Everything You Need to Know About PHV Insurance 2025

If you’re a licensed PCO car driver working under a pre-booked hire cab organization, then PHV insurance (Private Hire Vehicle Car Insurance) is something you mustn’t overlook. Insurance in the automotive industry is a legally enforceable policy that allows you to run operations smoothly. So, if you hold a PCO car driver’s license in London, PHV insurance will protect your car in case you are involved in a road accident, giving you the peace of mind of someone having your back. Here is everything you need to know about PHV Insurance.

What Is PHV Insurance?

Be it a part-time driver or a full-time PCO car driver; there is an insurance policy for everyone in the automotive industry. PHV insurance, or in elaborative terms, “Private Hire Vehicle Insurance,” is made for people who have PCO car driver’s licenses, and those who pick up passengers who have booked a ride using a ride-sharing app.

Note that if you are a PCO driver, no other standard vehicle insurance policy will work for you. This is where PHV insurance comes in. Private hire vehicle insurance covers the damages of a PCO car in case of an accident, theft, or fire. So, whether you are a PCO car driver associated with Ola, Bolt, or Uber, having PHV insurance is essential if you drive in London. 

How Much Does it Cost to Get PHV Insurance for Your PCO Car in the UK?

The cost of PHV insurance completely depends upon the following factors:

Details of your PCO car.
Years without claims.
Years of PCO car driving.
No convictions/convictions.
Any additional information that is required by the PHV insurance company.

In simpler words, if a PCO car driver has more years of experience, fewer convictions, and fewer claims and owns a well-maintained vehicle with better features, there is a high chance that that person will get cheaper PHV insurance. Generally, private hire vehicle insurance will cost you around £1500 to £3500 annually. However, you do have the choice to opt for either monthly, quarterly, or yearly PHV insurance for your PCO car. However, because of the administrative costs borne by the PHV insurance companies, long-term insurance will cost you more than short-term PHV insurance.

Types of PHV Insurance

In the UK, you will find standard options for PHV insurance that covers different grounds. For instance, your PCO car should be in good shape if you intend to drive passengers for hire and reward. The three types of PHV insurance are mentioned below:

Comprehensive Plan

As the name states, this PHV insurance type provides a comprehensive plan that can be customized according to your needs. The Comprehensive PHV Insurance Plan covers the cost of all kinds of PCO car damages, whether you were responsible or not. Moreover, if your rented PCO car becomes a victim of vandalism, theft, or fire, know that the PHV insurance plan will cover the cost for this as well. The insurance company will also be responsible for paying for the third party’s loss.

In short, having PHV insurance makes it relatively easier for a PCO car driver to get back on the road after being a victim of any sudden accidental event. 

Third-Party, Theft & Fire

When opting for Third-Party, Theft & Fire PHV insurance, know that the insurer will cover the cost of the loss in the case of theft and fire. While protecting you from claims such as property damages and compensation for injury, PHV insurance covers the cost of repairs after an accident. On the other hand, if your PCO car has been stolen or caught in a fire, the PHV insurance company will provide you with enough compensation to get you back on your feet.

Third-Party Only

Third-Party Only PHV insurance covers minimal damages such as injury of a third party caused through your PCO car. This PHV insurance policy also covers the cost of damages/injuries of your passengers. 

Why Do You Need PHV Insurance?

Still, confused if you should invest in PHV insurance or not? Here are a few reasons to help you in your decision-making process:

With PHV Insurance, You Will Be Compiling With the Law

Every PCO car driver in London is directed to have PHV insurance. By opting for a reliable insurance plan, you are securing the health of your business as well as your source of income. PHV insurance will provide you with all the required legal assistance in case of an incident. 

PHV insurance Helps in Minimizing the Risks for Roads

Working as a PCO car driver comes with its fair share of risks. Because you will spend most of your time on the road, it means that you might get into an accident at any point in your career. Moreover, driving around strangers comes with a risk of violence, being harassed, and even theft. A PHV insurance will cover the cost of all such damages, preventing minor issues from converting into major ones. 

You Will Always Have Back-Up With PHV Insurance

Minor hiccups or damages are a part of every PCO car driver’s life. With PHV insurance, you will have peace of mind as you will know that the insurer is going to cover for any damage or loss. 

Also read: the impact of driving history on PCO insurance

How Can You Save Money on Your PHV Insurance?

Being a PCO car driver isn’t cheap, especially when it comes to essential expenses like a PCO car license and PHV. From PCO car service to fuel, maintenance costs, and road taxes, the cost of every vehicle expense varies. This is where having PHV insurance will save your day and your money. Private hire vehicle insurance companies allow you to find cheaper covers when renewing your PHV policy. Here are a few tips and tricks to help you save money on your PHV insurance plan:

Work with a popular ride-sharing app that PHV insurance companies are used to cover, such as Uber.
When deciding which PHV insurance plan to invest in, make sure that you are opting for the one that you need. Only pay for the PCO car damage covers that you need.
Try to pay your PHV insurance annually, as you might get a profitable discount for paying in one go.
Invest in additional security measures like tracking devices, security locks, and CCTV cameras. 
Drive on safe routes and also take extra care of your PCO car. As you might get a PHV insurance discount for the well-maintenance of your vehicle.

 

Rent a PCO Car With G&M Direct Hire!

At G&M Direct Hire, our professionals will help you get the PHV insurance plan that covers your needs. Whether you are a PCO car driver for Uber or Ola, or any other ride-sharing app, contact us to get the most affordable and flexible PCO car rental plans in the UK!