Private hire insurance (also known as PHV insurance) covers drivers of minicabs. Minibusses with a permit to transport customers for hire and reward. You could require PCO insurance in London. We at Protect My Taxi are experts in providing taxi insurance policies.
From fleet insurance to individual private hire taxi insurance. We work through the process to get you a policy. That is easy on the pocket and great in terms of advantages.
According to the terms of the license, they must be reserve in advance or hired from a designate taxi rank. Rather than being hail on the street.
Whether you operate your private hire cab in a major city like London, Manchester, or Birmingham. Or somewhere else in the country, getting the right kind of taxi insurance policy is crucial.
Why is it important to find competent private hire insurance?
It’s crucial to be clear about your search criteria while looking for private hire insurance online. With private hire insurance, PCO insurance, or PHV insurance, a variety of coverage options are available. Private hire taxi insurance, PCO insurance, and PHV insurance all offer a variety of different types of coverage. All of which are describe in more depth below (including Uber driver insurance, which will require private hire insurance).
It is essential to get the right taxi insurance.
Private hire insurance is crucial since, in addition to being need by law. It is also necessary for the operation of a business. Private hire taxi drivers are in too much danger on the highways to take any chances. Taxi drivers must be concerned not only about other drivers and the risks they pose. But also about the risks posed by the passengers. A quality private hire insurance policy will offer protection. All the hazards that a taxi driver will face are covere by a reasonably good private hire insurance policy.
How Cost is Calculated
Several different variables will affect how much a private hire policy will cost. The first considerations are the driver’s age, driving history, and claim history. The value of the car being driven and how it is right now will come next. The number of vehicles covered by the coverage will come last. In order to save money and streamline the paperwork. Private hire companies frequently insure all of their vehicles under one single policy.
PCO Covers different types
Comprehensive – For taxi drivers, comprehensive insurance is always advised. In the event of an accident, it usually covers you in every set of circumstances.
Third Party Only is the absolute minimum amount of coverage that complies with the law. Although it may be less expensive to maintain than comprehensive liability coverage. It is insufficient given how much time you spend driving a vehicle.
Coverage for the breakdown assistance
Breakdown Assistance – For taxi drivers, this form of insurance is incredibly helpful. You want to know that if something goes wrong. You’ll be able to get back on the road as soon as possible.
Fleet insurance coverage
If you have a fleet of them. It makes sense to insure all of your private hire taxis under one taxi fleet insurance policy. This not only streamlines the claims process but can also result in significant financial savings.
Public liability cover
When do you need a Public Liability coverage policy? You must carry public liability insurance if you work as a cab driver. It’s always possible that a customer or member of the general public would file a claim against you. And if you don’t have insurance in place, it could be potentially disastrous.
How to Reduce the Cost of Your PHV Insurance
There are a few tried-and-true methods for reducing the cost of private hire insurance. The following three are the best:
Pay Annually – The majority of insurance companies prefer that you pay for your coverage annually rather than monthly. And will typically give you a discount if you do so.
Make Your Vehicle Secure
Your cab should have a central locking system and an alarm to reduce the danger of theft. This demonstrates to insurance companies that the risk of theft is reduced. Enabling them to give you a better deal on your coverage.
Obtain Several Estimates – By obtaining a number of quotes. You may determine the price that you should be prepared to pay. The process of collecting alternative quotations would provide you the opportunity to choose the ideal insurance coverage at the lowest possible cost. And give you a clear understanding of what you should be spending for a policy.
The best approach to making sure you’re getting a decent deal on your insurance is typically to acquire several estimates. You can request numerous quotations from experts in private hire insurance by getting in touch with Protect My Taxi.