Black Cab Insurance Guide – What you need to know
If you’re looking for London taxi insurance quotes, it’s really important to have a basic understanding of the cover that is on offer. Unlike the majority of motorists, your vehicle is your livelihood so it’s essential that it is fully insured and protected against risks you face as a professional driver.
Plan Insurance Brokers provides tailored insurance solutions, highly competitive premiums and expert advice to best protect the interests of the UK’s professional road users. Our goal is to provide quality cover that keeps you on the road and earning.
Here’s our list of things you really need to understand and think about when choosing black cab insurance.
What parts of a black cab insurance policy are absolutely mandatory?
If you drive a London cab for a living, it’s important to make sure that you have the basic legal requirements covered off. Having a regular car insurance policy, like you’d have for the family saloon, is simply illegal when it comes to driving a London taxi. There are two aspects of black cab insurance that are mandatory:
- Public Liability – Despite your cab not being a typical building or office, it is still your place of work and you are liable for anyone in your cab. PL Insurance will provide cover should a customer have an injury or damage their property in your cab where you are at fault.
- Employers Liability – EL Insurance is a legal requirement by UK law if you employ any staff in the UK even if they only work on a part-time voluntary basis. This provides cover should an employee have an accident as a direct result of working for you. Over a quarter of all Road Accidents, last year involved drivers when at work so cover is essential if you have any employees.
Recognise that London taxi quotes are not all the same!
A quick search on the internet and you’ll be able to find a black taxi quote in minutes. In fact, you’ll be able to get a range of them. While it’s tempting to compare London taxi quotes on price alone, its well worth taking the time to check key aspects of the policy beyond those basic, mandatory covers outlined above.
Who is going to be driving the cab? London taxi quotes can be quite restrictive about the drivers
- Commonly, London taxi quotes will only allow the owner can drive the car. If that doesn’t reflect your requirements, you will need to find a different policy – or ask a broker like Plan to search for you !
- Does the policy place restrictions on the age of drivers for the cab? Many policies do – a minimum age of 25 is common. That may be fine, but be aware that your vehicle won’t be insured if a driver under that age is behind the wheel.
- Do you know, for sure, the names of all drivers who might ever drive the cab? A named driver policy allows specifically named people to drive the vehicle. This may be ideal if you have a few drivers or your cab is also your family car. But if it’s conceivable that other drivers may be required to get behind the wheel at some point, then any driver policy – one that allows anyone in your employment to drive your car may be required.
If the driver profile is anything other than ‘standard’ because of any of the issues outlined above, its likely that your premium may be a little higher – but you will have the peace of mind that comes from knowing that you really are covered should anything go wrong. Conversely, it’s also worth checking that you’re not about to buy a policy that has features over and above your requirements – you’ll be paying for something you don’t need.
Think about how and where the vehicle is used. Does the London black cab quote you’ve got cover you adequately?
- Capped amount of miles driven in a year. Many black cab insurance policies place a limit on annual mileage. That may be fine – but be aware that if you go over that specified limit, you aren’t insured.
- Maximum amount of hours driving each day. This covers both the individual driver and the vehicle itself. If the cab is being used round the clock by different drivers working shifts, be careful that your policy doesn’t stipulate a daily limit.
- Regional Policies – Some policies exclude certain cities from cover, often in Northern Ireland. Again, it may not be an issue, but if it is, you’ll need a policy tailoring to reflect your particular needs.
Think about what is going to keep you on the road and earning. Black cab insurance should be seen as a means of keeping you earning!
A ‘cheap’ quote might turn out to be costly if it leaves you exposed to significant costs that could have been avoided for the sake of a small premium hike! At Plan, our priority is to keep your business motoring. As professional road users, your vehicles are essential to the operation of your business. Without them, you simply cannot earn. We seek to minimise the circumstances that might render you vehicle-less. For these reasons, we can include a range of additional features that add value and keep you on the road and earning.
- Free protected no claims bonus (NCB) for uninsured driver claims.
- Optional courtesy vehicle for fault claims.
- Unlimited windscreen and glass cover.
- Breakdown and Roadside Recovery – to get your vehicle started again if you break down road side. Cover can also arrange onward transportation for any passengers you have in the vehicle.
- Home Start Recovery – assistance at your home if you taxi won’t start and are unable to start work.
If applicable, take the opportunity to think about the other aspects of your black cab business that you may need cover for.
If you run a large cab firm and have a central hub for your drivers or an office where the main switchboard is, that will all need to be insured too. It’s worth looking at what else can be included in the policy, so you’ve got everything covered in a single policy, which may prove more cost-effective and certainly means less admin to worry about:
- Buildings Insurance – this will ensure any damage done to the physical property. It can also provide you with additional premises should your building be uninhabitable due to an insured accident.
- Contents Insurance – to cover the cost of theft or damage to your buildings contents such as furnishing, computers of even money left in a till.
- Cyber or Data Protection Insurance – Any record you keep of clients details online can be subject to a cyber breach and be stolen. You as a business owner can be held responsible for this. Cyber Insurance can pay for any compensation you may have to pay as well as helping to reinstall security software that may have been targeted.
Plan Insurance Brokers have exclusive rights to a fantastic value Black Cab Insurance policy designed to keep your business motoring.