Top Tips For Getting The Cheapest Taxi Insurance
The actual amount you end up paying for a taxi policy will of course depend on your own individual circumstances and your personal requirements
. With that said, there are several steps one can take in order to keep premiums as low as possible.
No-Claims Bonus:
If your primary concern is to find the cheapest taxi insurance year on year, then you'll need to do whatever you can in order to avoid making any claims. The longer you go without submitting a claim, the bigger the discount will be. In fact, some companies offer extremely generous discounts, but of course the actual amount you can save will vary from one company to the next. For this reason, you should always make a point of getting quotes from a number of companies on a regular basis.
Usually, when you change from one company to the next, your 'no-claims' history goes with you. If you have a good history with your regular car cover then this can also go a long way towards saving your money when you purchase a taxi policy. One should however bear in mind that it's not always a straightforward process and as such, it's something which you'll need to discuss with your broker, or with the relevant company.
Driver Experience:
If you've been driving a taxi for several years then you will almost certainly qualify for cheaper cover, providing of course you're able to show proof. If this is the first time you'll be driving a taxi, then unfortunately your premiums may be slightly higher to begin with.
Having an 'all drivers' type of policy is usually the most expensive option. If you do intend having additional drivers, you should seriously consider naming them on the policy. If you are going to be the only driver, then the good news is you'll get the best possible rates. In other words, 'owner driver' policies usually come with the biggest discounts.
Increasing the Excess Amount:
One of the best ways to ensure you get the cheapest taxi insurance is to have the excess amount raised. This is essentially the amount of money you will need to pay up front should you ever need to claim. In other words, if you have the excess amount set at 450 pounds, your policy will only kick in if your claim is for is sum larger than 450 pounds and of course you would be required to pay the first 450 pounds of the claim. The higher your excess amount is, the cheaper your policy will be. With that said, you should never have the excess set too high, or else you may find yourself in a situation where you simply cannot afford to pay it.
Vehicle Security:
There's a car being stolen every few to seconds in the UK and taxis are no exception to the rule. Most companies will therefore be willing to offer you a discount if you can satisfy them that your taxi will be kept in a secure area when it's not being used. If the company you are with finds out that you leave your taxi parked out on the road during the night, you will almost certainly pay more for insurance.
Even though there are several things you can do in order to keep the costs of insurance down, the secret to finding the cheapest tax the insurance lies in shopping around. Not only should you do this when you first start looking for affordable cover, but you should make a point of doing it on a regular basis.
by: Tom Jones
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