Insurance is Mandatory for Private Hire

If you are working as a taxi driver or you are just planning to start your career as a taxi driver, then it is essential for you to have insurance for your taxi. In order to know the importance of insurance for private hire, it is also important for you to know about private hire.  So, private hire is a taxi which you book in advance if you are supposed to go somewhere. Private hire vehicle is getting very popular these days. This vehicle does not pick passengers from anywhere since you have to book this vehicle in advance.
Since you are working as a taxi driver, then it is good for you if you take Private Hire Taxi Insurance, because your vehicle is everything to you. It is your capital plus if your vehicle is not safe then it means that your earning could stop. Therefore, it is always a great idea to have the right sort of insurance policy for your vehicle. There are different levels of private hire insurance policy which you all need to know.




Third Party Only:

Life is unpredictable, we can expect any incident which is in our destiny, same like this if there comes a situation where you meet an accident and the other party is at fault, then you would get protection fully. The person who owns insurance would be responsible for any sort of damage or loss.

Third Party, Fire & Theft:

This gives coverage to an additional layer of protection to your insurance. If you mistakenly hit others car then if you have taken an insurance policy then your insurance policy would pay for repairs.

Comprehensive:

Comprehensive coverage gives you full coverage against any sort of loss or damage. It gives all the above-mentioned protections too.

Expenses You Can Declare:

Being a taxi driver it is also important for you to know about what expenses you can declare and what expenses you cannot declare, at the time of filing self-assessment, because you definitely want to make sure that you make most of all the tax breaks that are there for you.

Admin and Office Expenses:

If you own your taxi business out of an office then this way you could claim it as an expense. So if you are using your home as an office then you could also claim a portion of this as rent.

Extra Expenses:


You are also able to claim toll fees, and parking fees. But you are unable to claim for a parking ticket. You have now fully idea about the expenses you could declare.

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