Don’t Buy Until You Compare Private Hire Insurance

As with many purchases it’s common practice nowadays to compare the prices and make sure you’re getting the best deal for the best service or product. The same is true when we compare public hire insurance. If you run a taxi company or have a private hire taxi then the insurance can be a major business cost and it’s important to make sure that you’re getting the best prices before you buy it.

Having taxi insurance is vitally important as in many cases, taxis are at more risk of being involved in a road traffic accident. And, as taxis carry customers there is the likelihood of injuries caused by the accident which the insurance company would be required to pay for, and not just the repairs to the car involved. As you can see, insuring a taxi is different than a car that isn’t used much and therefore the risks are higher. This in turn means the cost of insuring a private hire taxi is more although it is still less than a public hire taxi.

Insurers vye for more market share and regularly offer discounts or add in more benefits to each policy to entice customers. If you shop around and compare private hire insurance then you can make sure you’re getting the best price for the most valuable policy. By keeping the business costs down you can ensure that the taxi company remains profitable. A healthy competitiveness between insurers means that customers who have taxis can make huge savings, as long as they check the prices first.

Payments for insurance policies can be spread across the year in monthly installments or paid in advance at the beginning of the policy. This is another area where you can save money as paying upfront usually means that it will be cheaper by some margin, which is again a business cost saving exercise. If you’re taxi insurance is due for renewal and you want to cut costs, then think about switching insurers and compare private hire insurance thoroughly so you can get the best deal around and be more competitive in the taxi market.