Plan Insurance Blog

The cost of Insurance – LPG vs Electric

With the new regulations coming into place (ULEZ), getting an LPG conversion or opting for an all-electric LEVC cab are at the back of many cabbies’ mind. Each option has its pros and cons, here we look at the insurance costs for both options.

How much will Electric Taxi insurance cost?

Our main insurer partner can offer cover for the TX-e. They’ll simply require a small increase in premium to cover the higher vehicle value, and if you already drive a newer vehicle, you won’t notice much of a difference. However, if you’re upgrading from an older TX the jump in premium is likely to be around 5-10%, as the value of the new vehicle will be much higher than that of your current cab.
The only other change will be a higher windscreen excess (£150), as the cost of replacing these is much greater than for the previous ones.

If you wish to test drive the first electric Black Cab, you can now get behind the wheel during a 50 minute driving route and experience the revolutionary new electric taxi for yourself. To book your own dedicated session, simply click here.
For more info about the all-new LEVC Electric Taxi, visit the LEVC website or read our blog: London Taxi Company becomes LEVC and unveils new Electric Taxi: LEVC TX

Cost of insurance for an LPG-converted TX

The main question when it comes to insurance for LPG conversions is obviously the guaranteed vehicle value: if you own a TX2, typically, your cab could be worth less than £5,000. Converting it will cost you around £12,000 meaning that, in the unfortunate event of a write-off, you could be left out of pocket. We are pleased to confirm that our main insurer partner is able to provide cover for the cost of a gas conversion, thus guaranteeing the value of both your vehicle and the conversion. When you contact us for a quote, just declare the value of the conversion (which should be between £11,700 and £12,995 depending on the cab model) in addition to your vehicle’s value. The depreciating value of the conversion will be accounted for at renewal each year over a 5 year period. Other than that, all you’ll need to do, if you take out cover, is supply us with an official certificate of fitment.

To get more information about LPG conversions, visit Gascab’s website or read our blog: LPG conversion by GasCab – Give your TX a new lease of life

 
If you have any question regarding insurance for an electric taxi or a converted cab, or if you wish to purchase your taxi insurance, call Plan Insurance Brokers at 0800 542 2743.