If you drive a private hire taxi for a living then you’ll need to get private hire insurance.

A simple car insurance policy is often not enough when you drive for a living, certainly not when you’re transporting passengers for profit. Therefore a PHV insurance policy is required to protect you for all the risks you face as a private hire driver, such as collisions, liability claims and breakdowns.

Although taxi insurance is something that nobody particularly relishes paying for, there are steps you can take to keep the cost of a private hire insurance policy to a minimum. Below are some of the best ones.

Get an electric/hybrid vehicle

Electric vehicles are becoming more popular all the time, with electric and hybrid vehicles now outselling petrol cars in certain countries. This being the case it’s certainly not a bad idea to invest in an electric vehicle as they’re only going to become more popular.

Besides providing a smooth ride and being cheaper to run, electric vehicles can also help you to save money on insurance. Although not every insurance provider will offer you a discount for having an electric or hybrid vehicle, some will. Because they’re simpler to drive and not generally as powerful as petrol or diesel cars it means they’re considered less at risk of being involved in a collision. Therefore you should find that you can get a policy at a cheaper rate.

Pay for the policy upfront

Most people will pay for PCO insurance monthly in order to spread the cost. Although this certainly makes sense, if you’re able to pay for your policy annually instead then most insurance providers will give you a good discount for doing this. You should be certain that you can afford to pay annually before making the commitment since it can be quite a significant initial payment you’ll have to make. Also be sure to push for the best discount you can get with your insurance provider.

Get a lot of quotes

Perhaps the most obvious way to save money on private hire insurance is by getting quotes from a lot of different insurance providers. Getting quotes from a lot of providers will enable you to compare them easily and choose the policy that offers the best value for money. Thankfully getting quotes is now easier than ever, with a myriad of online comparison services that enable you to get quotes from many providers by filling out one quote form.