In order to be able to carry passengers and charge them for doing so, you must have the correct insurance to cover yourself. This is known as a ‘Hire and Reward’ insurance cover and is a specialist cover available only to PCO licensed drivers using the appropriate PCO licensed vehicles
How much can I expect to pay as a Private Hire Vehicle driver per week/month?
Like any other insurance policy, the price you will have to pay is dependent on various factors such as -
- Number of years you have held your PCO & Driving license
- Number of points, convictions, or bans you've had in the past
- The vehicle you are looking to insure
How can I reduce the cost of the Hire and Reward insurance?
One of the ways you can reduce the cost of hire and reward insurance is to take a monthly or yearly policy rather than a weekly one. Insurance companies, like any other companies, are looking for some longer term commitment and in return they will reward you by offering you a better cost on your insurance.
Listed below are a few of the companies that specialise in PCO insurance