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If you are a taxi driver, it’s likely that this is your main source of income. However, with the cost of fuel, tax, and insurance continually increasing, it’s important to get the right insurance that not only keeps you covered, but saves you money in the long run too.
There are various reasons why taxi drivers are facing an increase in insurance premiums, but you should bear in mind that they have been rising for everyone, not just for taxi drivers. Here, we will explore various tips you can use to help save you money on your taxi insurance.
First and foremost, you should check that your taxi insurance policy doesn’t include add-ons and extras that you don’t actually need.
For example, if you check out your policy documents you could discover that you’re shelling out for European cover when you never take your car overseas, or your policy may include a breakdown cover add-on but you already receive free breakdown cover from your bank or building society.
Check Your Excess
Another great way to save some money on your taxi insurance is by checking and changing your excess. In some cases a higher excess can result in a lower premium; however, this can go against you should you find yourself in an accident.
If you have to make a claim you will need to pay the excess yourself, but if you’re willing to take that risk then agreeing to a higher excess can help you save some money on your taxi insurance.
While it’s not a hard and fast rule, electric cars can sometimes be cheaper to insure than their petrol or diesel counterparts.
The main reason for that is horsepower – most electric cars have less powerful engines than diesel or petrol cars, and vehicles with less powerful engines are generally cheaper to insure.
It’s also worth noting that some insurance providers will offer motorists a small discount, typically around 5%, if they own an electric car. This discount is intended to encourage more motorists to switch to electric.
Not only can telematics save you money on your taxi insurance, it can also help to improve your driving and even cut down on your fuel costs.
Many insurance providers offer motorists a discount on telematics insurance because the tracking devices can help to reduce the risk for the insurer.
What’s more, some telematics insurance policies provide motorists with real-time driving tips, which can help to improve their driving.
Be a Named Driver
While they certainly offer taxi companies a lot more flexibility and scalability, having ‘any driver’ policies in place can see your taxi insurance premium rise dramatically.
By having your drivers named on the policy instead, insurers are better able to assess the risk profile of both the vehicle and the driver, meaning they can provide you with a lower premium.
This can make a massive difference to the overall cost of your insurance, especially if the named driver has built up a no claims discount.
Comparing taxi insurance companies can help you find the right deal for you. Sites like Quotezone.co.uk compare quotes from a variety of UK insurance providers to help find a policy that suits your needs. After you request a quote you will be offered a range of policies and deals from various industry leading insurance providers, helping you to pick the right provider for you.
Clean Driving Record
It goes without saying, but the cleaner your driving record is the more chance you have of securing better taxi insurance. If you have been driving for many years and have not been involved in any incidents then insurance companies will view you as a lower insurance risk, especially over those who have points on their licence and driving convictions.
Many taxi drivers choose to pay for their insurance in regular monthly installments, while this enables cabbies to spread the cost there’s usually a price to pay for this. Paying for the full year upfront is usually cheaper, so if you’re able to pay annually you should benefit from cheaper insurance.
In order to get the best deal possible, it’s important to compare the different taxi insurance providers available. Use the tips we have discussed and you should see a drop in your premiums.