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Income Protection Insurance for Professional Drivers in the UK
Income protection insurance is a policy designed to provide financial assistance to individuals who are unable to work due to illness or injury
Introduction
For professional drivers in the UK, this type of insurance is particularly valuable due to the nature of their job, which can be physically demanding and carries a higher risk of accidents than some other professions.
What is Income Protection Insurance?
It’s like a safety net. If you get sick or injured and can’t work, this insurance gives you a regular payment to help cover your living expenses.
Why It’s Important for Professional Drivers: Driving a taxi involves long hours, night shifts, and unfortunately and increased risk of road accidents. If the worst was to happen and you’re injured and can’t drive, you might not have another source of income. This insurance helps ensure you still have money coming in to pay your bills.
Considerations for Professional Drivers
As a self-employed driver your self-assessment tax return and your profit will affect your policy.
Self-employed drivers may need to provide proof of earnings. Eazitax can help with making sure that you have an industry expert helping you with your self-assessment tax return, ensuring efficiency with your claim.
Cost: Premiums depend on your age, health, smoking status, and the level of cover. It’s a balance between how much you can afford and the level of protection you need.
Exclusions: Some policies might not cover pre-existing conditions or injuries caused by risky behaviours. Always check the fine print.
The amount you’ll receive, typically a percentage of your regular income. For taxi drivers, it’s essential to consider your average earnings,
including busy and slow periods, to determine how much coverage you need. With our product you can tailor the level of protection you need and work with us to determine how to become financially sound in the event that you need to claim on your policy.
The waiting time from when you claim until payments start. A shorter period is ideal, but the premiums may be higher.
including busy and slow periods, to determine how much coverage you need. With our product you can tailor the level of protection you need and work with us to determine how to become financially sound in the event that you need to claim on your policy.
How long the payments will last. Some policies pay out until you can return to work, others until retirement, and some for a set term.
including busy and slow periods, to determine how much coverage you need. With our product you can tailor the level of protection you need and work with us to determine how to become financially sound in the event that you need to claim on your policy.
Policies vary in how they define being ‘unable to work.’ Some cover you if you can’t do your specific job (driving a taxi), while others only
if you can't do any job. The former is preferable for taxi drivers.
Use our calculator below to work out what suits you!
Calculator for Taxi
*Income, please select how much you require per month.
Calculator for Couriers
Vehicle Interruption Insurance for Professional Drivers in the UK
Vehicle interruption insurance is a specialised policy designed to support professional drivers and operators in the UK when their primary source of income, their taxi, is off the road due to an accident, damage, or theft. This coverage is essential for professional drivers because their livelihood depends entirely on the availability of their vehicle.
What is Vehicle Interruption Insurance?
It’s insurance that kicks in to support you financially when your taxi cannot be used because of damage, an accident, or theft.
Why It’s Important for Taxi Drivers: As a taxi driver, no car means no work, which means no income. This insurance helps cover your lost earnings until you can get back on the road.
Considerations for Taxi Drivers
Type of Vehicle: Some policies might have restrictions based on the age, type, or use of the vehicle. Make sure your taxi meets these criteria.
Cost: Premiums can vary based on the level of cover, the vehicle’s value, and the perceived risk. It’s crucial to balance the cost of the policy against the financial risk of losing your income.
Additional Benefits: Some policies may offer extra services, such as providing a replacement vehicle while yours is being repaired. This can be a lifesaver for keeping your income stream active.
Policy Exclusions: Always check what’s not covered. Common exclusions may include breakdowns due to mechanical failure or incidents occurring under specific circumstances, like unreported modifications to the vehicle.
This is how much money you’ll receive daily or weekly while your taxi is out of commission. It’s important to choose an amount that closely matches your usual earnings.
including busy and slow periods, to determine how much coverage you need. With our product you can tailor the level of protection you need and work with us to determine how to become financially sound in the event that you need to claim on your policy.
Similar to the deferral period in income protection insurance, this is a waiting period before the insurance payments start. Shorter periods mean quicker financial support, but often higher premiums.
including busy and slow periods, to determine how much coverage you need. With our product you can tailor the level of protection you need and work with us to determine how to become financially sound in the event that you need to claim on your policy.
This defines how long you can receive payments for any single claim. Whether it’s a few weeks or several months, it should reflect the worst-case scenario of being without your vehicle.
including busy and slow periods, to determine how much coverage you need. With our product you can tailor the level of protection you need and work with us to determine how to become financially sound in the event that you need to claim on your policy.
Some policies may specify conditions under which you can claim, such as the type of damage or the necessity for the damage to be due to an accident. Understanding these can help you choose a policy that best matches your risk exposure.
if you can't do any job. The former is preferable for taxi drivers.