If you run a private hire firm and have a number of vehicles and drivers, you really need to consider fleet insurance as a means of dramatically reducing the overall cost. It is a quick and easy method of insuring all your vehicles with a single policy. Private hire fleet insurance is available for all kinds of vehicles including vans, taxis, minibuses and cars so regardless of the type of vehicles in your fleet, this form of insurance will protect your business.
Types of Private Hire Fleet Insurance
Most companies will cover from 3-500 vehicles in a single fleet insurance policy though you can find smaller insurers willing to cover two under the same policy. In terms of the basic levels of protection, there isn’t any real difference between private hire fleet insurance and regular insurance. The only thing that changes is the number of vehicles being insured. The result should be a far cheaper and easier to understand policy than if you purchased individual insurance for each vehicle.
Third Party Private Hire Fleet Insurance
If you are on a tight budget, this is an option and you have to purchase at least this level of coverage by UK law. Third party private hire insurance is the cheapest form of fleet insurance (usually) which means it provides the lowest level of protection. It covers the cost of damage caused to other people’s property or the cost of medical treatment for injuries sustained by other people involved in an accident.
The problem is that your damages are not covered. If your vehicle is wrecked and you sustain injuries that require expensive medical treatment, the costs come out of your pocket. Generally, third party insurance is best for people with older cars of little value. As far as a private hire firm is concerned, third party insurance is nowhere near enough. Besides, insurers have got on to the rash of younger drivers seeking cheap car insurance and have reacted accordingly by raising the price of third party insurance.
Third Party Fire & Theft Private Hire Fleet Insurance
This is essentially third party insurance with a slightly higher level of protection. Again, you are forced to pay for your own damages while the policy covers personal injury and property damages sustained by other drivers in an accident. However, if your vehicle is stolen or damaged by fire, third party fire & theft insurance will cover the cost of replacing or repairing your vehicle. This is the absolute minimum level of coverage a private hire firm should be considering.
Fully Comprehensive Private Hire Fleet Insurance
This is usually the most expensive policy but it provides by far the best level of coverage. As you are running a private hire company, we can only recommend that you choose this policy. Not only does it cover damage caused to other parties, it also protects you if your vehicle is damaged and, depending on the policy, medical expenses may be covered as well. Since it has all the attributes of third party fire & theft, the policy pays out in the event your vehicle is damaged by fire or stolen.
Yet insurance companies seem to be cutting corners in a bid to lower their premiums. Benefits that were once guaranteed with a fully comprehensive policy are now often classified as ‘added extras’. This can include legal expenses, medical bills, courtesy cars and breakdown cover. When you compare the prices of policies on PrivateHireInsurance.net, be sure to compare the features as well.
Not all fully comprehensive policies allow drivers to operate other vehicles and this can be a problem in a private hire firm. If any of the features we just mentioned above are important to your company, find out if they are included in the policy or if they are added extras. Occasionally, it may be possible to purchase ‘standalone’ policies on these extras for less than what you would pay if you added it to your existing fleet insurance.
Is Private Hire Fleet Insurance A Good Choice For You?
Quite a lot of private hire companies start off small with one or only a handful of vehicles. With a bit of luck, business starts to pick up and to satisfy the increasing level of demand, you need more vehicles. Soon, insuring individual vehicles becomes a pain because of the different insurance premium renewal dates.
If the above is a scenario you find yourself in, private hire fleet insurance is a great way to keep things in order and save yourself a small fortune. Typically, the more vehicles you have the more you’ll save and remembering one policy renewal date is easier than trying to recall 20! In most cases, the insurer will be keen to keep such a big customer happy and may even offer a discount. If you’re unhappy with your quote, shop around on PrivateHireInsurance.net and we guarantee you’ll find a much better price.
Yet another bonus is the fact you can insure all the drivers in your company at a single stroke. This boosts flexibility and should also have a positive impact on productivity as all drivers should be able to operate multiple vehicles within your fleet.
Be Vigilant & Save
It’s easy to make the mistake of believing all policies with comparable levels of coverage are identical. You will find some insurers include important benefits such as legal expenses, windscreen protection and breakdown cover within the price while other companies charge extra. For what it’s worth, breakdown cover is very important for private hire vehicles because your money is only made when your vehicles are on the road. It is also a good idea to purchase legal expense cover if it isn’t included in the policy as legal disputes can be very costly.
No matter what level of private hire fleet insurance you require, you will be able to find the best value for money policies on PrivateHireInsurance.net. Our comparison service can help provide you with the cheapest possible policy from an elite range of underwriters.