Taxi Insurance - Finding The Best Deal
Contrary to what you may believe, finding affordable insurance for you taxi is a
relatively simply task nowadays, simply because there's an unbelievable amount of competition out there.Insurance companies all over the UK are continuously slashing their rates in order to secure more business. In fact, this is the primary reason why every taxi owner should compare insurance quotes regularly, instead of automatically assuming their current provider is offering them the best deal.
The chances are you can always find a better deal if you look hard enough. Sure, your current taxi insurance policy may have been the best deal around when you signed up for it, but if you're nearing the end of it, you can almost be certain someone else will be offering a better deal by now.
Type of Taxi Service:
When it comes to taxis, most insurance companies base their rates on similar criteria. For example, the cost of insuring your taxi will depend largely on the type of taxi service you operate, bearing in mind you get public hire, private hire, and contract hire taxis.
Insurance and Theft Risk:
Every insurance company takes the risk of theft very seriously irrespective of whether you're insuring a car or a taxi. As such, they require you to meet certain criteria in order to qualify for discounts. Your vehicle will need to have a professionally installed car alarm, and one which is recognised by the insurance provider.
There should also be an immobiliser in place, and preferably even a GPS tracking device. Of course most of these deterrents come as standard nowadays when you purchase a new vehicle, and obviously they must be quite effective, because if statistics are anything to go by, thieves are for the most part targeting vehicles which are older than three years.
All insurance providers will also reward you in the form of a discount if you keep your vehicle off the roads and in a secure area when it's not being used. In other words, when you're not operating your taxi, it should ideally be parked inside a locked garage. Remember, several hundred vehicles are stolen from private driveways, and in many cases thieves have had the added benefit of finding the keys in the ignition.
Clean Driving Record:
Having a clean driving record is imperative if you're hoping to secure affordable taxi insurance. Obviously, if you've had a number of convictions during the past three to five years, insurance companies will inevitably be wary of you, and this will of course be reflected in the rates they are willing to offer you. This also applies to any drivers you have working for you, hence the reason why you shouldn't employ drivers who've had recent convictions.
Age of Driver and/or Drivers:
Generally speaking, young drivers who are under the age of 25 face higher premiums simply because they have not yet had much hands-on experience. That's not to say they can't find cheap insurance, but it will take more effort. If you own more than one taxi, and you have a few young drivers working for you, you'll find it works out cheaper to insure your vehicles for "all drivers" rather than for 'named drivers'. On the other hand, if all drivers are over the age of 25, then going the 'named drivers' route will usually be a better option.
Providing you can meet most of what has been discussed in this article, and providing you're willing to give up an hour or two of your time in order to do some online research, you'll certainly be able to find affordable taxi insurance which is capable of providing all the cover you need.
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