It seems taxi insurance premiums have been steadily increasing over the last year. In some cases the rates have increased by almost fifty percent. So what can a taxi driver do to get cheap taxi insurance?
Well the good news is that competition between the different taxi cab insurance providers is still fierce and deals can still be found if you take the time to shop around a bit. Most taxi insurance customers choose to go online to get the best possible rate for their taxi vehicle. This method is probably the most effective as you can easily search for multiple providers very quickly from the comfort of your home.
By going online and getting a quotation from a specialist taxi insurance broker you can easily save £100’s of pounds from your existing renewal. Insurance agents that specialise in hire and reward insurance policies are the best source for obtaining the best possible taxi insurance quote. They will have in depth knowledge of the taxi trade and will search a panel of taxi insurance companies to get you the best possible price on your private hire or hackney carriage vehicle.
Also with a taxi broker you will most likely be offered to have the payments on your taxi policy to be spread over 9 or 10 months via a premium finance provider. You can also opt to get a quotation for all levels of covers, such as comprehensive taxi insurance, third party fire & theft and third party only policies. In addition to this certain taxi insurance companies also offer short term taxi insurance policies. These can be extremely useful for someone new entering the taxi business and wishing to test the business before committing to annual policy.
As well as taxi car insurance policies you also have the option to get a quote for taxi breakdown assistance cover, personal accident and taxi public liability insurance cover. Most councils require a minimum of £5,000,000 public liability insurance cover if you doing school contracts.
When obtaining quotations for your taxi car ensure that you declare all material facts to your insurance advisor. This can include any penalty points and convictions you may have on your driving licence. All accidents, claims, thefts and incidents must be reported whether at fault or not. Also if you have private car no claims bonus let the advisor know about them as more and more taxi insurance companies now give introductory discounts.
An important thing to remember is that the term ‘taxi insurance’ is normally used on most websites. This term is used to reflect both public and private hire vehicles. At the quote stage you can let the advisor know whether you’re a private hire minicab driver or a public hire taxi driver. Most companies will provide quotations for saloons, MPV’s, black cabs and minibuses for hire and reward use.
Another important point to consider is ‘is cheap the best’. As with any product experience tells us that the cheapest is not always the best policy for your needs. If you are offered an exceptionally cheap taxi insurance policy, find out exactly what the cover entails including the excesses on the policy or any other conditions.
Active Insurance have been delivering cheap taxi insurance solutions for public and private hire drivers for 16 years. Expert knowledge and advise from the taxi insurance specialists.