How to Get Cheaper Taxi Insurance

Taxi laneAt Quoteline Direct we know just what a tough time taxi drivers have earning a living. Not only do taxi drivers have to constantly negotiate city centre traffic, but they’ve also got to deal with problem passengers. Add-in increasing fuel costs and inflated insurance premiums and you begin to wonder how cabbies remain so chatty.

However, it isn’t all doom and gloom; as a specialist broker we negotiated some great deals with the country’s leading taxi insurance providers and we think you’ll be surprised by how much you could save. And what’s more we’ve got some useful tips to help you further cut the cost of cover, but let’s start by looking at why taxi insurance is so expensive.

Insurance premiums are calculated to reflect risk, and as a rule of thumb; higher risk means higher premiums. Because taxi drivers spend a lot of time behind the wheel they represent a greater insurance risk, they also tend to driver larger vehicles which fall into more costly insurance groups, and they owe duty of care to their passengers; which means additional public liability cover.

How Cabbies Can Cut the Cost of Cover

Drive carefully: As a taxi driver you’ll know The Highway Code inside-out and back-to-front; but it’s impossible to overstate the dividends of careful driving. Penalty points or driving convictions will seriously add to the cost of cover, while accidents will wipe-out your ‘no claims’ discount. Careful driving will be rewarded discounts of up to 20% after one year of claim free driving, rising to as much as 60% after five years.

Choose your vehicle carefully: If you drive a minicab (rather than a Hackney Carriage) your choice of vehicle will have a serious impact on your insurance premium. To help streamline and standardise the quotation process new vehicles are assigned to an ‘Insurance Group’. There are a total of 50 Groups with risk factors including: price, performance, safety and security. Cars in lower insurance groups tend to have lower premiums; so it pays to shop wisely. Better still get a no-obligation quote before making your purchase and you will know exactly where you stand. Find out more about car insurance groups or use Parkers’ online tool to check a vehicle’s insurance group

Choose a reputable broker: By asking an expert to tailor a quote to fit your individual needs you’re likely to get a better deal. We should know; we’ve been selling insurance for more than 40 years. To find out more about taxi insurance from Quoteline Direct Tel: 0161 874 8039 to speak with an insurance expert.

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