Help your profits change up a gear when you drive a great deal on your driving school insurance
Running your own driving school can be financially rewarding and liberating. You can choose your own hours to fit around family commitments and earn a healthy average of £30,000 a year according to LDC driving school. But, whilst novice drivers are prepared to pay well for your expertise and patience, there are many outgoings to consider too. If you rent your vehicle or buy into a franchise you’ll have monthly fees to consider. And comprehensive driving school insurance is an absolute essential. These costs can quickly add up and make quite a dent in your overall earnings, so it pays to shop around for your insurance to get the best deal possible.
Make sure you get the cover you need, without paying for anything you don’t, by reading our guide to driving school insurance below.
So, what driving school insurance do I need?
There’s no simple answer to this question as different driving schools and instructors will need different types of cover. One thing is for sure, by considering exactly what you need, and getting a tailored insurance package, you can make sure that all your personal essentials are covered and you’re not paying extra for anything else.
Some key areas of insurance for anyone operating a driving school to think about include:
Public liability Insurance for driving instructors
This insurance is designed to protect you from claims against you for negligence, which causes illness, injury or damage to property.
Driving instructor car insurance
Despite your best efforts, putting inexperienced drivers behind the wheel makes you a high risk for insurance. Insurance should cover you for everything you offer, so consider what services you provide and speak to your insurer to make sure they are all included in your policy. As well as driving lessons you might need to include advanced driver courses, driving tests, retakes, refresher courses and speed awareness lessons.
Dual controlled car insurance
If you’re using a dual controlled car for your business it is classified as ‘modified’ and requires specialist insurance. In the case of an accident or damage some insurance policies might only cover you for a replacement standard vehicle whilst it is undergoing repair– so if your business relies on a dual-controlled vehicle make sure your policy guarantees a replacement dual controlled vehicle within 24 hours so you can continue working.
Gap insurance for dual controlled cars
If you’re buying your dual controlled vehicle via hire purchase, Gap insurance will pay the difference between the insurers write-off valuation and any remaining balance or purchase price, and can protect you from facing continuing fees for a vehicle you can’t use.
ADI or PDI insurance
If you’re a qualified Advanced Driving Instructor (ADI) or a trainee Potential Driving Instructor (PDI) specialist insurance designed specifically for your needs can cover you for driving other cars, such as those belonging to your students. It can also cover you for things like off-road tuition for under 17 year olds if you need it to.
Fleet Insurance
If you operate a fleet of vehicles for your driving school you can find insurance deals that could save you money compared to individual policies.
Breakdown cover for driving instructors
If you breakdown you can’t do your job and that means lost revenue. Breakdown cover specifically for driving instructors will quickly get you back on the road, even if you’re in a dual controlled car.
Employer’s liability insurance
If you employ anyone to work for your driving school, even if they are part time, you’re legally obliged to have employer’s liability insurance.
Part time driving instructor cover
Some driving instructors also have other jobs. If you’re part-time, you’ll still need to be covered by specialist insurance.
Shop around for the best prices
Most of us are well versed in shopping around to get the best deal when it comes to our home insurance or if we’re looking to buy something like a new phone. But if you run your own business you may be simply too busy to spend the same time shopping around for business insurance or not know where to start looking.
Looking for the best deal is always worth the effort as it can secure you the lowest prices and provide a real boost to your income as well as making sure you have exactly the right level of cover if something does happen. If you’d rather be on the road earning than phoning around, use an independent broker, which specializes in driving school insurance, such as Park Insurance to do the running around for you.
With over 20 year’s experience we really understand the driving school business. We have preferred broker status and excellent contacts within the industry, helping our specialist team to know exactly where to go to get the best deal for your individual needs. We can also advise you on things you might not have considered before, to make sure you have the exact cover necessary. And if something unfortunate does happen you’ll have the peace of mind that we offer a 1-2-1 account manager service to help sort claims out quickly and get you back on the road again.
Find out more by contacting our dedicated team now.