Lowering the Cost of Taxi Insurance

If you work as a taxi driver or run your own taxi firm, then you’ll want to take any steps possible to lower the cost of insurance. Vehicle insurance in general has risen rapidly over the last couple of decades due to the increased number of vehicles on the roads as well as crash for cash scams.

Although taxi insurance can be fairly expensive, there are some very reliable ways to reduce the cost of your premium. These include –

Get quotes from specialist providers

When looking to lower the cost of your taxi insurance policy, it’s an absolute must to get several quotes from different providers. This is the only way you can be sure that you’re getting a good deal and don’t overpay for your cover.

Sites such as Multiquote Taxi make getting taxi insurance quotes a breeze.

Be selective with the drivers you hire

The best type of drivers to keep your insurance costs down should –

  • Be over the age of 25 – Drivers over the age of 25 cost significantly less to insure than younger drivers due to them having more driving experience and being much less likely to be involved in an accident statistically.
  • Have a good amount of driving experience – A good amount of driving experience is always a plus when trying to keep insurance costs down, particularly experience working as a taxi driver for another company.
  • Have no criminal or driving convictions – People with convictions are considered higher risk by insurance providers and therefore if you hire drivers with convictions on their record, you can expect to pay more.

Increase your excess

Your excess is the amount you would pay if you had to make a claim. If you want to cut down the cost of your premium then you can do this by increasing your excess. You only really see the benefit if you don’t have to make a claim without the length of the policy.

Pay for the policy upfront

If you can afford to pay for your policy upfront rather than monthly via direct debit then you should definitely be offered a significant discount by your insurance provider. Always push to get the best discount you can.