A reader asks: Been trying buy a ex black cab for personal use for mths can’t find any insurers.
A flux etc don’t –
Any help? I’m even told them I’m a ex taxi driver private hire but using just for personal use and still was not this hard getting insured as a taxi driver
Our response: I’m afraid this is now nearly impossible without paying an exorbitant amount. Even though we managed to insure our decommissioned black cab for taxi traders in 2024 we were warned by the insurance broker that it would be impossible to insure it again next year. The reason they gave was that when people buy decommissioned taxis it is generally for novelty purposes and as such they end up in a relatively large amount of accidents as they are dirive irresponsibly. For example, around the streets of London, with traders in the back. Even last year the insurance was nearly three times the value of the vehicle – so whilst it may seem like a good idea the costs are prohibitive.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please ask a question in our financial discussion forum.
