To plug in or not to plug in? That is the question!
Electric vehicles are a hot topic right now. With the governments net zero goals to be attained by 2030 all eyes are on the EV revolution.
But how does this effect you as a taxi driver?
Did you know that at the end of February 2023, there were more than 1,155,000 plug-in cars registered in the UK? Look at our reasons below which could help you consider making your switch to an Electric Vehicle.
Top 10 Reasons for PCO drivers to switch to EV in ’23.
1.Reduced Running Costs
Increasing fuel costs has become a major consideration when it comes to vehicle selection. As petrol and diesel prices fluctuate, the primary benefit of switching to Electric Vehicles is savings. Electric charge points are currently significantly cheaper than filling up at the pump. Zero-emission EVs are also zero-rated for road tax for both the first year and all subsequent years.
2.Avoid Congestion and ULEZ Charges
With two considerable charges putting a dent in your profits, it could make sense to switch to EV in 2023. An Electric Vehicle will make you exempt from the £12.50 ULEZ charge and the £15 Congestion Charge automatically. This means that you can operate within Central London, arguably the most profitable territory to work for PCO drivers. High demand and frequent surge prices mean this freedom could unlock further potential earnings too.
3.Fewer Repair Costs
Repair costs are another concern for PCO/Private Hire taxi drivers. With multiple parts that require attention, an unexpected bill could be a real inconvenience. Regular combustion engines have far more moving parts including the radiator, engine, exhaust, and other potential engine parts. As a result, you can expect far more wear and tear, breakdowns, and maintenance. EV cars, however, have fewer parts requiring fewer visits to the mechanic, making them a more cost-effective option. In fact, maintenance costs could be as much as 50% less for EV drivers.
4.More charge points are available
EV charging options were initially limited. Now, however, London’s borough councils have taken steps to ensure charging your EV is quicker and more convenient. In partnership with TfL, a network of 300 rapid charge points has been established across London. This includes dedicated taxi points too! This is in addition to over 11,550 other charge stations across London. This means it’s much easier to keep your Electric Vehicle fully charged and on the road.
5.Say Goodbye to Range Anxiety
“Range Anxiety” was a preliminary concern. This is the fear that an electric vehicle will not have sufficient battery power to reach its destination. However, newer versions come equipped with large-capacity batteries capable of going 200 miles on a single charge. A journey of this size would commonly require an hour of fast charge time. Even greater distances can be achieved with an overnight charge.
6.Go Green, Choose EV
Air pollution is responsible for approximately 7 million deaths per year worldwide. It has links to climate change and the advanced decline of various global ecosystems (rainforests, etc). Electric Vehicles come with multiple built-in benefits including zero-emissions as standard, contributing towards cleaner air in London as well as its surrounding areas.
7.Access all areas
With Zero or Low Emission streets, certain areas are deemed off-limits to older, high-pollution vehicles. PCN (Penalty Charge Notices) are consequently being issued to any vehicles found using these streets. At present these areas include:
- Barbican (City of London)
- City Fringe (Shoreditch, Hackney, Islington and Tower Hamlets)
- Greenwich Town Centre (Greenwich)
- Marylebone (Westminster)
Zones like this are expected to spread across London in the future. With a PCO EV, no area is off-limits. This gives you total freedom and the competitive edge to operate where your competitors cannot.
8.EV Incentives and Grants
The UK government has made a huge investment when it comes to charge point infrastructure. It is their hope that the country can cope with the possible surge in demand as we approach 2030. The total funding committed by this government stands at an impressive £2.5 billion. This means there is funding available for you to request a charge point in your street, or a convenient location for you if you do not have access to off-road parking. See the gov.uk page for further details.
9.Whisper quiet alternative
EVs produce very little noise compared to their combustion equivalents. Recently, electric vehicles have had to have systems installed to alert other road users and pedestrians to their presence. This massive reduction in noise pollution will contribute towards the health and well-being of London residents. Studies have shown that noise pollution is directly linked to sleep disturbance, high blood pressure, and hearing loss. Therefore, EVs are not only good for the environment but the health of their drivers too.
10.Ideal for inner-city driving
PCO drivers do shorter journeys than those living elsewhere in the UK. This is because residences and facilities tend to be closer together in the capital. It is these quick trips that prove highly inefficient in a petrol or diesel car. Heat and friction generation account for approximately 60% of an engine’s loss of efficiency. EVs, however, do not suffer from the same issue, making them a clear front runner in terms of efficiency and cost. EVs also feature Regenerative Braking. This mechanism captures energy from braking and converts it into power that charges the battery. Regenerative braking also assists the performance of traditional brakes. A useful feature in any bustling urban metropolis.
We have served countless public and private hire taxi drivers since our inception in 1982 and can help to provide you with extensive taxi driver insurance. If you are looking for annual hire and reward taxi insurance, short term taxi cover or you own a fleet, we have a taxi insurance policy to suit your needs.
Acorn Insurance also specialises in helping those who may have previous claims, driving convictions, or points on their licence. With over 40 years as taxi cab insurers, our dedicated private and public hire taxi team has long-standing relationships with a vast array of UK taxi insurance brokers.
Between them, they understand what you want and need from a taxi insurance policy, whether its public or private hire get an online taxi insurance quote today.
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