When you drive a taxi, it’s essential to care for your bottom-line, which means using the correct insurance. Even though it is best to ensure your taxi cab is completely covered, this doesn’t always mean paying sky-high premiums – remember you can compare taxi insurance to get the best value Here are a few practical tips that can help you lower your insurance for your taxi:
– Build-Up A No Claims Discount
Drivers that are careful can benefit from earning significant discounts when it comes to claim-free driving. After one year you can reduce your premiums by 20% and after 5 years, you might be able to save a massive 60% on your overall insurance costs.
– Short Term Cover
Some of the insurers provide “pay as you go” monthly policies that offer a way to accumulate “no claims” discounts (6 or 12 months), which can reward you with more affordable annual premiums.
– Contact An Experienced Broker
Taxi insurance is one of the specialist products, which requires the services of a broker that specializes in this field. Find a broker that is reputable and has a reputation to match to customize a quotation that matches up to your requirements. They will also be able to give you information on the best deals that you might not find elsewhere.
– Choose Your Taxi With Care
If you are driving a minicab, the vehicle that you choose will impact your premiums. Insurers account for many factors when they calculate taxi premiums. This will include the seat numbers, the year the vehicle was manufactured, and the value of the vehicle.
– Basic Is Not Always The Best Option
Insurance policies for taxis cover a spectrum from Comprehensive to Third Party, but you might not know that Comprehensive cover can cost a lot less than you might have imagined. Obtain quotes for the different coverage levels, and you may be in for a pleasant surprise.
– Protect Yourself
Certain insurance providers now provide discounted rates for added security features such as having a camera installed in your taxi which you can use as a witness should you ever encounter an accident. This type of footage will assist with determining the at-fault party (savings costs, and expediting claims). It also eliminates the “crash for cash” claims, as a camera doesn’t lie.
– Avoid Telling White Lies
Honesty should be your only policy in association with taxi insurance. Providing the wrong personal details happens to be illegal and puts you at risk of losing a lot of money if you ever need to claim. A broker that specializes in taxi insurance will find you competitive coverage regardless of your driving history, experience, and age.
– Restrict Your Drivers
Insurance premiums are centered around calculating risk. When you add “drivers” to your insurance policy, you can expect that your premiums will reflect your riskiest driver.
