Tips on How to Reduce the Cost of Insurance for Private Hire
Driving a private hire is a very great responsibility and with that, quite a lot of risk is involved. Having the best insurance for private hire ensures that you do not affect any of your business. The private hire insurance protects the drivers from any danger that may occur which is very important. There are quite a lot of ways that you can use to get good insurance cover for private hire. Here are some of the tips that you can follow in order to reduce the cost of insurance for private hire.
Choose Third Party Insurance Only
Third party insurance is the cheapest insurance covers available. On the other hand, the cover that it provides is very little. If you want insurance that covers the indemnity to your vehicles if any accident occurs, then the third party is likely to work out very well. The third party insurance normally covers the damages that have been caused by the third party. You can also use the third party fire or the theft insurance. The third party fire or the theft insurance will ensure that you get covered for any damages caused by fire or theft. If you want to get the cheapest insurance for a private hire, you can look out for the third party insurance.
Negotiate on premium amounts
A lot of insurance companies do not fix the premium accounts. Mostly, premiums differ with the details of the company and the personal information of the owner and the driver. This gives you the possibility of negotiating with the company. A lot of insurance companies are in the business to make a profit. So the price that they quote will obviously be high. On the other hand, a number of insurance companies will bring down the prices if you ask them to. If you negotiate the premiums, you can get an insurance policy that is very low, and this will make your premiums go down.
Keep the Best Driving Record
The best way to lower your premiums is by having a very clean driving record. If the owner of the vehicle happens to be the driver, then a clean record can be put into consideration and this will lower your premiums. If your record is clean, then the insurance company will have no problem giving you insurance cover. If you provide work for a driver, make sure that you employ someone who has the requisite skills and a clean record. Premiums tend to rise if the person driving the car has got a record of drunken driving or has involved himself with drugs.
Maintain the Taxi in the Best Condition You Can
A vehicle that is well maintained will get better terms from insurance companies. Vehicles that are well maintained are less likely to get involved in accidents as they are usually in good condition. This goes a long way in getting lower premiums.