Finding the right taxi insurance when insuring a taxi fleet can be a long process. It is essential you get the best value for your money without missing out any of the key considerations needed in a policy. Understanding each of the component parts of a policy will help ensure you have the depth of knowledge to make the right choice.
Below are five key considerations to keep in mind when looking at taxi insurance. All these factors influence the cost of the premium.
Quantity to Insure when insuring a taxi fleet
The more vehicles insured under a taxi insurance policy, the higher the savings will tend to be. Running a business where vehicles are insured on different policies will quickly become expensive, and the administration side will also become much more complex.
Driver Experience
The age and experience of your drivers also plays a key role in premium costs. Drivers over 30 with extensive experience are likely to bring your taxi insurance premium down, whilst younger drivers may result in higher costs. Policies can be sourced for all circumstances.
Safe Storage
Ideally all your taxis should be kept in a garage or purpose-built shelter if you’re looking for further reductions to your insurance premium. This can be difficult when drivers use their cabs for personal purposes too but where possible, ensure they’re kept inside.
Vehicle Specs
As with regular vehicle insurance the engine size and model of the vehicles in your fleet will impact on the premium cost. The bigger the engine and the faster the car, the more expensive the premium becomes. The amount of passengers carried will also have an impact on the fleet insurance cost too. So if your drivers are transporting large numbers at a time then you may need to look into Public Service Vehicle insurance.
Security Add-Ons
Although additional security features in your taxis may incur an initial cost, they should bring down your premiums in the long term. Security features including anti-theft gadget, immobilisers and security alarms will help bring your costs down.
Running a taxi business can be highly profitable, but costs can be high too. Keep these points in mind when organising your insurance to help lower this particular cost.