Standard auto insurance coverage will not protect you, your cab, and your customers if you operate as a taxi driver. You need special Taxi Insurance if you rent out your vehicle to others.
Motorists must have at least third-party liability insurance if they cause damage to another vehicle, person, or property while on the road. In addition to protecting your car from damage caused by other drivers and natural disasters, the next level of coverage, third-party, fire, and theft, also protects your vehicle against theft and fire. The highest level of coverage, known as "comprehensive," can protect you and your car from harm even if the accident was your fault.
Taxi Insurance, although offering the same three levels of coverage as standard Vehicle Insurance, differs in that it safeguards you against the following risks:
The greater the number of miles driven by a vehicle, the
Because of your frequent interactions with the public and your duty to serve them,
Needing to travel at hectic times with plenty of traffic
Inconveniently needing to log some overnight miles
You'll need either Public or Private Hire Taxi Insurance, as described below.
Regarding taxi insurance, what is the difference between public and private hire?
Public hire cabs may be hailed from the street and do not need reservations, while private hire cabs must be reserved in advance and cannot be flagged down.
Taxis for public hire, commonly called black cabs or hackney carriages, might wait at a taxi rank for customers.
As a rule of thumb, public hire taxis tend to be more costly to insure than private hire taxis since they tend to be newer cars.
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