Public Hire Fleet Insurance
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What is Public Hire Fleet Insurance?
This is a type of coverage that allows you to insure more than one taxi under one policy. There are benefits to insuring your taxi fleet with one policy instead of individual policies for each vehicle. Everything is kept under the same account, which makes record keeping, paying the premium, and renewal that much easier!
Businesses can buy coverage for:
- Public & private hire taxis
- Black cabs
- Taxi bases
- MPV and people carriers
- Taxi self-drive hire
Public Hire Fleet Insurance FAQs
What’s the Difference Between Private Hire & Public Hire Taxi Fleet Insurance?
Private hire vehicles are similar to minicabs and can’t be hailed at a taxi rank or on the street. Instead, the customer must pre-book their services.
On the other hand, public hire vehicles include black cabs, hackney carriages, etc. These are license by the council to pick up fares on the street and at taxi ranks.
Insurers tend to treat these two taxi categories differently because they pose different levels of risk, which is used to calculate the insurance policy premium.
How Many Vehicles Count as a Fleet?
A taxi fleet should have at least five cars in order to be eligible for taxi flee insurance. For businesses that fewer than this number of taxis, it may better to obtain individual policies rather than a fleet policy.
However, some insurers may define a fleet as three or more cars. This number will vary by policy and by the insurance provider.
What’s more, the policy can be a mixed fleet policy, which means it may include a mix of public and private hire vehicles.
What are the Benefits of Taxi Fleet Insurance?
There are several benefits that go along with taxi fleet insurance, including:
- Some policies may contain limited or unlimited mileage options
- Some insurers also offer mixed vehicle coverage
- All taxis in the fleet are covered by one insurance policy
- There’s one premium and one renewal date to manage, rather than several individual policies to deal with
What Areas Does Taxi Fleet Insurance Cover?
This will depend on the policy and the insurance provider; however, in general, most policies will cover areas all over the UK, including inner-city and rural areas.
What Qualifications Do Driver Need for Taxi Fleet Coverage?
Your taxi drivers will need to have the following qualifications to be included in the policy:
- A license to drive a taxi (they must apply to the local council)
- Be eligible to work in the UK and have held a full UK driving license for at least 12 months
- Some insurers may require a background check, which may include an enhanced criminal records check
- A medical exam may also be required, along with a “knowledge test, and a driving test
What About Drivers with Convictions?
If you hire a driver who has serious convictions on their driver’s license, then you must refer their license to the insurance provider before they can drive one of your vehicles. Watch for conviction codes with these letters: AC, BA, DD, DR, IN, MS, NE, TT, UT, & XX.
What Types of Taxi Fleet Insurance Policies are There?
You can choose from three main types of taxi fleet insurance, which include:
Third-Party Only: this is the minimum level of vehicle insurance you’re legally required to have in the UK. This type of policy covers injuries to third parties (and their passengers) and damage to third-party property. Bear in mind that this type of policy does not protect your vehicle or the driver. That means if there’s an accident, you’ll be responsible for repairs to the vehicle and the medical expenses of the driver. This is the cheapest type of vehicle insurance you can buy.
Third-party fire & theft: covers all of the above and fire damage, theft, damage to any of your vehicles caused by theft.
Comprehensive: this is the highest level of insurance you can buy. It covers all of the above and loss or damage to your vehicles, windscreen cover, personal effects, accidental damage, and medical expenses. This is the most expensive taxi fleet insurance you can buy.
Additional taxi fleet insurance add-ons may include:
Any driver/any vehicle
Breakdown: this coverage may not be included as standard; however, it may be included as an add-on, depending on the insurance provider’s policies.
Telematic insurance: this is a type of insurance that gathers data for each driver. It requires the installation of a black box (or a mobile app), which then gathers information on a driver’s driving performance. The data is then instantly sent to the insurance provider. They analyze the data and then use the information to determine the cost of your premium. If drivers are careful and use safe driving methods, then it’s possible your taxi insurance premium could be lowered. However, if drivers are careless, then it’s also possible your premium could go up.
How Can I Lower my Taxi Fleet Insurance Premium?
There are some things you can do to lower your taxi fleet insurance premium, including:
- Hiring excellent drivers who have clean driving records (drivers who have convictions on their driver’s license, who are unreliable, or inexperienced will be seen as a greater risk and increase the premium)
- Pay for your policy annually (monthly premiums are always more expensive)
- Make drivers pay for their own excess
- Ensure all vehicles are secure (especially in overnight parking)
- Consider the installation of dashboard cams
- Use a telematic taxi fleet policy
- Avoid making modifications to the vehicles in the fleet
- Only pay for the coverage you really need (watch out for unnecessary add-ons, which will cost more)
- Increase your voluntary excess
- Try to build up a no-claims bonus
Comparison shopping is another great way to find a lower premium. However, taxi fleet insurance can be somewhat complicated. It can be difficult to find and then choose the right policy for your situation.
For this reason, it’s recommended that you obtain assistance from an insurance broker. The broker should be someone who is experienced with taxi fleet insurance. They will have all the expertise and knowledge to help you find the right policy. A broker can also help you find a policy in a price range that fits your budget.
RHA – Road haulage Association – The only UK Trade Association Dedicated Solely to the Needs of UK Road Transport Operators.
FORS – The Fleet Operator Recognition Scheme (FORS) is a voluntary accreditation scheme for fleet operators which aims to raise the level of quality within fleet operations, and to demonstrate which operators are achieving exemplary levels of best practice in safety, efficiency, and environmental protection.
FTA – FTA is one of the biggest business groups in the UK, supporting, shaping and standing up for efficient logistics. We are the only organisation in the UK that represents all of logistics
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