10 ways to get cheap taxi insurance
(Click this if you want a taxi insurance quote)
Taxi insurance is more like a hedgerow than a blancmange. A blancmange is the same no matter how you approach it. A hedgerow contains hundreds of plants and animals all fighting for light and water and food, changing every day and completely different from season to season. Taxi insurance is also provided by many insurance companies, each of which change their offering in real-time in order to catch your business. So what you learned the last time you got a good deal for your taxi insurance, may not be the best way to approach it this year.
As an insurance broker, we make it our full-time business to watch the market and to know how to get the best deal for you. We act for you, we work on your side to get you the right taxi insurance for the right price. Here, for the first time, are our top ten tips for getting cheap taxi insurance .. ten things you should consider if you're looking for a great insurance deal.
1. Tell us if you have company car experience
Many companies take into account company car experience and that includes any period you may have been driving the taxi company's pool car or renting a car from your firm. Be sure to mention any significant time you've spent driving a company car.
2. Tell us your private car no claims bonus
Things have changed here recently. It used to be that if you have 4 years of no claims bonus, the taxi insurance company would give you two. Nowadays you can get the full 4 years. It used to be that the insurance company would take those years (meaning if you wanted private car insurance again, you'd have to start from scratch), but often nowadays they just want sight of it, it depends on the provider.
3. Get through your first year
The first year of taxi insurance is costly. They think of you as a new driver. You've got to get used to it, find places, you might become flustered and have a bump. If you are a new taxi driver, take a look through the other points here and consider other things you can do to lower your first year insurance.
4. Consider executive work, chauffeuring or airport work
If you can get this sort of work, your taxi insurance will be much cheaper, but you'll need a suitable car.
5. Can you do without 2-way radio?
Taxi insurance is cheaper without. Some companies in, for instance, rural or remote areas book everything through the base office and all work is given out from there, so everything's a pre-arranged appointment. It's not as frenetic, you're not picking up jobs all day over the radio, so the insurance is cheaper.
6. How can you restrict the cover but still get what you need?
For instance, instead of insuring for any driver, you could save about 25% if you just insure for you as a named driver. Any driver insurance is convenient. If you're ill someone can use your taxi. The owners of your firm will need cover for all their vehicles, but where it's just you and your taxi, limit your insurance to just you.
7. Buy a house
Not easy, we know, but homeowners do get discounts with some companies. So if you do own a house, be sure to say so.
8. Try working in a lower rated postcode
This is based on the taxi office postcode .. so it turns out your insurance is partly determined by the company you work for. Obviously you'd have to consider your travel to work and whether an inner city, perhaps expensive taxi company would provide you with more work than a cheaper taxi company based further out of town, but at least check the options with us.
9. Consider third party only instead of third party, fire and theft
The only legal requirement is third party insurance, so consider dropping to this, particularly if your car isn't worth much. Of course, if it gets stolen, you'll have to buy another from your own funds, but it might work for you.
10. Get married
Yes, it's true. There are discounts for married people. It turns out, insurance companies think people with a home and a spouse are better bets, what can we say? It's probably best not to mention this benefit when proposing, though.
Just one cautionary note: any one company will probably not offer all of these discounts, so it's a case of checking the market to see which one works best for you. This is what an insurance broker like us does for you automatically. One call to us, we do all the legwork, and we call you back with the best deal. Just make sure you tell us where these points apply so that we can do the best job for you.
Click here now to find out how we could save you money on your taxi insurance.
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