Decommissioned London Taxi Insurance

A decommissioned London taxi is a black cab that has officially surrendered its taxi licence and number plate to Transport for London (TfL) and cannot be used for commercial taxi service in London again. This can happen for various reasons, from engine age to changing regulations. However, it’s still perfectly legal to drive on the road for private use, such as family trips, weekends in the countryside, or even unique wedding transportation.

Why is Decommissioned London Taxi Insurance Important?

Decommissioned London taxi insurance is a specialized type of car insurance designed for black cabs that have been officially taken out of service as licensed taxis but are still being used on the road for private or social purposes.

Driving a decommissioned taxi without proper insurance is illegal and risky. Just like any other car, accidents, theft, and damage can happen. Black cab insurance and other standard car insurance policies don’t cover decommissioned taxis. These vehicles are unique, with their commercial origins and potential modifications influencing factors like engine size and passenger capacity. A specialized policy is crucial to ensure you’re adequately covered for any road mishaps.

Types of Decommissioned London Taxi Insurance

There are several types of decommissioned black cab insurance are available. You first need to assess your needs and financial status before choosing the best plan for your car. Now, let’s look at the types of insurance available for your decommissioned taxi:

  • Comprehensive: This covers the most extensive range of risks, including accidental damage, theft, fire, and third-party liability.
  • Third-party: This provides minimal coverage, only protecting against financial liabilities you cause to other drivers or property.
  • Classic car: Some insurers offer specialized policies for classic vehicles, older decommissioned taxis, which can be more affordable than standard car insurance if your taxi falls under the “collector’s car” category.
  • Agreed Value: This option guarantees a specific payout in case of a total loss to make sure your car is valued fairly.
  • Breakdown cover: Provides assistance in case of mechanical failures or roadside emergencies.

How Much Does Decommissioned Taxi Insurance Cost?

The cost of decommissioned taxi insurance isn’t one-size-fits-all because, as a specialist product, each policy needs to be tailored to the specific vehicle. For instance, the iconic London black cabs like the TX4 often command higher premiums compared to decommissioned minicabs. It’s important to note that, generally, decommissioned taxis can be difficult to insure due to the market’s less favourable perception of older and less common vehicles. Older vehicles might naturally have higher repair costs or be statistically prone to more accidents.

The cost can vary quite a bit depending on several factors. Expect to pay anywhere from £500 to £1500 per year for comprehensive coverage, depending on factors like the vehicle’s age, value, and your driving history. However, these are just averages, and specific quotes can be much higher or lower. The best way to get an accurate quote is to contact an insurance provider directly and provide them with the specific details of your vehicle and driving history. Shopping around and comparing quotes from specialist insurers or brokers can help you find a cheap decommissioned taxi insurance.

Top Decommissioned London Taxi Insurance Providers

There are many options to choose from for your decommissioned black cab insurance. Here are a few examples of top decommissioned taxi insurance providers:

  • Lancaster Insurance: A decommissioned taxi insurance provider who offers “laid up” cover for decommissioned taxis not driven regularly, with lower premiums.
  • Hagerty: Renowned for classic car insurance, expect premiums to start around £1,000 per year for a 1960s black cab in good condition.
  • LV: Legend Vehicle: LV’s policies cover decommissioned taxis used for leisure purposes, with quotes starting around £500 per year for a 1990s black cab with a limited mileage.
  • Chubb Insurance: Typically the most expensive option due to their focus on valuable vehicles and bespoke policies. For example, a well-maintained black cab used for weddings and events by a luxury transport company could cost upwards of £1,500 per year.
  • Direct Line: cheaper than most car insurers, but with potentially fewer coverage options and stricter eligibility requirements. A 2018 black cab with less than 50,000 miles and a clean driving record could cost around £550 per year

Getting Cheapest Decommissioned Taxi Insurance

To get the cheapest London’s decommissioned taxi insurance quote, shop around and compare policies from multiple specialist providers to find a good combination of price and coverage for your needs. Think about your typical driving habits and annual mileage when choosing the level of coverage, and be sure to disclose any modifications you’ve made to the vehicle to avoid potential policy invalidations. Remember, you can also save on premiums by opting for a higher excess, meaning the amount you contribute to any claims. So, take your time, compare your options, and get the best deal on insurance for your decommissioned taxi.