5 Top Tips for Saving Money on Taxi Insurance
Insurance is a legal requirement for all Taxi Drivers and although it can be expensive there are a number of ways you can save money on your Taxi Insurance.
According to the Office of Fair Trading, in the UK alone there are now over 70,000 registered taxis and over 140,000 taxi drivers, all of which have to be covered by Taxi Insurance as a legal requirement, to protect themselves, their vehicles and their passengers.
Not only does Taxi Insurance protect the vehicle in the same way as car insurance protects a car, i.e. from damage, theft and crashes, it also protects the passengers from any injury they may suffer when in the taxi.
Taxi Insurance, like most types of insurance, can be expensive, especially for newer and younger drivers, but there are a few ways in which you can lower your insurance premiums. Check out these top 5 tips for saving money on your Taxi Insurance.
5 Ways to Save Money on your Taxi Insurance
Increase your excess (deductible) - When getting insurance there is always an option to increase or decrease the amount of excess you pay if you have an accident. It is always tempting to lower this so that you pay less when you claim, but the more you are willing to pay out the less the insurer has to, so the higher your excess the lower your Taxi Insurance premium.
According to the Office of Fair Trading, in the UK alone there are now over 70,000 registered taxis and over 140,000 taxi drivers, all of which have to be covered by Taxi Insurance as a legal requirement, to protect themselves, their vehicles and their passengers.
Not only does Taxi Insurance protect the vehicle in the same way as car insurance protects a car, i.e. from damage, theft and crashes, it also protects the passengers from any injury they may suffer when in the taxi.
Taxi Insurance, like most types of insurance, can be expensive, especially for newer and younger drivers, but there are a few ways in which you can lower your insurance premiums. Check out these top 5 tips for saving money on your Taxi Insurance.
5 Ways to Save Money on your Taxi Insurance
Increase your excess (deductible) - When getting insurance there is always an option to increase or decrease the amount of excess you pay if you have an accident. It is always tempting to lower this so that you pay less when you claim, but the more you are willing to pay out the less the insurer has to, so the higher your excess the lower your Taxi Insurance premium.
Get the right cover - There is more than one type of insurance for taxis, there is the basic Taxi Insurance but also Private Hire Insurance and Minicab Insurance. Make sure you know which one your car is classed as so you don't up paying extra for the wrong type of insurance.
Store it in a garage - When you are not using your taxi it is open to potential theft, especially in city areas. If you can, make sure you store it off a main road or in a garage, which will keep it safer and lower your insurance premium.
Shop around - Don't just stick with the same insurer you always use. If you compare quotes on the internet you may be able to find a cheaper one from a different insurer and save yourself some money.
Don't claim - It sounds obvious and that's because it is the easiest way to reduce your insurance costs. Avoid claiming and you will get a lower rate and a no claims bonus on your Taxi Insurance.
So there you have it, 5 simple tips that can help you save money on your Taxi Insurance. It may be an annoying expenditure but with these tips you could save yourself some money when you have to renew your insurance.
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