5 Top Tips To Lowering Taxi Insurance

Finding the correct type of insurance which provides the most cover to meet the needs of individual or taxi company’s needs can seem a very daunting and confusing minefield! One of the easiest ways to reduce the amount of time spent looking for the most competitive insurance deals is to use an online insurance broker who specialises in insuring taxis. Simply by completing one online form the brokers will provide you with a number of different quotations and the most competitive prices. However, there are some pitfalls to watch out for if you are offered cheap insurance as they may not meet the legal requirements or provide you with the correct or sufficient amount of cover, which can be a costly error should you need to make a claim. Tips to help lower the cost of your insurance include: 1. Opting for a Third Party Only is the least expensive cover which meets the legal requirements need to drive on the public highways in the UK. As this is the most basic level of insurance available it only provide covers for a third party and does not give any cover for your own vehicle. It will also no include the necessary Public Liability Insurance cover needed to legal operate a taxi. 2. Third Party Fire and Theft is the next level of insurance which provides you with additional cover if your taxi is damaged due to fire or stolen. However, depending where you operate within the UK this option may not be available as the risk are considered to be too high by the insurance companies. The insurers use postcodes to determine high risk areas which typically include all large towns and cities and some specific areas in the UK where car crime is rife. 3. The most expensive type of insurance cover is comprehensive. Although it is the most expensive it does provide the most cover, including cover for your own vehicle even if an accident was caused by you. Many insurance companies will also include other aspects of cover such as glass cover and breakdown cover as inclusive within their comprehensive policies. What is included does vary between insurers so it is well worth shopping around to find the most competitive deals. 4. It may be possible to reduce the amount of excess you pay on the insurance. This should be given very serious consideration because although increasing the excess may dramatically reduce the premiums should you need to make a claim you will have to pay more. For example increasing the excess may mean that for minor accidents the insurance company will not make payments because the cost of repairs fall below the amount of excess, so you need to think very carefully before considering this option. 5. As with all types of taxi insurance the most dramatic affect on lowering the premiums will be the amount of no claims discounts or bonuses you have accumulated. Drivers who have not made insurance claims for at least four years will be considered to be a lower risk and as such will be rewarded by being offered generous discounts.

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