Private Hire Insurance - Secured Travel
Private hire vehicles are different from taxis and hence call for a specific form of insurance
. Taxis with valid licenses are permitted to ply on public highways. Private hire vehicles need to be booked in advance and they ensure that they buy private hire insurance before plying on these highways and roads.Many of them opt to boost their income by driving private vehicles and hence it is imperative to purchase insurance that is legitimate. There is more to a private hire business than just picking up and dropping clients off at their destination. Adopting an illegal approach will land you in trouble and you may find yourself receiving a ban or a penalty. At times you could also be penalised or may get a jail sentence. The law has made insurance mandatory, but it is for the overall benefit of everybody that the rules and regulations have been stringent.
Private vehicles have to pass the tests of local authorities so that the requisite criterion is met. The insurance providers also conduct regular criminal records checks, which are compulsory keeping in mind the best interests of the public.
Once the private vehicle driver obtains his badge from the local authority, it is mandatory that he wears it while driving. He will also have to wear the photo identify at the time of operating his vehicle. The other requisite is to keep records or maintain a log that contains the name and addresses of the clients along with their contact number. Not wearing the identification may also result in prosecution.
Vehicle owners can also purchase a public liability cover over and above the normal insurance. Get in touch with an insurance provider that specialises in private hire insurance as they would be able to advise you better on the best possible insurance cover. Just like any other vehicle insurance, the annual premium may be on the higher side.
There are a couple of ways in which you can lower the insurance cost and make it economical. They are:
a) Owner drivers can get the most competitive rates if the driver has a clean chit and has a good track record of no claims. Insurance providers keep this in mind while deciding on the premium, and also when calculating the insurance quotes. Drivers who have a proven record and have to their credit no claims bonus will attract the largest savings.
b) Third party insurance is another method of lowering premiums. This is a basic form of insurance that does not provide coverage if you are the defaulted party. As the name suggests, third party insurance provides coverage to the third party if they are the defaulted party - and nothing beyond that. Operators who run their vehicles in high risk areas may not be extended third party cover. The coverage would extend to fire and theft, which provides coverage if your private vehicle has either been damaged or stolen in an accident or fire.
You need to get in touch with private hire insurance companies either directly or through a broker to check the type of policy to be purchased and other legalities related to it.
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