Top Tips For Getting Budget Taxi Insurance
We all know that the cost of living is soaring, and so if thereâ€™s one thing you donâ€™t want to be spending more than you have to on, itâ€™s insurance. Here are some top tips on how to obtain budget taxi insurance that will keep you safe without breaking the bank.
No Claims Bonus
If you have more than five years no claims bonus, you could save up to 60 or 70% on your taxi insurance premium. If you havenâ€™t managed a lengthy period just yet, it is still something you could work on. If you find that you need to pay out a small amount for your taxi, it is worth considering paying it yourself rather than claiming on your insurance. Also, if you have worked in the motor trade in the past for an employer, sometimes insurers will offer you a discount based on your record with the employer.
In order to get budget taxi insurance it is a good idea to only have yourself and any other necessary drivers on the policy. The more drivers there are, the higher the risk to the insurer, therefore the higher the cost of your insurance.
When looking for a budget taxi insurance policy, opt to pay a higher voluntary excess if possible as this will earn you a discount on your premium. Although it is important to remember that there is often a compulsory excess as well so consider whether you would be able to afford it in the event of a claim.
Claims on your budget taxi insurance will be paid at the trade value of your vehicle, so be careful when purchasing your vehicle because you are likely to lose out if you have paid more than the trade price.
Your taxi insurance is designed to you as a taxi driver, and so if you have any other part-time jobs or if you use your vehicle for personal use too, you might need additional cover. If you are on a budget, taxi insurance should be kept to a minimum.
It is unlikely that your budget taxi insurance will include additional benefits such as windscreen cover, legal cover, courtesy car and so on unless you specifically request them. These bonus products usually dramatically increase your premium so consider if you really need them before opting to take them out.