Before knowing the importance of private hire you need to understand the definition of insurance and how does it work best for you? Insurance is a means of protection that keeps you safe from a sort of financial risk. There are many different types of insurance but we are discussing private hire. As a private hire driver, you are supposed to use your own vehicle mostly and you do not have to wait on roads for the passengers but instead, people will book you online and after getting booked by them, you will be able to pick them at a particular place.
Private hire vehicles or minicabs are vehicles for the public which you book in advance. This vehicle does not pick passengers randomly, if you are supposed to go somewhere then you have to book this vehicle in advance. And for your vehicle, Private Hire Insurance is mandatory for you in order to keep your vehicle safe from any sort of damage. The vehicle is booked with a private hire operator mostly by telephones. Private hire insurance is a legal requirement in order to start your job as a taxi driver. The local authority would provide you with a license, and you need to make sure that you have the right documentation.
If you are a taxi driver then it is essential for you to keep your vehicle protected on road as well. This line is said again and again because being a taxi driver you are responsible for your vehicle's safety as it's your capital. If you have your vehicle then you would be able to proceed with your job otherwise you would be of no use.
Features You Get with Private Hire:
- The foremost feature of private hire is that you can claim at any time and this service is available 24/7 for you.
- You also get flexible payment options.
- If you meet an accident and that is not your fault then, in this case, you would get a new vehicle as replacement of the previous one, this feature is one of the most amazing features you get with the private hire.
Types of This Insurance:
There are 3 levels of private hire insurance:
- Third Party Only
- Third Party Fire, and Theft
- Comprehensive
Third Party Only:
Third party protection is the most basic insurance and the other benefit is that it is the cheapest insurance as well for your minicabs or taxis. This kind of policy protects only third party vehicle, property, and your passengers. In case you face an accident and even if it's not your fault in spite of this, you and your own vehicle would not be covered.
Third Party Fire, or Theft:
In this, if you face an accident or you do any damage and fault is yours then you would not be protected. The other vehicle and your passengers would be protected only. But your own vehicle and its contents will be protected in case of theft, or fire etc.
Comprehensive:
In this type of insurance, you will be covered against any sort of loss no matter if it's your fault or not still you will be protected which is beneficial for you. So now you know that you do not have to worry about the loss or damage and you can keep continuing your work without any hurdle.
