Private hire insurance protection for UK minicab vehicles
For some people the idea of running a minicab business seems like a dream job. You start small with just one car and over a period of time build the business so that you are operating a fleet of private hire vehicles. When running a business such as this, there are many hurdles for the business owner. Some items to consider include drivers, private hire insurance, fleet maintenance, rising cost of fuel, paperwork and dealing with the local licensing authority. With all these points to look at and spend considerable amount of your time leaves little time for other pleasures.
Fleet insurance for taxi business is an excellent way to manage the businesses motor insurance needs. It can potentially save you money but more importantly it cuts out a lot of unnecessary administration tasks such as remembering individual renewal dates. When searching for private hire insurance it is extremely tempting to online and buy the cheapest possible policy that you come across. Yes, you have this option but the policy you’re buying should meet the core needs of your business.
With a taxi venture the vehicles are the most important assets of the business and even if one car is taken ‘off’ the road can lead to considerable cash flow problems. The proprietor of the taxi business needs to look carefully at the various private hire insurance policies available in the market place. If any of the vehicles within the motor fleet is involved in a road traffic accident then the owner must be confident that they are well protected and their motor claim will we dealt quickly and efficiently. In the event of a non fault claim you certainly want the insurance provider to offer a replacement private hire vehicle so that your business experiences the minimum of downtime.
Knowing how important the motor fleet is to the survival of the business would you approach any insurance provider? Probably not, the best course of action would be to approach providers that are specialist in the hire and reward for your requirements. These niche intermediaries will have years of experience in this field with highly trained sales staff and product advisors. These skilled professionals would have arranged thousands of policies for taxi firms throughout the county and are well placed to answer any questions you throw at them. Often, they will have schemes and rates that no other broker has access to. Some of these schemes may not necessarily be the cheapest out there but may well have extra benefits attached to the product such as a guaranteed taxi plated vehicle even in the event of a fault incident.
Your most prized possession as a minicab driver will be your vehicle – of that there is no doubt. It makes absolute sense then to talk to a real expert – don’t waste your time talking to someone who may offer private hire insurance in amongst a multitude of other products, but still claims to be an ‘expert’.
Bona fide insurers who specialise in the industry will be able to cater for your every whim and they will have seen it all before, so you should not be fazed about getting everything out in the open. Whatever the purpose is for your vehicle, it needs top quality insurance to safeguard your work – don’t ever lose sight of that.
In essence, putting in place a wholesome private hire insurance policy is as important as a balanced diet. Get it wrong, or to ignore it, could leave you laid up for a while.