Monthly Archives: July 2017

A Guide to Taxi Insurance

Whether you’re an owner driver taxi driver or you own a taxi rank and have a fleet of vehicles, you need to get the right type of cover.

Getting insurance is one of the main overheads for many businesses and taxi ranks are no exception. Below are some of the main types of taxi insurance available and where you can find cover.

Types of cover

  • Fleet insurance – For example many taxi firms have at least one minibus. You can get a minibus insurance policy for the vehicle(s) but with fleet insurance you’re able to cover cars, minibuses etc. under the same policy. This not only makes things easier to manage but it usually works out cheaper too.
  • Third party – Third party insurance is the minimum level of cover required in order to make a vehicle road legal. In provides protection for other motorists’ vehicles if you’re involved in a collision where you’re at fault. This is the cheapest type of cover.
  • Comprehensive – A comprehensive policy will provide full protection for all types of collisions, even those that you or one of your drivers are to blame for. Comprehensive insurance typically includes fire and theft cover but this can vary.
  • Public liability – Public liability insurance is always something that taxi firms need to have. It will provide protection in the event of a liability claim being filed against your company. You can also have legal expenses included.
  • Breakdown recovery – Breakdown recovery is another very useful type of cover to have included with a taxi insurance policy. Most insurance providers will give the option of having it including in your policy at an additional cost.

Where to get cover

There are many insurance providers out there who offer taxi insurance so it can be tricky to know where to start. By far the most convenient way of getting taxi insurance quotes is to use an insurance comparison service.

Using an insurance comparison service makes getting quotes very easy and also enables you to easily choose the type of cover you want. Be sure to compare all the quotes you get and pick out the one that has the cover you need at the best price.


Where to Find Recovery Truck Insurance

If you work as a freelance recovery truck driver; or you own a company with multiple recovery trucks – you want to make sure you get the best type of policy possible.

Below are some of the main types of cover you can get with a recovery truck insurance policy as well as some of the best ways to save money.

Types of cover

  • Road risks – Road risks is the most basic type of cover you need for a recovery truck. It will allow your truck(s) to be driven legally and ensure that you’re covered if you’re involved in a collision. You can choose the level of cover you want based on your budget.
  • Liability claims – Liability claims are a risk for all types of trucking firms so you definitely want to have public liability cover included in your policy. You might also choose to get employer’s liability, which will protect you from claims from your employees.
  • Legal fees – If you have to fight a liability claim then the legal expenses can add up very quickly. Therefore it’s always a good idea to have legal expenses included as part of your policy.
  • Breakdown recovery – Recovery trucks themselves of course need to prepare for unexpected breakdowns. You can often save money by having breakdown recovery included as part of your policy when compared to getting it from a third party provider.
  • Loss of licence – If you work as an owner-driver and were to lose your licence for whatever reason, then this type of cover would ensure you were financially compensated until you were able to re-obtain your licence.

How to save money

  • Get a limited mileage policy – If you only work part-time as a recovery truck driver then you can save a significant amount of money by getting a limited mileage policy. As the name implies – this is where you and your insurance provider agree to a certain number of miles that you’ll stay under for the duration of the policy. 
  • Pay annually – Paying upfront will enable you to negotiate a lower rate with insurance providers.
  • Get a fleet policy – Fleet policies are nearly always the best option when you have multiple trucks to insure since they not only save you time but also money too.

Getting a Start in the Motor Trade as a Young Person

If you have a passion for cars then working in the motor trade could be the perfect career path for you.

If you want to work in the motor trade then you have two main choices – working for somebody else, or setting up on your own. Below are the pros and cons of both.

Working for someone else


  • A steady income – One of the main benefits of working for an already-established business is that you’ll have a steady wage that you can rely on each week. This might seem like a basic thing but when you’re first starting out in the motor trade, it can be hard to turn a profit.
  • Gain invaluable experience – Another big benefit of working for another company is that you’ll gain invaluable experience which you’ll be able to use in the future. For example if you work for an MOT centre then you’ll not only learn a lot about how to fix various problems with vehicles but you’ll also learn about the ins and outs of running a business in the motor trade.


  • You’re not independent – Although there are some bit pros to working for someone else, you do not have the same freedom as you do running your own business and will have to do as you’re told most of the time.

Setting up your own business


  • You’re in control – One of the main reasons to start up your own motor trade business, other than making money of course, is that you have full control over it. You can set up exactly the type of business you want, in the area of your choosing and run it exactly as you see fit. You don’t have this freedom when working for somebody else.
  • Option to expand – Running your own business also means you have the option to expand it if it’s a success.


  • You’ll need to get your own insurance – As a young person, finding motor trade insurance at an affordable rate can be a challenge. Insurers usually see young people in general as more of a liability. That being said you can get young persons motor trade insurance from specialist providers.
  • There is a risk your business will fail – Of course there is always the chance that your business might not be a success. You can reduce this risk by keeping your overheads to a minimum and only working in an area where you have experience.