What to consider when buying private hire insurance

When it comes to looking for private hire insurance, it’s always worth shopping around to find the policy that suits you best.

There are lots of things to consider before you purchase a policy. With that in mind, we’ve put together a list of some of the things you may wish to think about when looking for private hire insurance.

Price

Understandably, one of the main things to look for when shopping around for private hire insurance is the price of the policy. If two insurers offer you exactly the same cover for different prices, why pay more than you have to?

However, whilst it’s often tempting to choose the policy that’s available for the cheapest price, it may not be worth sacrificing the level of cover you want for a lower cost. The cheapest policy may not offer all the cover you want, and can even end up costing more in the long run.

Level of cover

It’s important to know what the policy you’re purchasing will actually cover you for. If you want the highest level of cover, you may wish to consider purchasing a Fully Comprehensive insurance policy. If you only want the minimum level of cover you need to be out on the road, you may want to look for Third Party Only cover.

Excess

Your excess is the amount of money that you will have to pay towards the cost of any claim which you make on your policy. For example, if you make a claim for £800 and your excess is £500, you will pay the first £500 of the cost and your insurance company will cover £300 towards the overall cost of that claim.

If you have a high excess on your policy, you could end up having to pay a significant amount of money if you make a claim. The price of your excess is an important detail.

What else is included?

Does the insurer company offer breakdown cover? Can you add another driver onto your policy? Can you protect your No Claims Discount to make sure you won’t lose it if you make a claim on your policy?

Different insurance policies will cover different things, so it’s important to get a policy that covers what you need. It’s always worth asking what will be included in your policy so you know exactly what you’re covered for.

Public Liability Insurance

It is important to know whether your policy includes public liability insurance. This will protect you in the event of a claim made against you for third party injury or third party property damage.

You may be required to have at least £5m public liability cover in place as a private hire driver, but with Zego you have the option to increase that to £10m of cover.

Discounts

You may be able to get a discount on your premium with certain companies, depending on their requirements. Zego, for example, offer a 10% discount to any driver who has a functioning, hard-wired, front-facing camera installed in their vehicle.

Customer reviews

It’s always a good idea to check an insurance company’s reviews before you purchase a policy with them. Customer reviews contain lots of insightful information based on people’s experiences of taking out a policy with a company.

Zego’s prices are designed to be competitive for drivers working with Uber. We offer you the choice between Fully Comprehensive and Third Party Only cover, so you can get a policy that suits your needs. We also offer breakdown cover and you can protect your No Claims Discount.

Visit the Zego website to get a quick quote for your private hire insurance and see how much you could save. You can get an estimated price in under a minute!

If you have any questions, feel free to give us a call on 020 7206 0221 and we’ll be happy to help.