According to statistics, there are more than 23,000 black cabs operating in London, currently…and each of those London cabs has a legal obligation to take out a dedicated public hire insurance policy before they start ferrying passengers around London.
If you are planning to become a London taxi driver yourself then those more than 23,000 black cabs may look like a great competition, however, with more than 8 million people in the London makes it the busiest and most popular city in the UK, that means there should be enough passengers to go around for your business.
However, London is also the most heavily built-up city in the country, and that usually translates into higher insurance premiums when you are taking out taxi insurance.
That is the reason savviest London cabbies know to compare black cab insurance quotes from a large range of different insurance brokers and to run the comparison again each time their taxi insurance is due for renewal.
This way they can be very confident that they getting a good deal on the cheapest public hire insurance, and make sure they are signing up for a PCO insurance policy that is particularly designed to suit their requirements.
Compare Public hire Insurance
The black cab taxi is an iconic symbol of London, the London taxi company’s range of TX2, TX4, and TX5 taxicabs, as well as their competitor’s Metrocabs, are increasingly typical in other large UK cities too, including Birmingham, Glasgow, and Manchester.
The public hire insurance in those other metropolitan areas might be a little cheaper than an equivalent taxi insurance policy. But, it will charge you a lot more to insure.
It does not matter whether you need Glasgow black cab insurance or Birmingham black cab insurance, it is always a better idea to compare insurance quotes before choosing which taxi insurance broker to go with.
Compare Black cab insurance
Comparing different quotes from a large range of taxi insurers is an important step when it comes to taking out a London taxi insurance policy in any other city in the UK, but there are a few other steps you can take out to decrease the cost.
Pay your insurance premiums yearly:
As with car insurance, many taxi insurance brokers will give the black cab driver the option to pay their insurance fee either on a monthly or yearly basis. Monthly payments might be easier, mainly if cash flow management is an issue, opting to pay for your policy yearly should result in cheaper insurance premiums.
Park your black cab in a garage:
Black cabs that are parked on busy streets of London are more likely to cost more as they are more likely to be involved in an accident. However, if you park your vehicle in a safer place like a private garage, it will cost you less as it is not likely they will be stolen or get damaged in an accident.
Get a Black box for your black cab:
It is most commonly associated with young drivers and those that have only recently passed their driving test, if you are a relatively inexperienced driver and you are very keen to reduce the cost of your London taxi insurance, you should consider Black box insurance, which is a kind of car insurance where a tracking device is fixed in your car in order to monitor your driving operations.
This kind of insurance policy can reduce your premiums significantly.
How much does it cost?
The cost of black cab insurance uses a large range of variables in order to determine the premium for your black cab insurance, so the only way to find out how much it will cost is to compare a large range of quotes from many insurance providers.
You can be confident, though, that you will pay more if you require public hire insurance and less if you drive your vehicle in a smaller city.
Black cab insurance| public hire insurance for taxi drivers under 25
The minimum age requirement when issuing a London taxi or PHV license is 21.
However, many taxi insurance brokers have a minimum age limit that is above the PCO’s requirement, you will be at least 25 years old in many cases, but, some insurance brokers may offer you black cab insurance if you are younger than this.
Private hire taxi insurance for a black cab:
Private hire taxi insurance is not particularly intended for minicabs, which must be pre-hired by customers and it cannot be hailed on the streets of London.
Since black cab taxis are metered taxicabs that have been particularly designed to be hailed by passengers on the street, public hire taxi insurance is needed if you drive a black cab.
Level of insurance cover for public hire insurance
As with standard car insurance, black cab insurance policies offer London taxi drivers basically three levels of cover:
- Third-party black cab insurance
- Third-party fire, and theft
- Fully comprehensive black cab taxi insurance
Third-party only is the minimum level of cover as it will cover third parties only in case of an accident while third-party fire and theft will cover third parties in case of any fire or theft. And finally, a fully comprehensive cover is the highest level of cover that will cover you, your black cab, and third parties.
Public liability insurance in addition to London taxi insurance
Most London cabs make the decision to take out public liability insurance that covers them as passengers make a claim for damage or injury to them.
However, you do not necessarily require to take this out in addition to public hire taxi insurance; many taxi insurance providers will allow you to include it on to your black cab insurance policy as an additional extra instead.
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