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As a PCO driver in London, you’ll find yourself driving some very busy roads, and no matter how safe a driver you are, an accident can happen at any time. The most recent annual statistics saw 957 road traffic incidents involving taxis taking place in London, which makes private hire insurance essential for any cab drivers in the city.
If you do get into an accident and lack the correct insurance or any cover at all, you may find yourself having to spend thousands trying to cover the loss. Taxi insurance is often more expensive than regular car insurance, which is why all of Hirebrid’s PCO cars for hire come with full insurance cover, with service and maintenance included in the fee.
Here, we’ll explore some of the main reasons why taxi drivers in London should have private hire insurance in place, whether or not they rent their vehicles.
According to the law, all PCO drivers must have private hire insurance in place. In the event of an accident, this will provide coverage for you and your passenger. According to TFL, “private hire vehicles must still be covered by hire or reward insurance at the point of licensing and when in use as a private hire vehicle”. Taxi insurance also covers both vehicles involved in a traffic accident if you are found to be at fault. Indeed, without having this cover in place, you may be turned down to work for many private hire firms.
If you are involved in an accident with an uninsured driver, your private hire insurance will cover any damage to your vehicle. It also covers any medical costs for injuries sustained by you and your passenger. If there is no insurance, this could lead to a criminal investigation being undertaken, including police involvement.
Even if the accident was your fault and you hit another car, your insurance will protect all of the costs. Your taxi insurance policy also extends to any pedestrians involved in the accident as well as any damaged property, and covers your legal expenses should the incident lead to a court case.
As with any other form of cover they might need, private hire insurance gives taxi drivers the peace of mind that they won’t be left completely out of pocket if the worst should happen. Without insurance, an accident can cost you thousands in damages, medical expenses, and legal fees, and you might not be able to afford to repair or replace your PCO car as a result. Likewise, if you are ever involved in an accident, having your car inspected and appraised before finding a new vehicle can be a time consuming and stressful process. A private hire insurance agent will do this for you.
