Cheap Taxi Insurance Available For Safe Drivers

While insurance might be the most expensive part about running a taxi or a taxi business, cheap taxi insurance is available. As it’s a legal requirement to have, you simply need to find the best quote and the best company that will suit your every need. Whether it’s fleet insurance for taxis or a single vehicle policy, there are certain aspects that insurers look for.

Female drivers tend to have lower premiums, as do married people and older drivers, and if the taxi is kept in a locked compound when it’s not in use, this will help lower the cost of the insurance premium. Choosing the vehicle well is a good way to keep the costs down. Certain cars come with better security and are more reliable than others, which has a positive effect on the annual sum. If a certain model of car that is notorious for breaking down or being easy to steal is used as a taxi, then expect the cost to rise.

Cheap taxi insurance is more readily available for private hire taxis than public hire ones. This is due to the fact that private cars need to be pre-booked before they set off, rather than being hailed on the street. With that in mind, a change in the business model might help lower those premiums. If you advertise the booking telephone number or have a website with a booking form, then a private hire taxi could quite easily have just as much business as a public one, and as the costs are lower for insurance, the rates can be cheaper for the customers, again drumming up more business.

One last consideration is the amount of driving offences and convictions the driver has. The less they have, or preferably none, then the lower the insurance will be. By driving safely and within the speed limits, a taxi driver can lower their insurance premiums. As long as you choose the right company and meet the certain criteria mentioned, then cheap taxi insurance is very much a possibility and it doesn’t have to dictate the prices of each taxi fare.