PCO Car Insurance Cost: A Complete Guide for Drivers

Key Highlights:

What is PCO Insurance?
Discover tailored coverage for private hire vehicles and the essential protection it offers for both drivers and passengers.
Types of Insurance
Understand the differences between Third-Party Only, Comprehensive, and more, to find the right fit for your needs.
Essential Coverage for PCO Cars
Explore mandatory options like Public Liability Insurance, Hire and Reward policies, and Breakdown Cover.
Insurance Costs
Get a glimpse of average premiums based on vehicle types, from electric cars to minivans.
What’s Covered?
Learn about key inclusions like accidental damage, fire and theft protection, and passenger injury claims.

As a PCO driver, having your car off the road due to an accident costs you money. As a result, you must have comprehensive coverage in place to protect you and your vehicle to get you back up as soon as possible. To better deal with such issues, having comprehensive car insurance is the best way to go. You can insure the car, the driver, any passengers, and members of the public, as well as their property, in case you get into trouble!

In this guide, we will explore why you need PCO car insurance in London.

What is PCO Insurance?

The insurance for PCO drivers in London is a type of coverage tailored precisely for private-hire vehicles. It covers the hazards of commercial driving, such as accidents, theft, and third-party liability. The PCO insurance is required to operate lawfully in London and often covers riders.

It also covers legal expenses, giving drivers financial protection against potential claims. Comprehensive PCO insurance provides protection from financial risks, ensuring the safety of both the driver and passengers in the event of an accident.

Types of PCO Insurance

Understanding the different levels of PCO insurance is helpful to ensure you meet all legal requirements.

Here’s an overview of basic types of PCO car insurance in London:

Third-Party Only Insurance

This coverage pays damages to third-party cars or property caused by an accident in which you are at fault. However, it provides no security for your car, making it a low-cost but restricted choice.

Note: Without this coverage, it is illegal to drive a PCO car in London.

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Third-Party, Fire, and Theft

Third-Party, Fire and Theft insurance provides additional protection of your car and offers payment if your vehicle is stolen or destroyed in a fire. While more expensive than TPO, it provides additional security for drivers by providing a cost-effective and efficient solution during any fire or theft incident.

Comprehensive Insurance

Comprehensive insurance is the most recommended of all and covers third-party liability, fire, theft, and car damage, regardless of whether the passenger or driver is at fault. . This policy frequently includes extras like windscreen repair and personal accident coverage, making it the best option for PCO drivers in London.

Public Liability Insurance (optional)

This form of insurance is necessary for protecting against claims caused by injuries or damage to passengers and third parties. It covers PCO drivers for incidents such as customer accidents when boarding or departing the vehicle and property damage incurred while in travel.

Breakdown Cover (optional)

Breakdown insurance helps PCO drivers in London avoid delays caused by vehicle problems. It often includes roadside assistance and towing services to get your car fixed quickly. Some plans also include passenger travel assistance, such as arranging alternate transportation for passengers and ensuring your service stays reliable and professional.

Courtesy Vehicle Cover (optional)

Provides an alternative vehicle if your car is out of service due to an accident or maintenance. For PCO drivers, this provides consistent earnings and client service. Access to a temporary vehicle keeps your job operating seamlessly, even during unexpected downtime.

How Much Does PCO Insurance Cost?

Insurance rates vary depending on driver experience, vehicle type, and coverage level. Insurers see cars with modern safety features as less risky, which can help lower insurance costs. Similarly, older or less expensive cars may also have lower premiums since they cost less to repair or replace.

Annual Insurance for a conventional vehicle, such as a Prius, usually costs between £1,500 and £2,700. MPVs, or minivans, are commonly used for larger groups and can cost between £2,000 and £3,500. Electric vehicles, while environmentally friendly, may require special insurance requirements and costs, which generally range from £1,800 to £3,000 per year.

What Does PCO Car Insurance Cover?

PCO car insurance varies widely amongst insurance providers since each company offers different plans and add-ons. While some may provide extensive coverage in some areas, others may cover the basic necessities. The following are popular coverage categories to check for when comparing PCO insurance policies.

Passenger & Third-Party Injury Claims
Covers legal and medical costs if riders or random people suffer injuries in an accident with your car.
Accidental Vehicle Damage
Covers repair or replacement costs for damage caused by your or third-party vehicles in a collision.
Fire & Theft Protection
Guarantees payment if your car is stolen or destroyed by fire, preventing lage financial loss.
Breakdown & Recovery
In the event of a car breakdown, help is provided, including towing and regular onward transport for passengers.
Windscreen & Glass Damage
Offers the repair or replacement of broken or damaged glass, including windscreens, with minimal impact to the flow of business.
Loss of Keys & Vehicle Security
It covers insurance for lost keys alongside expenses, including lock replacement, locksmith services, and vehicle rental. Vehicle rental is the temporary use of a vehicle a rental company provides for a fee to replace your own while it’s unavailable.

Analysis

Understanding PCO car insurance in London might take a lot of work for beginners. If you want to make a smart decision, finding a reliable PCO car hire service in London, like Fleeto, can help you secure comprehensive PCO insurance coverage without facing complicated issues.

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