Unsurprisingly, taxi driver insurance is going to be greater than for other forms of motor insurance because you are accountable for the safety of the passengers that you carry, and so it falls into the high risk category. This means that as well as requiring cover for the usual categories of everyday insurance, you need to be covered for business use and Public Liability.
If you want to get the greatest deal for your taxi driver insurance, it’s best try and avoid online and high street brokers and aim to deal directly with the insurance companies themselves. This may seem like it’s more time consuming as you’ll have to find and contact the companies yourself (as opposed to leaving this up to the brokers) but you’ll eliminate the cost of the broker fees. Certainly, if you haven’t got enough time for this, and you are happy to pay extra for the service, a broker is a great way of getting your insurance sorted out, and they will also be aware of things that would benefit you that perhaps you were not aware of.
There are a number of different categories of taxi driver insurance and you will need research them all to make sure you are on the right one. These include Private Hire Taxi Insurance; Public Hire Taxi Insurance, and for companies that have a few cabs, Taxi Fleet Insurance.
As with any motor policy, taxi insurance can be broad, including third party fire and theft, and third party only. No claims bonus discounts can usually be applied to the policy but you may find there are discounts for drivers with previous fleet experience. It is also possible to get cover for breakdowns in a similar way as usual policies do, and because a taxi Is probably going to be used far more than a regular car, chances of a breakdown are higher and therefore this is often recommended. Many insurance companies will give you a choice of flexible payment options over periods of three, six and twelve months, though there will be a charge for this service.
Many car manufacturers supply their own taxi insurance this is certainly an option worth looking at. Their motive is obviously to generate driver loyalty and so they can offer favourable terms and also there may be more room to negotiate.