Whether you operate a taxi in a major city like London, getting the right taxi insurance policy for your private hire taxi is essential. While you are looking for private hire taxi insurance, it is essential to know what type of insurance cover you need for your policy. There are various types of insurance covers that you may get with private hire insurance - PCO insurance or Private hire vehicle (PHV) insurance.

The reason why Private Hire Insurance is vital because it is not only obligatory by law, but you cannot run your business without it. The risks and dangers that private hire taxi drivers face while driving their taxis on the roads are too numerous to leave things on the side. Taxi drivers have to worry not only about the dangers they pose to other road users but also the risks that come from the passengers’ side too. A correct private hire insurance policy will provide coverage against all the risks that a taxi driver will face.

Types of PCO Cover:
Comprehensive Cover: this type of insurance is especially recommended for taxi drivers as it covers you in all scenarios when there’s an accident. It is considered as the best type of insurance cover if you want to get maximum insurance.

Third Party Only:
This is the cheapest and lowest level of cover you can get that would be still in accordance with the law. It is quite cheaper than comprehensive cover. However, it’s not really adequate when you have to spend so much time on the road.

Breakdown Assistance: This is some sort of useful type of cover for taxi drivers. If you break down your vehicle or get severe damages on your vehicle, purchasing this type of cover makes you able to get back on the road again as soon as possible.

Fleet Insurance: If you own more than one type of vehicle then it makes sense to insure them under one insurance fleet. Having your all vehicles insured under one fleet will not only make things easier and simple but if you need to make a claim, it will help you to save a good deal of money.

Public Liability: If you are a taxi driver then it’s important to have public liability cover because there are always the chances that member of public or a passenger can make a claim against you and it can be stressful if you don’t have cover in place.

How You Can Save Money on PHV Insurance?
There are few reliable ways to save money on private hire insurance. Three of the most important ones are discussed below;

Pay Annually: Many insurers will prefer if you will pay for the policy for one long year compared to when will go to pay on a monthly basis. Most insurance providers will usually offer you a discount if you choose to pay annually for your cover.

Make Your Vehicle Secure:
It’s essential to have an alarm as well as central locking on your cab to minimise the risk of theft. This will make your insurance providers know that your vehicle is at lesser risk of being stolen or damaged by the robbers. Hence, they can offer you a cheaper price on your policy.

Get Multiple Quotes: Getting multiple quotes will make you clear the price range in your facility. Comparing different insurance policies will give you the ability to choose the best policy at the best price.

How Cost is Determined?
The cost of private hire policy will depend upon a few different factors such as; the age of the driver, driving experience as well as claims history of the driver themselves. Other factors may include the value of the vehicle being driven on the road, the model of the vehicle and its current condition. In addition, the cost will also be affected by the number of vehicles being insured on the policy. Most often, private hire operators get insurance for their multiple vehicles under one policy. This makes them able to save money as well makes less hassle regarding their paperwork.

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