Private Hire Car Insurance
Private hire car insurance is different than business vehicle or social car insurance. Liabilities differ; mileage increases, and accident risk escalates. When you search for private hire car insurance, you must notify the carrier of the intent of use. You will be transporting people from one location to the next and travelling in all risk areas and conditions. You still have the tiered coverage options between third-party, third-party fire and theft and fully comprehensive private hire car insurance, but the base prices of each policy are higher than for a domestic-use auto mobile. You cannot, however, use regular insurance in a for-hire private vehicle. You must carry the proper coverage for use, or you are driving illegally.
Insurance companies view and treat private hire car insurance differently than even commercial auto insurance. Your time on the road is often different than a business car making one daily trip across town and back, and it’s definitely more than running errands a time or two each week. Statistically, your odds of being in an accident, regardless of how safe of a driver you may be, are significantly higher than for regular car use. As with all insurance, higher risk factors translates into higher insurance rates.
Because of the complicated regulations involved in being a private hire car, insurance companies must account for higher potential costs from passenger and driver injuries, as well as damage to others’ property or injuries to others. Because of the customer status of your passengers, even filing a claim is more complicated that for a domestic-use vehicle, and every step must be taken correctly and completely for cover providers to consider honouring a claim. Make certain that you understand the regulations, the cover stipulations and the auto accident claim filing procedures before you buy any private hire car insurance.
Reducing the Cost of Insurance
Fortunately, private hire car insurance providers allow the same methods of reducing this specialised and high-priced insurance as they do for your family van, for instance. If you have only a few years of experience driving and have not taken it, enrol in the Pass Plus course. The variety of driving conditions offered in that six-module course can closely resemble all the environments in which you will operate your private hire vehicle. Insurance companies view those certificates with respect and often lower your premiums upon receipt of proof of completion. If you have several years of driving experience, consider taking an advanced driving course. This intense course provides a special, advanced-skill licence that certifies your elevated driving expertise. The test is difficult but very worthwhile if you drive for a living.
Increase Your Security
Securing your vehicle in the same ways to reduce the theft or vandalism risk apply. Safe driving discounts apply, and higher excess amounts can also reduce your cover costs. Car alarms, immobilisers and high-performance locks on your taxi cab can edge your private hire car insurance costs downward. Insurance companies love vehicle trackers: No matter what other methods you use to secure your auto mobile, even locking it in a garage, a car can still be stolen. A vehicle tracker will locate your stolen vehicle very quickly and accurately if the signal is not being blocked by a metal structure. If the tracker is still active when out of that blocking structure, it will then locate your stolen vehicle. Most of the time, however, your car is recovered in a very short time. That reduces potential cost of replacement or extensive repair to the vehicle, and your insurance company will lower your premiums very noticeably for a good system.
Take all the security precautions possible to bring your private hire car rates as low as you can. Then your safe driving habits and your experience will enable further reductions with no claims discounts that can reduce your high-priced cover costs by hundreds of pounds over time. Start with the lowest premiums, though, to enjoy lower premiums as time passes. Compare rates among several issuing providers for the cheapest private hire car insurance possible.