Insuring a Fleet of EV Taxi Cabs: How it Works

Your EV taxi cab fleet needs to be protected with a specific, fit-for-purpose insurance policy which accounts for the specific needs of taxi cabs and electric vehicles together.

Taxi insurance covers drivers and passengers in the event of damage to a vehicle and potential injury to those inside. This is a more complex policy than typical car insurance, and opting to insure a fleet of taxi cabs under one policy has a number of financial and administrative advantages. 

Transitioning to an electric taxi fleet

Transitioning to an electric taxi fleet comes with decreased running costs and reduced maintenance, as well as enhanced brand image due to a display of environmental-friendliness. 

However, during this transition, you need to consider some operational, infrastructural, and insurance-based changes.

In terms of insurance, you need to make sure you move to or update your existing policy, to ensure that it accounts for EV-specific components and the other factors specific to EV fleet insurance.

How does taxi fleet insurance work for electric fleets?

Similar to any form of fleet insurance, a taxi fleet policy for electric vehicles works by covering two or more vehicles under a single specific policy which is designed for your EV needs.

This includes accounting for the following EV insurance requirements:

Learn more about electric fleet management.

Considerations when insuring electric taxis and private hire vehicles

When insuring electric taxis and private hire vehicles, you need to be sure that the policy is comprehensive enough to cover the needs of an electric fleet. Also, you should clarify whether the policy includes ‘Social, Domestic and Pleasure (SD&P)’ if your EVs will be used outside of taxi business operations.

You also need to make sure that you have the appropriate insurance for your EV taxi fleet to operate legally. This means you must have ‘hire and reward’ insurance, or ‘taxi fleet’ insurance. This coverage is usually involved in standard fleet insurance plans, and at FleetCover, we listen to your business needs and find the policy to match.

You’ll also need your plan to cover all the unique requirements of electric vehicles, such as specialist repairs and parts. You may even need cyber insurance for your fleet!

To discuss your EV fleet insurance needs, contact FleetCover today.

The benefits of an all electric taxi fleet

An all electric taxi fleet is the future of your taxi business thanks to the financial, operational and environmental benefits. They also increase your public image.

Whilst electric vehicles can be costly upfront, they’re significantly cheaper to maintain. EVs have fewer moving parts, and are less likely to break down and become less efficient over time. Equally, the running costs of such vehicles are lower, because charging them is cheaper than petrol or diesel.

Another benefit of EVs for a taxi fleet is that they’re significantly easier to operate. You won’t have to spend as much time organising repairs for broken down taxis. They also require less frequent charging than regular cars need refuelling, so more time is spent on the roads.

Finally, your organisation can position itself as one which is dedicated to the future of the planet by investing in an electric fleet, reducing emissions drastically. Environmental-friendly businesses are much more popular in today’s climate.