If you’re running a private hire fleet, then you’ll need to make sure that you’re properly insured. Fleet insurance is designed to cover a number of vehicles under one policy, so it’s ideal for businesses like private hire firms.
There are a few things to consider when taking out private hire fleet insurance. The size of your fleet, the experience of your drivers, and the nature of the taxi industry will all influence the type and price of policy you need.
What is covered by private hire fleet insurance?
Your policy will cover the vehicles in your fleet, as well as any equipment they use. This could include GPS units, radios, and other communications equipment.
Your policy will also cover you for legal liability. This means that if your vehicles cause damage to other people’s property, or injure someone, you’ll be covered by your insurance.
What levels of cover are available for private hire fleets?
Firstly, you’ll need to think about the level of cover you need. You’ll also need to decide whether you want third party only, third party fire and theft, or comprehensive cover.
- Third party only covers damage caused by your vehicles to other people’s property. It doesn’t cover any damage to your own vehicles.
- Third party fire and theft covers damage caused by fire or theft to your own vehicles, as well as damage caused by your vehicles to other people’s property.
- Comprehensive cover covers damage to your own vehicles, as well as damage caused by your vehicles to other people’s property.
You’ll also need to think about the excess on your policy. The excess is the amount of money you’ll have to pay towards any claims you make. You can usually choose the level of excess you’re comfortable with, but remember that the higher the excess, the lower your premiums will be.
What isn’t covered by private hire fleet insurance?
There are a few things that aren’t usually covered by private hire fleet insurance. These include:
- Claims arising from pre-existing damage to your vehicles
- Damage caused by drivers who aren’t listed on your policy
- Damage caused by uninsured or untraced drivers
How much does private hire fleet insurance cost?
The cost of your insurance will depend on a number of factors, including the size of your fleet, the experience of your drivers, and the level of cover you need. You can use our private hire fleet insurance calculator to get an idea of how much your policy might cost.
What counts as a private hire fleet?
A private hire fleet is a group of vehicles used for private hire purposes. This includes taxis, minicabs, and chauffeur-driven cars.
How many vehicles can I insure under a private hire fleet policy?
There’s no set limit on the number of vehicles you can insure under a private hire fleet policy. However, most insurers will only cover fleets of up to 25 vehicles. If you have more than 25 vehicles in your fleet, you’ll need to get separate policies for each group of 25 vehicles.
Do I need specialised insurance for my private hire fleet?
Yes. You’ll need to make sure that you’re properly insured before you can start operating your fleet. Specialised private hire fleet insurance is designed to cover the unique risks faced by private hire firms.
What are the benefits of private hire fleet insurance?
There are a number of benefits to taking out private hire fleet insurance. These include:
- Cover for a number of vehicles under one policy – You won’t need to take out separate policies for each vehicle in your fleet. This can save you time and money.
- Protection for your business – Your policy will cover you for legal liability, so you’ll be protected if your vehicles cause damage to other people’s property or injure someone.
- Flexible cover – You can tailor your policy to suit the specific needs of your business. For example, you can choose to insure your vehicles for third party only, or you can opt for comprehensive cover.
- Affordable cover – Private hire fleet insurance can be very affordable, especially when compared to the cost of insuring each vehicle in your fleet separately.
Why do I need private hire fleet insurance?
If you’re operating a private hire firm, you’ll need to make sure that you’re properly insured. This is because private hire firms face a number of unique risks that aren’t faced by other businesses. For example, your drivers may not have the same level of experience as traditional taxi drivers. This means that they’re more likely to be involved in an accident.
Specialised private hire fleet insurance is designed to cover the unique risks faced by private hire firms. This means that you’ll be properly protected in the event of an accident or incident.
How can you keep premiums down?
There are a few things you can do to keep your premiums down. For example, you could:
- Install telematics units in your vehicles. This will help you to track your drivers and monitor their driving habits.
- Make sure that your drivers are properly trained. This will help to reduce the risk of accidents.
- Introduce a no-claims bonus system for your drivers. This will encourage them to drive safely and avoid accidents.
You could also consider raising your excess. This is the amount of money you’ll have to pay if you make a claim on your policy. By increasing your excess, you’ll be able to lower your premiums. However, you should make sure that you can afford to pay the excess if you do have to make a claim.
How can I get private hire fleet insurance?
You can get private hire fleet insurance from a number of insurers. It’s important to compare a range of policies before you buy, to make sure you’re getting the right cover for your business.
QuoteSearcher works with a wide range of specialist brokers who understand the unique needs of the private hire industry. One easy form will put you in contact with our panel, who will provide a variety of quotes to choose from, all at competitive prices.