Private Hire Insurance​

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If you are using your own PCO Licenced Vehicle, you will need to have your own Private Hire Insurance.

Can I use my existing car insurance?

You will need a policy that will cover the use of carrying passengers for “hire & reward”. Most standard car insurance policies do not include this. Certain insurance provider can offer an ‘upgrade’ or you will need to purchase a new one.

How much does minicab insurance cost?

For a standard saloon car, a year’s fully comprehensive insurance costs approximately £2,000-£2,500. Most insurance companies will offer 1,3 & 6 month policies as well as the standard 12-month. However, some of the insurance companies who offer private hire insurance policies, will not provide for build up of your no claims bonus with a short policy. So make sure to check all these details before buying your Insurance Policy.

​​​Levels of cover​​​​

There are three levels of cover: comprehensive, third party fire and theft and third party only.

  • Fully Comprehensive insurance covers everything and is the most expensive type of cover
  • Third party insurance is a cheaper option and costs approximately £1,000.. However, it only protects your customers and other vehicles involved if you have an accident. You will bear the costs of any repair of your own vehicle.

Your choice of the level of cover will depend on the age and value of your vehicle.

Voluntary Excess

On average, Compulsory Excess starts at around £250. Adding additional voluntary excess to your policy can reduce the cost of your private hire insurance policy, however any such savings can be lost in the event you do claim and have to pay the voluntary excess.

No claims discount

Your personal No Claim Discount (NCD) will not be transferable to your Private Hire Insurance Policy. Mentioning your personal NCD could enable you obtain some discount with certain insurance providers.

Best way to reduce costs is to build up your Private Hire NCD and keep a clean licence.

Replacement vehicles

So that you are not obliged to stop working in case your vehicle is involved in an accident or is in need of any lengthy repairs, it is always useful to check with your Insurance Provider whether they offer breakdown cover and replacement PCO Licenced Vehicles. Costs may vary and can be prohibitive, but worth checking anyway.

Where can I get cheap private hire insurance?

Best way is to get as many quotes as possible and some websites help you with comparison quotes, e.g. www.moneysupermarket.com. You can the call up the different insurance provider and do your own research on the best available quotes to meet your specific requirements.

If you can’t afford your own private hire insurance as yet, you can consider renting a Vehicle from your Operator, who would normally provide insurance cover and all other costs for about £40 a shift. This may be a cheaper option for you.