Finding the right taxi insurance is a tough challenge, especially in such a competitive market. Not only do you have to consider whether the insurance package you choose provides you with the right kind of cover, but you also have to make sure that it suits your budget as well as your needs. So how much is taxi insurance, and could you get good quality cover for less?
How much do you want to pay?
Like any type of insurance, it all depends on how much you want to pay, and how comprehensive you want your cover to be. For ordinary car drivers, comparing the market to find cheap insurance is easy. But there is a proviso – the vehicle cannot be used for work purposes (or in many cases, even commuting).
If you’re looking for taxi insurance that provides you with cover while you’re using your vehicle for work, it can be much tougher. The more specific demands that taxi drivers are looking for from their insurance can also be an excuse for providers to send the price shooting upwards, even though taxi drivers are by their very nature more cautious and careful motorists.
What can bump up the price of your insurance?
Like any other motorist, there are certain factors that can push up the price of your taxi insurance:
- Your age (the magic age as far as insurers are concerned is 25 – after that your insurance cost drops dramatically)
- Your experience (how long you’ve held your full driving licence)
- Whether you have any points on your licence
- The type of vehicle you’re driving
- Whether you’re employed or self-employed
- What type of passengers you’ll be carrying (i.e. if you’re specialising in doing school runs and carrying children under 16)
- Whether you work days or nights
- Where the vehicle is stored when not being used
All of these factors will play a significant role in how much you pay for your insurance.
How can I get the cost down?
The best thing is to talk to a professional, rather than spending time comparing the market on your own. Type ‘how much is taxi insurance?’ into Google and you’ll get hundreds of responses – many of which will be irrelevant to you. So to save yourself time, talk to a broker who specialises in taxi insurance. They’ll be able to use their knowledge of the insurance industry (and their experience in finding cheap taxi insurance for the trade) to put together a package that suits you. Make sure you include those all-important extras such as:
- Public Liability insurance
- Loss of earnings cover
- Breakdown insurance
- Personal liability insurance (if you’re self-employed)
- Personal injury cover
For taxi drivers, life can be difficult enough. Late nights or odd working hours, sometimes in high-risk areas, doing a job that rarely gets you any thanks! But by ensuring that your finances are properly covered though taking out the right taxi insurance, you can at least rest assured that your livelihood is protected, and that you won’t be out of pocket if the worst happens.
For a free quote for taxi insurance call our friendly team now on 0117 955 6835 or get a quote here.