The requirement for hiring minicabs to be insured to carry passengers for hire or reward at all times for the duration of the licence, introduced in June 2016, no longer applies. However, private hire vehicles must still be covered by hire or reward insurance at the point of licensing and when in use as a private hire vehicle.
We are reviewing the position on hire or reward insurance for the private hire sector and will provide an update on this in due course.
What this means for you:
If you are a new applicant or are renewing your private hire vehicle licence, the vehicle must be covered by hire or reward insurance at the point of licensing. If the vehicle is not covered by hire or reward insurance, you will not be granted a new or renewal licence.
Read on https://tfl.gov.uk/info-for/taxis-and-private-hire/new-private-hire-regulations