Firstly, with demand for taxi drivers still high in the UK following the pandemic, there has never been a better time to offer Granite Underwriting taxi insurance to your customers. Taxi and Private Hire Vehicle driver’s licence renewal are not a priority for the DVLA, meaning new applications process quicker by comparison. Furthermore, Londoners are waiting for more than 40% longer for taxis than they were before the pandemic. With driver demand continuing to soar, it provides plenty of potential benefits for those looking to get behind the wheel or start their own firm.
As a specialist underwriter of niche and non-standard taxi insurance, we at Granite Underwriting understand this rapid market development. Following the pandemic, we can expect to see the incentives of taxi driving appear more appealing to potential drivers. With this in mind, we have looked at the benefits of offering taxi insurance as a broker.
Which taxi companies do we provide with insurance cover?
Secondly, with our taxi insurance product, your customers can insure their own vehicle, hire car, or PCO vehicle for private or public hire. This includes annual, short-term, and fleet cover, allowing your customers to work for the top 3 rideshare companies in the UK. These consist of:
Uber: From San Francisco, Uber began a new metropolitan rideshare trend, operating in over 10,000 cities worldwide. The company was recently granted a 30-month licence to operate in London in March 2022. Earnings potential with Uber can be good with the freedom of being your own boss, coupled with updated benefits and protections for drivers.
Bolt: From Estonia, Bolt is Uber’s biggest competitor in Europe with drivers in over 300 cities worldwide. Bolt came to London in June 2019 and, in just a few months, has expanded to over 30,000 drivers – now standing only slightly behind Uber in terms of popularity amongst drivers. 91% of employees at Bolt say it is a great place to work.
Ola: India-based Ola is used by over a billion drivers in 250 cities worldwide. Countries include Australia, New Zealand, the UK, and India. In these territories, many consider Ola a rival to rideshare giant Uber. Ola’s services have grown to include electric scooter sharing, carpooling, car rental, corporate travel, and a focus on reducing their carbon footprint using electric vehicles.
Why do so many people want to become taxi drivers?
Finally, taxi driving can be an ideal career or secondary source of income for many. It can be an excellent opportunity for those who enjoy driving, being your own boss, and chatting to customers from all walks of life. Other positive considerations can include:
Increased benefits for drivers: Over the years potential benefits from rideshare employers have increased to include perks such as flexible working hours, childcare and family leave, health insurance benefits, and retirement plans.
Instant pay: With increased income during surge hours and same-day payments, such as Uber’s Instant Cashout, a flexible rate of pay means potentially increased earnings on demand.
Choose your employer: With a wide variety of apps to choose from, drivers will be spoilt for choice. Drivers can even work for more than one at a time further increasing their earning potential.
Why choose Granite Underwriting for taxi insurance?
Ultimately, with 40 years of experience serving the taxi industry, you can rest assured that your customers are in safe hands. We offer quotations for both short-term, annual, and fleet products and have a direct debit facility available to assist drivers with hassle-free payments.
Established in 1982, Granite Underwriting is a specialist underwriter of niche and non-standard motor insurance where the vehicle is the customer’s livelihood. We understand the need for a quality insurer partner with a premier claims service for our brokers. Therefore, Haven Insurance Company Limited underwrites all our policies on an exclusive basis.
Our taxi insurance goes the extra mile!
We aim to provide the level of service that we expect to receive ourselves. This means our taxi services include:
- Flexible Underwriting – a dedicated and experienced team who underwrites each risk
- Online Portal – for easy risk submission and issuing cover
- Reliability – providing a consistent approach to underwriting and rating
- Net Rated quotations – most of our schemes are Net Rated and allow you to control your earnings
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