Tips To Help Reduce The Cost Of Taxi Insurance

By taking positive and pro active approaches in looking after your taxi, insurance companies will look very favourably on you by offering some very beneficial discounts to help lower the insurance premiums. * First and foremost insurance companies will offer huge discounts to drivers who have a good driving record as they consider them to be a lower risk. Any drivers who have a proven no claims discount will reap the benefits of lower insurance costs. These discounts can potentially save you hundreds of pounds. * Experienced drivers are also favoured by insurers. The number of years that you have been driving a taxi will also be taken into consideration when the insurers provide quotations. The way they calculate this is usually by the number of years you have held your local authority taxi license. * Further discounts may be offered for drivers who have taken an Advanced Driving Training course. As well as lowering insurance premiums there are other savings which can be made by those who have completed advanced driver training which include: 1. savings on fuel consumption; on average a saving of up to 15% can be saved purely by altering inherent bad driving habits 2. reduce running costs through general wear and tear to vehicle in particular to tyres and engine parts such as clutches and brakes. 3. loss of work time, if your taxi is constantly in the garage undergoing repairs it will not be earning you money! 4. lower insurance premiums if an improved safety record is seen by the insurers. 5. safer drivers historically lead to few claims, as such these drivers will be given generous discounts. The more number of years of accumulated no claims being made the lower the insurance premiums will be. * Owner drivers will be given the best discounts by the insurance companies as these are also considered to be a lower risk than policies which allow any driver to operate the taxi. Keeping the taxi inside a garage or parked on a private driveway when not in use can also be rewarded with discounts by the insurance companies, so it is always worth informing the insurers when asking for a quotation. * If you have a number of taxis having named drivers rather then any driver, will also lower the insurance costs, particularly if all of the drivers are experienced, over the age of 25 years and have a proven no claims history. * It should be realised that not all insurance companies are the same and that the insurance market is an extremely competitive one. As such you should shop around for the best quotations and also choose companies who specialise in taxi insurance. Sadly there are many insurance companies who offer cheap and low cost insurance, however the terms and conditions of their policies and schedules do not always meet the necessary legal requirements needed to operate a taxi in the UK. Being stopped by the authorities without the proper taxi insurance can mean that you lose your livelihood as well as facing the potential risk of loosing your local authority operators licence.

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