Things That Affect The Cost of Taxi Insurance

Insurance is a major expense for taxi drivers so if you do drive a taxi then it’s very useful to know what the major factors are that affect the cost of a taxi insurance policy.

Below are some of the main ones –

Type of taxi insurance

The type of taxi insurance you get will certainly affect how much you pay. The two main types of taxi insurance are public hire insurance and private hire insurance.

Private hire insurance is typically cheaper than public hire, all other things being equal. This is because public hire taxis are safer on average since they can only be pre-booked and cannot accept fares from public places.

Value of your vehicle

The value of your vehicle is a big thing that will affect the cost of taxi insurance. If your vehicle was written off and needed to be replaced then your insurance would need to cover that so insurance providers will always consider how much your vehicle is worth.

Level of cover

The level of cover you take out is another thing that impacts the cost of your cover. For example a third party only policy will cost considerably less than a comprehensive policy that includes extra levels of cover such as breakdown assistance.

Your age

Your age is always an important factor when taking out any kind of motor insurance and certainly the case with taxi insurance. Drivers under the age of 25 are statistically more likely to be involved in accidents so if you are under 25 then you can expect to pay more for cover.

Current NCB

Your current No Claims Bonus will alter the cost of taxi insurance too. Just like with regular car insurance, insurance providers will consider the amount of NCB you currently have when coming up with a price for the policy.

How you pay

Most people will pay for their insurance monthly since it means you’re able to spread the cost. If you can pay for your policy annually though, then you’ll be able to make a good saving with the majority of insurance providers. Always be sure to push for the best deal when you do this.

The insurance provider

Price can vary quite a bit depending on the insurance provider so it’s always worth getting quotes from a lot of different insurance providers when you want to save money on taxi insurance.…

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Insuring Your Business Vehicles the Smart Way

If you run a business that relies on the use of multiple vehicles then you want to go about insuring them in the right way. Whether you run a taxi firm, haulage business, courier or any other type of business that makes use of several different vehicles – you’ll need to make sure they are properly insured for all risks.

If you’re currently insuring your vehicles on separate policies then you are missing out on the benefits of insuring them as a fleet. Fleet insurance is specially designed for businesses and individuals that have multiple vehicles that need to be insured.

Whether you have less than a dozen vehicles, or a large fleet – fleet insurance provides some unique benefits that you should be aware of.

The benefits of fleet insurance

  • Save time – One of the big benefits of insuring your vehicles as a fleet is that it helps save a lot of time compared to getting individual quotes. Another great thing about fleet insurance is that you can easily add any new vehicles that come into your possession onto the policy as and when you need.
  • Save money – Saving money is one of the biggest reasons to get a fleet insurance policy. When you insure your vehicles together you can usually save a significant amount of money. Insurance providers will take several factors into account when calculating the cost of a policy, including the number of vehicles being insured, the value of the vehicles and the driving history and experience of the drivers.
  • Insure different types of vehicles – Another significant benefit of fleet insurance is that you’re able to insure different types of vehicles together on the same policy. For example, if you have a mix of cars and vans that need to be insured then this is not a problem.

Keeping costs down

Below are some of the best ways to keep the cost of a multi vehicle insurance policy to a minimum.

  • Make vehicles secure – Making your vehicles secure is always important when you want to keep the cost of insurance down. Securing your vehicles reduces the chance of theft and vandalism and therefore means you’re less likely to make a claim. As a result the price you’re quoted by insurance providers will be significantly lower.
  • Hire selectively – Being selective with the drivers you hire is extremely important when it comes
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