/pay-as-you-go options available if this is the case (although drivers should be sure to check with their SD&P insurance provider if they are going to use a PAYG option).

Chatting to other local drivers about their insurance can be helpful too. Their recommendations and advice on cover can be invaluable, and they might even be able to refer you directly to the business that covers them, as well as providing more information on the best ways to keep a taxi safe and secure while driving.

Cheap private hire taxi insurance

Finding cheap private hire taxi insurance doesn’t need to be a difficult process. There are many reputable insurers out there who would be happy to have your business, so price competition in the market keeps costs about fair.

You may find taxi insurance especially expensive if you’re younger, have made claims or been convicted of driving offences in the past. Taxi driving is a risky business, and many insurers would prefer to steer clear of any driver they fear might be more likely to need to make a claim. There isn’t a great deal you can do here, apart from shopping around and contacting insurers directly to see if they’ll consider covering you.

In these cases, many insurers’ online forms (or any comparison site/aggregators) may auto-reject any quote requests. In that case, the best bet can be to contact the insurers directly.

Private hire taxi insurance online quote

Getting online quotes for private hire taxi insurance can be a little bit more tricky than traditional vehicle insurance. There are fewer insurers in the market, and given the risks that taxi drivers face many insurance providers won’t cover drivers they view as ‘high risk’.

This means younger drivers (or those with less experience on the road), those with an especially powerful vehicle or who have been convicted of driving offences in the past (among other things) may find that online quote forms won’t return any results.

The easiest way to know for sure whether or not an insurer will offer cover is to contact them directly. While online quote forms may automatically decline an application, some insurers will be willing to at least hear a case from drivers who contact them over the phone or via email.

Compare private hire taxi insurance

The best way to compare private hire taxi insurance is to use a comparison website or aggregator. By filling out just one form, multiple providers will be able to automatically assess whether or not they’d be willing to offer cover, and can provide cost estimates to allow potential customers to see where they rank on price compared to other providers.

Aggregators do charge a small commission to the insurers in return for bringing customers to them, so you may find even cheaper prices by shopping directly with the insurer. Don’t be afraid to use comparison sites to guide your purchasing decision before heading to your insurer of choice directly.

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