Insuring Commercial Vehicles – Taxis


All vehicles must be properly insured in order to drive on public roads. This means that they must have full third party insurance – designed to protect other road users. However, if you are driving a commercial vehicle, or a vehicle that is used for business purposes, then you will need to make sure that you have the right type of insurance and are fully insured for all of the purposes for which you will use the vehicle.

One of the most obvious examples of a car being used for a business purpose is a taxi. Taxis conduct their entire trade as a commercial vehicle. It is therefore vital, that if you own or are going to drive a taxi, that it is properly and fully insured. Most taxi drivers are very aware of the insurance requirements of driving a commercial vehicle and will therefore be mostly concerned with getting the best deals possible. But for newer taxi drivers, or those who are less familiar with insurance requirements of driving a taxi, it is important to remember that taxis cannot simply use ordinary car insurance. They must have appropriate taxi insurance, or make sure that the insurance company knows that what you are insuring is a taxi, being used for commercial purposes, and not just a private car.

As well as individual taxi drivers who have to make sure that their taxi is always kept properly insured, there are also larger taxi businesses, which may own many taxis. These companies will have to arrange for appropriate insurance for their entire fleet of taxis. Each and every taxi must be kept fully up to date on taxi insurance at all times. There are some advantages to insuring a fleet of taxis however, that these larger businesses will have over individual taxi drivers. This is that they may be able to get very good deals from insurance companies for their taxi insurance.

If you are insuring a large fleet of taxis, insurance companies will be very eager to get your business. Such an insurance contract will likely represent thousands of pounds of potential profit for the insurance company, and for very little effort. All the cars will be covered by a single policy or by identical policies and the administrative costs of arranging the insurance for the fleet are very low. This is why you should be able to get a large discount on the insurance if you are insurance a fleet of taxis. If you negotiate well, you can probably secure a substantial discount on your taxi insurance and this could save your company a lot of money. Why give it to the insurance company when you can keep it for yourself?

Also, don’t be afraid to shop around. Ask different insurance companies what is the best offer they are willing to make on the taxi insurance for the fleet. Then go back to other companies with this offer and see if they are willing to beat it. You will be surprised by the amount of discount insurance companies will be willing to make to insure a fleet of taxis.


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