If you drive a black cab for a living then you need to make sure you're protected by getting the right type of insurance.
Below is a guide to black cab insurance as well as some excellent ways to save money.
Types of cover
Below are the main types of cover you can get with a black cab insurance policy.
- Third party only - Third party only is the lowest level of cover you need in order for your taxi to be road legal. It doesn't provide any protection for your own vehicle if you're to blame for a crash so this is something to bear in mind. This is the cheapest type of cover you can get.
- Third party, fire and theft - If you want to add more protection to a third party policy then you can get fire and theft cover included.
- Fully comprehensive - A fully comprehensive policy will provide the most protection since it will cover your vehicle even for accidents where you're to blame. Comprehensive insurance typically includes fire and theft cover as standard.
- Public liability - Public liability claims are something that taxi drivers must always be covered for. If a member of public were to be injured or killed as a result of your actions then a liability claim could easily follow. You can also have legal expenses included.
- Breakdown assistance - Another very useful type of insurance you can have included in a black cab insurance policy is breakdown assistance. When you rely on your vehicle to make a living, it's extremely important that should you break down, you're able to get back on the road as soon as possible.
Ways you can save money
- Pay for the policy upfront - A lot of black cab drivers will pay for their insurance on a monthly basis in order to spread the cost. Although this makes sense, you can save money on the overall cost of the policy by choosing to pay annually instead since most insurers will offer you a good discount for doing this.
- Increase excess - Excess is the amount you'd pay towards a claim should you need to make one. Increasing the excess on your policy will reduce the cost of the policy premium.
- Shop around - One of the most reliable ways to save money on black cab insurance is by getting quotes from a lot of different insurance providers. The good news is that getting a lot of quotes is easier than ever thanks to the internet.