Driving Down Taxi Insurance
If you’re a taxi driver, one of your biggest expenses will be getting the right insurance for your circumstances. There are a lot of products out there, so how can you ensure you’re getting the right one, at the right price?
1. Increase your excess
A risky strategy, but one that can really pay off. By telling your insurer you’re willing to cover a bit more of the repair costs in the event of an accident, your premium should come down slightly. The standard excess is around £250, so look at increasing your excess to £400+ and see how that affects the price. Hopefully you won’t be in an accident, and the gamble will pay off.
If you’ve been a taxi driver for a few years, make sure your insurer knows it. With age comes wisdom, and your reward for experience is lower premiums. Be prepared to prove your experience by showing your local authority’s taxi badge.
3. No claims, no problem
Just like domestic insurance, prove to your insurer that you’re a careful, claim free driver and see the pounds fall off your quote. Discounts of up to 60% have been reported for a good no claims history. Mention your domestic car insurance NCB too – sometimes it’s transferable.
4. Who’s driving?
If it’s just you in the driving seat of your taxi, you’re viewed as less of a risk. Start adding other drivers, and your premiums may well go up. Keep it to yourself for the best savings.
5. Know what you want
Not all policies come with extras like glass repair or replacement, radio cover, or a courtesy car. Decide ahead of time which of those are deal breakers for you, and which you can do without.