Why PHV Insurance is so expensive in London

Uber drivers in London must have Private Hire Vehicle or Taxi (PHV) insurance under TfL regulations. This requirement has recently become a heavy financial burden. With annual premiums ranging from £2,000 to £5,000, many drivers find themselves questioning the high costs. 

Why is PHV Insurance so expensive in London? 

Several factors contribute to these steep premiums: 

• Insurers see PHV drivers as "high-risk" since they spend so much time on the road. This increases their chances of getting into accidents.

• Drivers using the Uber platform in London must get insurance from a list of TfL-approved providers. This panel of approved insurers restricts competition, often leading to inflated premiums. 

• Navigating London's congested streets increases the likelihood of claims, driving up insurance costs even more. 

The hidden costs of purchasing PHV Insurance separately 

Buying your own PHV insurance might look cheaper at first, but many Uber drivers don’t realise how quickly the extra costs add up. From unplanned repair bills and lost income, buying your PHV insurance alone may end up costing you more in the long run. Some unplanned expenses that drivers forget to consider include:

• Maintenance and Repairs: Unexpected vehicle issues can lead to hefty bills not covered by standard insurance. 

• Administrative Hassles: Managing separate payments for insurance, servicing, and other necessities can be time-consuming and stressful. 

• Downtime Costs: If you don’t have a replacement vehicle, you miss out on earnings. This happens whenever you take your vehicle for maintenance, accident repair or servicing.

Simplify your ride with Splend's All-Inclusive Plan Solution 

Splend keeps things simple with its all-inclusive and affordable Flexi Own plan. With a range of Uber-ready, PCO-approved EV's on offer, choose your vehicle and get covered for all the important ownership needs. This includes PHV damage and loss cover, vehicle maintenance, servicing, and more.

Why our drivers prefer bundling their PHV cover with their vehicle plan?

• Simplified Payments: One weekly payment includes PHV damage and loss cover, maintenance, servicing, and more, streamlining financial planning. 

• Reduced Downtime: With our 24/7 roadside assistance, you can spend less time off the road and more time earning.

• Enhanced Support: Splend offers dedicated 24/7 customer service, ensuring drivers have assistance whenever they need. 

By bundling everything into one weekly payment, Splend gives drivers peace of mind. You don’t have to deal with multiple insurance companies or manage different costs. Simply choose your electric vehicle and start driving with affordable PHV insurance bundled into your weekly payment.

PHV insurance in London can often be expensive and complicated. Splend’s affordable all-inclusive plan makes getting the best value PHV cover easier. Our plan offers a simple and stress-free option. This way, you can focus on driving and spend more time earning.