Why Does Cabs Insurance Cost More?
Cabs insurance typically costs more money than a standard car insurance policy because there are more risks associated with being a taxi driver. The driver of the cab is also responsible for the safety of their passengers, leaving cab drivers in a high risk category. There are additional insurance requirements that need to be included in cabs insurance policy that would not be found in a standard domestic motor insurance policy, such as public liability and business use.
There are several different types of cabs insurance, these include private hire, public hire, fleet, but the type you require will depend upon your business type. For example, private hire cabs can only pick up passengers that have pre-booked the service unlike black cab drivers.
The cost of the cabs insurance will depend upon the type of taxi driver you are, where you work, how often and what shifts you do. Cabs insurance would cost a lot more for a taxi driver working in a rough or deprived area of a city at night for seven days a week, than the driver who works 2 days a week part-time in the morning in a small village.
There are some ways that taxi drivers can reduce the cost of cabs insurance, such as by going to the insurance company direct rather than paying a fee for a broker. Also, if you do only work a set number of hours you could request a limited mileage policy.
In addition the options for cover are the same as any other car insurance, comprehensive, and third party, fire & theft, and third party â€“ the latter being the cheapest. If you have plenty of taxi experience with a history of no claims, you will also receive a cheaper premium.
Finding good quality but affordable cabs insurance has been made much easier since the introduction of the internet. There are so many different websites providing information on the companies, or online quote comparison tools and so on. By taking advantage of the information available at your fingertips, you can reduce the cost of your cabs insurance whilst staying safe on the road.