PCO Insurance Cost: Private hire taxi insurance is a type of commercial car insurance that covers the private driver of a taxi, as well as the vehicle itself, when it’s on a call.
It can also be known as private cab policy, private hire car insurance or point-to-point insurance. Private hire car insurance is different from personal car insurance in that it covers the use of your vehicle for business purposes rather than just personal use. This type of cover is suitable for drivers who take bookings through an app to perform private errands for others such as taking them home after a night out or running personal errands such as shopping and dropping off parcels.
That being said, see below information which will help to you get some ideas about Private Hire Taxi (PHV or PCO) Insurance costs.
What is the cost of Private Hire Taxi Insurance?
The cost of private hire car insurance will vary, depending on several different factors. Private hire car insurance starts from £40 per week if you have several years of experience as a PHV Driver.
Note: Price listed above may very. By submitting your proof of no claim bonus (NCB or NCD) will reduce the cost of your private hire insurance.
See below the key factors that insurance companies will consider regarding your insurance premium.
- The age and gender of the driver: Young men are more likely to be involved in an accident than older men and women. This is because they are more likely to drive too fast and take unnecessary risks.
- The car you’re driving: The make and model of your car will have an impact on the cost of your insurance. Luxury cars, sports cars and sports utility vehicles (SUVs) will usually be more expensive to insure than more modest vehicles like family cars and crossovers.
- Your driving history: If you’ve had previous accidents and/or traffic violations on your driving record, your car insurance premiums will be higher than those who’ve never had a problem with the law.
- Working history as a PCO Driver: Your working history is also vital for your PCO Insurance. If you are a PCO Driver with a clear track record without any claims while you are working as a private hire driver, then your premium will be much cheaper.
- The PCO Insurance cover type: For example, fully comprehensive or driving yourself for work, social, and commuting purposes.
Why do you need Private Hire Taxi Insurance?
Private hire car insurance is a type of commercial car insurance that covers the private driver of a taxi, as well as the vehicle itself, when it’s on a call or when PCO Driver conducting or involving private hire journey.
This type of car insurance is mandatory in many countries, including the UK, where taxi drivers need to show proof of insurance in order to legally operate. PCO insurance cost is different from personal car insurance, in that it covers the use of your vehicle for business purposes rather than just personal use. If you operate a private hire car, you’re required to have private hire car insurance. This is to protect you and other drivers.
How to buy Private Hire Taxi Insurance or PCO Insurance?
Before purchasing private hire car insurance, it’s a good idea to write down a list of your needs and expectations from the policy. Although many companies offer private hire taxi insurance policies, not all of them are created equal.
The best way to buy private hire car insurance is to shop around. Compare clearly PCO insurance cost, with what you will get for the price you pay. Click here to Check your Private Hire Insurance Requirement. You can do this by comparing the different policies offered by several different car insurance companies, both online and over the phone. You can also ask your current car insurance company if they offer private hire car insurance.
How to reduce your PCO Insurance Cost?
There are several ways you can lower the cost of private hire car insurance and increase your chances of being accepted for a policy. Before purchasing private hire car insurance, you should:
Have a clean driving record: If you have a clean driving record, your premiums will be lower than those who have several violations on their record. Which will be covered under No Claim Bonus (NCB) section.
Cover the car with fully Comprehensive private hire car Insurance: Comprehensive car insurance covers you in the event of an accident that is your fault, regardless of whether or not you have a contract with the other party.
Keep your car in good condition: If you keep your car in good condition, your premiums will be lower than those who don’t take good care of their vehicles.
Opt for a higher excess: By opting for a higher excess amount, you are basically reducing the amount you will be paying for your car insurance policy.
Install additional features: If you are driving as a PCO Driver, installing other facilities your PCO Car such as LIVE Tracking, CCTV Camera for Front and Rear, and Sensors to avoid cutting corners and mobilise features will reduce the cost of your insurance premium.
How to get Proof of No Claim Bonus Information when you Rent a Private Hire Car ?
When you rent a private hire car, you’ll be asked for your driving record information to determine your insurance premium. However, there is a chance that you’ll be given a higher rate than you would if you owned your own private hire car insurance policy. This is because car rental companies sometimes have access to proof of no claim bonus (NCB) information that you do not.
When renting a private hire car, ask the company you’re renting with if they have your NCB information. If they do, they’ll use it to determine your premium instead of your real driving record. If you don’t have access to NCB information, there are two ways you can get it:
- Ask your current insurer for a copy of your proof of no claim bonus (NCB or NCD) information. If you own your own policy, you’ll have access to the information.
- Ask an insurer that you’re considering switching to for a copy of your NCB proof of no claim bonus information. If they say they have your information, they’ll use it to determine your premium. Alternatively you can ask them to email a copy of NCB Details.
PCO Insurance Cost – Summary
Private hire car insurance is a type of commercial car insurance that covers the private driver of a taxi, as well as the vehicle itself, and passengers when it’s on a call or conducting private hire work .
This type of car insurance is mandatory for all taxis and private hire drivers and is also it is a legal requirement for anyone driving a private hire car for business purposes.
Private hire car insurance is different from personal car insurance in that it covers the use of your vehicle for business purposes rather than just personal use. If you operate a taxi or drive a private hire car for business purposes, you need commercial car insurance.
PCO insurance cost will depend on the private hire driving history. However experienced drivers will get the cheaper price from £40 per week onwards.