Taxi Insurance NI

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Taxi Insurance Northerni Ireland  (NI)

Taxi insurance NI is required by law and can be expensive as being on the road for long periods of time makes you the driver a higher risk in the based on statistical evidence used by the underwriters in determining the premium level for taxi insurance in Norther Ireland   

Taxi Insurance NI

Both taxi owners and operators here in Northern Ireland face many unique challenges when it comes to running a successful business. One of these many challenges is obtaining the correct NI taxi Insurance at the best price. At times this may seem a little daunting, but it is by no means impossible. Having the knowledge and being well informed as you purchase the by law mandated Taxi Insurance is key. This article will help you do just that.

Finding Taxi Insurance NI companies that provide affordable public hire, black taxi, or private hire insurance policies in Northern Ireland can most definitely be done.

How much does Taxi Insurance cost?

Taxi insurance NI or northern Ireland policies will vary according to your specific needs. There are different degrees of risk that need to be taken into consideration, such as the amount of mileage you drive, and the hours that you work. The more literal hours one works, the chances of having an accident increases, and correspondingly, so do premiums.

Different between public hire and private hire insurance

  • Private hire(Minicabs, Chauffeur and Uber)  is the most popular product and accounts for the most taxi policies sold in Northern Ireland. Basically this is a pre booked taxi service, you call them and they come and pick you up. Alternatively you can pop into their depot and the operator will book you with the next available taxi. A good example of a private hire vehicle would be a mini-cab. The fact that customers need to pre-book a mini-cab, is the main difference between them and public hire vehicles.
  • Public hire ( Black Cab or Hackney Carriage in the UK ): This isless common in Northern Ireland, but can be found in Belfast and Derry and most large cities. Taxis that are insured under public hire can be hailed by you on the street. No need to prebook, but you may have a long wait and if late in the evening ir can be even more difficult to find a free taxi.

Levels of NI taxi insurance available

Similar to personal car insurance, taxi insurance can come in three levels.

  • Third party : This is considered the most basic type of insurance there is , and is required by law to be carried by all vehicles that operate on public roads, including private passenger cars. 
  • Fully comprehensive : Should the driver be at fault, this type of cover will not only pay for the damage to others, but theirs as well. Policies vary, but some providers will allow for a replacement vehicle for a certain period of time.
  • Third party with fire and theft: This covers the third party plus provides you with cover for theft and fire damage.

How to reduce the costs of Taxi insurance NI

  • Drivers: Make sure that your drivers have a clean licence and if possible hire only drivers that are over 25. Underage of under 25 taxi drivers will result in you paying a higher premium to cover additional risk.
  • Insurance Excess: This is the amount that you will be liable for in the event of a claim. If possible consider increasing this with the proviso that the broker gives you a lower premium.
  • Black Box : Using technology to show that you or your drivers are safe drivers can also reduce your annual taxi insurance premiums.
  • Safe parking: When your tax is not in use can you provide safe overnight parking?
  • If you only provide a taxi service part time, consider a pay as you go policy. This type is in growing demand with the advent of delivery apps. Zego insurance now provide this type of policy to its drivers.

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Named Driver

Getting the best rate will depend on who is going to be driving the taxi. As is the case with owner-operators, there is only one driver. If this is the case for you, then named-driver insurance may very well be appropriate.

All-driver Insurance

Many times, a taxi is owned by a company, and is driven by many people. For this, All-driver or any driveer Insurance is usually the best bet. This type of taxi insurance NI cover has the added advantage of enabling you to add drivers with little or no advanced notice, which can provide with a solid peace of mind should one of your drivers become ill, and you need to fill his spot with another.

Public Liability Insurance

This type of cover is essential for taxi owners, due to the fact that they are offering a service to people that that has the potential risk of causing injury to others. Whether you own the taxi yourself, or are just are just an operator, this type of insurance is of the utmost importance should the affected party decide to sue the driver.