Taxi Insurance - Understanding Your Options
The first thing you need to think about is how many vehicles you own
, or how many you intend to have. The reason for this is simply because if you have more than one vehicle, fleet insurance may very well be your best option.Most insurance companies offer fleet insurance nowadays, but you may find that the threshold for qualifying differs slightly from one provider to the next. In other words, some providers may require you to have a minimum of four vehicles while another provider may be willing to offer you fleet insurance providing you have at least two vehicles.
If you're considering fleet insurance, then you'll find that most insurance companies are not particularly concerned about the type of vehicles you choose to include in the policy. This essentially means you aren't required to use only one type of vehicle. For example, you fleet could include a minicab, a minibus, and even regular saloon cars.
Of course if you own several taxis, you'll inevitably require the services of several drivers, and this is something you need to think about carefully. On one hand, if you choose to name the individual drivers then you could end up saving quite a bit on your premiums, in that insurance will cost more if you insure your fleet to be driven by all drivers.
With that said, if you have, or if you intend hiring a few young drivers, then it will probably work out cheaper if you choose the 'all drivers' option. Young drivers and insurance companies just don't go well together. Also, if you're married and your partner is likely to be driving one of the vehicles as a private vehicle, then you need to make sure they're covered. Fortunately, most providers include this as standard, and at no extra cost.
Just as all insurance companies view young drivers in a negative light, they also tend to see men as being a higher risk than women. In fact, many people who own a fleet of taxis are going out of their way in order to employ female drivers rather than men. Not all insurance providers feel this way regarding the sexes, but it's certainly something you should look into when shopping around for taxi insurance.
As with regular car insurance, a 'no claims' history can be extremely beneficial, but even if you are forced to use one or more new drivers, you can still usually find some sort of special offer available which is specific to new drivers. A bit of shopping around can go a long way in helping you to keep the cost of taxi insurance down, so doing some online research really is worthy the effort.
Taking a few precautionary measures can also see premiums reduced. For example, you'll almost always qualify for discounts if you can satisfy the insurance company that your vehicles are being kept under lock and key when not in use. The same can be said for vehicles that have alarms and immobilisers installed. These vehicles are more difficult to steal, and as a result there's less chance of you reporting a stolen vehicle.
Lastly, you'll need to decide on the level of cover you require. If all the vehicles in your fleet are new or relatively new, then of course you may want to get fully comprehensive cover. On the other hand, if you own an ageing fleet then all those extra bells and whistles may not be worth the extra costs involved.Providing you do a little bit of research, and providing you get several quotes from a number of providers, you'll almost certainly be able to find affordable taxi insurance. All it takes is a little bit of effort on your part.
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