In this post we’ll explain the factors that might influence the cost of your cover and share some tips for keeping your premiums as low as possible.
If you have any more questions about taxi insurance, call our dedicated team on 0208 290 9099, or email CM@AnthonyJones.com.
Is Taxi Insurance More Expensive Than Standard Insurance?
Taxi insurance usually costs more than standard car insurance. This is because taxi drivers typically cover more miles than other drivers, while spending more time in congested conditions where accidents may be more likely. Plus, taxi drivers will face different risks compared to other drivers, as they work directly with members of the public.
How Much is Taxi Fleet Insurance?
Different insurers will charge different amounts for their taxi fleet insurance. You’ll usually be able to choose between different levels of cover, which will of course affect the price of your policy. And obviously, the bigger your fleet, the more you’ll pay overall.
What Affects The Price of Your Taxi Insurance?
- The size of your fleet. It’s invariably cheaper to get a single taxi fleet insurance policy than it would be to get separate policies for every vehicle in your fleet. But the more vehicles in your taxi fleet, the more you’ll pay for your policy.
- Your drivers. Young drivers and new badge holders can drive up the price of your policy, to account for the increased risk of accidents.
- Your vehicles. Some vehicles will always cost more to insure than others, depending on their safety features, on how likely they are to be targeted by thieves, and on how much they’d cost to repair following an accident.
- Your location. If you operate in an area with a high crime rate, for example, it may influence the price of your policy.
- Your operations. The type of taxi services you provide may also affect the price of your taxi insurance. If you specialise in airport shuttle services, for example, then you may make fewer trips overall, but you’ll be driving for longer distances and on faster roads, and perhaps during busier periods too. All of this can influence your fleet’s risk profile.
- Your claims experience. If you’ve had any claims in the last few years, it’s likely your insurance quotes will be higher.
How To Pay Less For Your Taxi Insurance
- Build up a no-claims discount. Commit to regular driver safety training to ensure your drivers understand the importance of road safety. If your drivers build up a good no-claims history, you’ll ultimately pay less for your taxi insurance overall.
- Secure your fleet. Extra security measures can drive down the cost of your cover. Examples include locked garages, CCTV, outdoor lights with motion sensors, and immobilisers and trackers for your vehicles.
- Shop around. Compare the quotes from multiple insurers to ensure you’re getting the cover you need at the best possible price.
You could shop around for the best taxi insurance quote. Or you could let us do all the legwork for you.
Talk to us and we can find you private hire taxi fleet insurance that suits your needs at a competitive price. We can also provide expert risk management advice to help you safeguard your drivers, your vehicles, and your customers.
If you live in the UK, just leave us your contact details and we promise to get in touch within one working day. We’ll take all the details we need from you either over the phone or via email then we’ll immediately get to work finding the best deals for you.