Black Cab Insurance: How Your Cover Helps You Stay Competitive
Space, safety and an undeniable knowledge of the city’s streets; no wonder cabbies are trusted to get you where you want to be when you want to get there. But this specialist service comes at a price, and in an age dominated by low-cost alternatives, customers are naturally turning to cheaper options thanks to the likes of Uber.
This means more private drivers are on the street, resulting in potentially fewer customers for you.
So how can you compete in this cutthroat market? As well as embracing technology by signing up for an app like Gett, Kabbee or ComCab, you can also take steps to maximize your profits by reducing your outgoings.
Picking up more fares is not the only way you can boost your earnings. In this competitive market, it pays to actually take some time away from the road. A phone call or two to find the best price for your black cab insurance can make a surprisingly large difference, saving you cash and ensuring you have the right cover if anything does go wrong.
1) Shop around
You’ve heard it a thousand times, but ringing around to get several quotes really can save you ££££s. Different insurance providers use different formulas to calculate the risk you pose, so you can get very different prices from different providers, even for practically identical policies.
2) The best deal is not always the cheapest deal
The most important thing to remember is that the cheapest deal could cost you in the long run. If you skimp on insurance you could put your livelihood at financial risk if something does happen.
When it comes to your black cab insurance there’s no ‘one-size fits all’. Key areas for black cab drivers to consider include not only insuring the vehicle itself but also:
- Public liability insurance
- Employer’s liability insurance (if you employ a member of staff even if they are part-time or on contract)
- Gap insurance (if you’ve bought your cab on finance)
- Legal expenses cover
- Breakdown insurance
- Personal injury insurance
If you share your cab with someone else to help keep costs down, there are even specialist deals aimed at you.
3) Don’t wait
You don’t have to wait for your renewal to be due to change black cab insurance policies. Yes, you might have to pay an administration fee to leave your current insurer, but if savings are substantial you can still be in pocket.
4) Use an experienced black cab insurance broker
If you prefer to be driving than handling the paperwork you could ask a trusted and experienced insurance broker, like Park insurance, to do the legwork for you. As a preferred partner, we can access some of the best prices without compromising on the level of cover. And because we understand your unique business needs we can help you to tailor-make your policy to give you exactly the right level of cover for your peace of mind.
You won’t just save on your premiums, you’ll save the hassle if you need to make a claim too.
You’ll get a 1-2-1 service with a dedicated handler, so you’ll know it will be sorted out quickly and efficiently with minimum disruption to your business.
Call our specialist team on 0117 955 6835 or get a quote now.