Working as a PCO car driver, it’s important to be fully aware of the private hire insurance options available to you. If you’re a new PCO car driver or about to renew your insurance, and you’re looking for help understanding your options, this guide will help you understand the different types of private hire insurance available so you can make an informed decision about what’s right for you.
What is Private Hire Insurance?
Private hire insurance is a type of policy that covers drivers and vehicles for a variety of tasks, including private car hire, school runs, airport transfers, and many more. It protects a PCO car driver and their vehicle against loss caused by accidents on the road and other incidents which occur during the day-to-day running of their business.
Typically, these policies are only open to drivers who hold a private hire licence, and it’s their job to make sure that their vehicles and drivers are always protected with a valid private hire insurance policy.
Since the launch of companies like Uber and Bolt, the PHV sector in the UK has seen a huge increase in demand in recent years. New drivers are flooding into the industry, and traditional providers are struggling to keep up with the demand for affordable and reliable insurance options for their clients.
Types of PHV Insurance
In the UK, there are three levels of PHV insurance coverage available to drivers depending on their business requirements and personal requirements.
The fully comprehensive insurance option offers the highest level of protection. It includes cover for everything, such as public liability, loss of earnings in the event of an accident as well as damage to your vehicle by uninsured drivers.
The third-party insurance option covers any claims made against you by a third party due to an incident that occurred while you were driving a customer’s vehicle. In the event of an accident, PCO car drivers can make a claim for their loss of earnings as well as the cost of repairing the vehicle if the accident was not their fault.
The fire and theft insurance option covers a vehicle if it is stolen or damaged beyond repair due to a fire, vandalism, or any other incident that was not your fault.
Total PHV Cost
The insurance cost also depends on several factors, such as the driver’s history, experience, type of PCO car, mileage, and PHV policy type. The average cost of PHV insurance is around £1,500 to £3,500 per year, given that the premiums are paid monthly, and the driver has a clean record. In addition to this, many insurance companies charge an additional service fee for placing on the policy and paying it annually upfront.
Now that you know all about PHV insurance, are you considering getting a PCO car for rent and starting your journey as a PCO car driver? We can help!
Check out our wide range of fuel-based cars and PCO electric cars and find an insured PCO car at affordable rates.
Contact us for more information!