Taxi Fleet Insurance
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What is Taxi 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
Taxi Fleet Insurance FAQs
What is taxi fleet insurance?
Taxi Fleet Insurance is designed specifically for businesses or individuals that own and operate a fleet of taxis. This type of insurance allows you to cover all of your taxis under a single policy rather than needing individual policies for each vehicle.
This can make administration easier and potentially lead to savings compared to individual policies. However, the cost can depend on various factors like the size of the fleet, the type of vehicles, the area of operation, and the drivers’ driving history.
Taxi Fleet Insurance can include a variety of coverages:
- Third-Party Only (TPO): This is the minimum level of cover required by law. It covers liability for injury to others (including passengers) and damage to other people’s property.
- Third Party, Fire and Theft (TPFT): In addition to TPO coverage, TPFT also covers your vehicles if they’re damaged by fire or stolen.
- Comprehensive: This provides the highest level of cover. In addition to TPFT coverage, it also covers accidental damage to your vehicles.
Additional coverages might include public liability insurance, employer’s liability insurance, breakdown cover, windscreen and glass cover, and personal accident cover.
How many vehicles count as a fleet?
The definition of a “taxi fleet” can vary among insurance companies. However, typically, a taxi fleet starts from two or more vehicles. This could include cars, minivans, minibuses, or any vehicles used for public or private hire services. Taxi Fleet Insurance allows business owners to cover all their vehicles under one policy, making management easier. The policy cost can depend on factors like fleet size, vehicle types, area of operation, and drivers’ history.
What are the different types of taxi insurance?
There are several types of taxi insurance to consider, each offering varying levels of coverage. The insurance you need can depend on whether you’re a private hire or public hire taxi driver. Here are some types:
- Third-Party Only Insurance: This is the minimum legal requirement in the UK. It covers injuries to other people and damage to other people’s property caused by your taxi.
- Third-Party, Fire and Theft Insurance: This covers everything that third-party insurance does but includes cover if your vehicle is stolen or damaged by fire.
- Comprehensive Insurance: This offers the most extensive coverage. It includes third-party, fire, and theft, plus it covers damage to your own vehicle, even if an accident is deemed to be your fault.
- Public Hire Taxi Insurance: This is for taxis that can be hailed on the street without a prior booking, such as black cabs in London.
- Private Hire Taxi Insurance: This covers taxis that can only be pre-booked, such as minicabs.
- Taxi Fleet Insurance: If you own multiple taxis, you can insure them all under one policy. This can be more administratively efficient and potentially more cost-effective than insuring each vehicle separately.
- Named Driver Policy: This covers specific drivers named on the policy to drive the insured taxi.
- Any Driver Policy: This policy covers any licensed driver to drive a taxi, providing more flexibility.
Remember, in addition to the above, there are other add-on coverages such as breakdown cover, public liability insurance, legal expenses insurance, and personal accident cover that you may want to consider based on your specific needs.
What areas does taxi fleet insurance cover?
Taxi Fleet Insurance in the UK provides coverage for a variety of risks and situations that can occur when operating a fleet of taxis. Coverage areas usually include:
- Vehicle Cover: It typically provides coverage for damage to your own vehicles in an accident. The level of coverage may vary from Third Party Only (minimum requirement) to Third Party, Fire and Theft, and Comprehensive Cover, which includes damage to your own vehicles even if you’re at fault.
- Liability Coverage: This includes cover for legal liabilities arising from injuries to passengers, other drivers, pedestrians, or property.
- Fleet Coverage: Taxi Fleet Insurance covers multiple taxis under a single policy, typically starting from two or more vehicles. It applies to cars, minibuses, and other types of vehicles used for public or private hire.
- Area of Operation: Most insurers will provide coverage across the entire UK, but the premium may vary based on your area of operation (for example, urban areas may have higher premiums due to higher risks).
- Named Driver or Any Driver Policies: These policies cover specific drivers named on the policy or any licensed driver to drive the taxis, respectively.
Additional coverage options can include breakdown cover, windscreen and glass cover, public liability insurance, employer’s liability insurance (if you employ other drivers), and personal accident cover.
How can I lower my taxi fleet insurance premium?
Lowering your Taxi Fleet Insurance premium can be achieved by implementing a few strategies:
1. Hire Experienced Drivers: Insurance companies often see experienced drivers as less risky, so hiring drivers with a clean and proven driving record can help reduce your premiums.
2. Install Safety Measures: Having safety measures like dash cams, GPS tracking, and immobilisers installed in your taxis can lower insurance premiums as these measures can deter theft and assist in handling claims.
3. Regular Vehicle Maintenance: Regular servicing and maintaining your vehicles can decrease the likelihood of accidents caused by mechanical failure.
4. Driver Training: Providing advanced driving courses to your drivers can reduce the risk of accidents and could lead to lower insurance premiums.
5. Higher Voluntary Excess: Agreeing to pay a higher excess (the amount you pay towards a claim) can reduce your insurance premiums. But ensure the excess is an amount you can afford if you need to make a claim.
6. No Claims Discount: If your fleet has a good history of no claims, insurers may offer a discount on your premium.
7. Appropriate Cover: Don’t over-insure. Make sure you have the right level of cover for your needs. Unnecessary add-ons can increase your premium.
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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