Finding competitive insurance which still provides you with sufficient cover to meet individual taxi or minicab driver’s needs can seem a bit of a mine field!
The Internet has made the process very easy.
By filling in an online form insurance companies will provide insurance quotes within a few minutes. Using an online broker who specialises in taxi insurance can save a lot of time as they carry out the researches for you.
There are some key factors which can help reduce the cost of taxi insurance premiums.
Taking out a Third Party Only is the least expensive insurance option.
This provides the minimum legal insurance requirements for driving in the UK. This level of insurance is the most basic.
It only provides cover for a third party vehicle if the accident was caused by you. It does not include payment for any damage repairs caused to your vehicle.
This basic level does not include Public Liability cover and although it provides a
Cheap Taxi Insurance, the cover offered may not be sufficient to meet either your or the local authorities requirements.
The age and condition of the vehicle may also help you decide if Third Party Only insurance is a viable option to take.
The next level of insurance is Third Party Fire and Theft.
This provides the same cover as Third Party Only with added cover for Fire and Theft. This insurance option should be considered by those who operate their taxi services in inner cities and high risk areas. As well as if the vehicle is not able to be kept in a garage.
Taxi insurance companies use post codes to determine areas which they class as a high risk area. They will inform you if you are operating within a high risk area should you be unsure.
Comprehensive insurance is the most expensive.
However this level of insurance includes provision and cover for your vehicle should it be damaged in an accident caused by you. As well as cover if the vehicle is stolen or damaged through vandalism or fire.
Many insurance companies also include some additional cover such as window screen repair or replacement and emergency breakdown cover within their Comprehensive insurance.
These additional aspects vary between insurers and it is well worth getting quotes for Comprehensive cover to enable you to make an informed decision to the advantages this level of cover provides.
Comprehensive is usually a more cost effective method when all the additional inclusive cover is calculated against buying them all separately and the peace of mind this level of insurance offers.
Negotiating with the insurance company to increase the amount of excess you pay should you make a claim can help to lower the cost of the premiums.
This possible option should be given careful consideration as the cost you will incur should you need to make a claim will much higher.
Your past driving history will have a profound effect on the cost of your insurance. If you have a proven no claims discount the premiums can be reduced dramatically. Making
Cheap Taxi Insurance even cheaper!
