If you’re a driver driving taxi, you may assume you have a lot of issues to contend with already ranging from unruly passengers to endless traffic jams. However, the fact is you have to pay more for your taxi insurance compared to a conventional motor insurance policy. The price difference may not seem fair, but there are reasons for this. Critically, you may be driving more miles than the average motorist that means there is an increased statistical risk of an accident happening and you’ll have to pay against it.
If You’re looking to get benefit from cheaper premiums, by taking several steps you may reduce the cost of cover.
Choose A Car from Lower Car Insurance Groups:
While you pick your vehicle, a car that falls into a lower insurance group will be worth choosing. Taxis are usually bigger than conventional cars meaning these vehicles often fall into a higher Taxi Insurance London group.
In total there are 50 groups almost, with cars in the highest group attracting the most expensive insurance premiums. Usually, cars are placed into groups depending upon the factors such as the value of the vehicle, safety features, and the cost of spare parts. So, cars with the highest group tend to be high-performance models. On the contrary, the cars falling in the lowest groups cost the least to cover.
While choosing a car as a taxi driver, you cannot just make your decision based on the insurance group alone, as depending on the nature of your job you also need to pay attention to fuel consumption figures. The key is to consider all the factors when making your decision about which car are you going to buy.
Drive Safely to Avoid Convictions:
Being a taxi driver, you should always aim to abide by the rules of the road because convictions can have a big impact on premiums.
Some insurers won’t offer cover if you got committed a minor criminal offense which has no bearing on your driving. This is why anyone who has a criminal conviction is statistically more likely to be involved in an accident.
To avoid this happening, what you should do is to stay within the law. This applies to some of the most basic rules, for instance, sticking to the speed limit, as points on your license will add cost to your premium.
Build Up A Clean Record:
By driving safely and responsibly, you can best reduce your taxi insurance premium. by building no claim bonus over several years, you can save your premium.
Most discounts are by the insurers to the drivers who remain claim-free. Those who stay claim-free for a year may get a reduction of 20% to 30%, and the ones don’t claim for five consecutive years get discounts of up to 75%.
You can also pay an extra to protect any no-claims bonus you have built up. This means that after making a single claim or even more than one claim, you won’t lose your discount in a 12-month period.
Additionally, insurance firms make cheaper premiums available to those drivers with their taxi symbol for a long period. The key here is building up safe years of driving may reap the reward a little further down the line.
What Other Considerations Are There?
Searching for the right taxi insurance policy as per your needs, you may think about purchasing taxi breakdown cover, giving you relatively high mileage.
This means if your car breaks down, whether on a job, driving between jobs or simply when driving to or from work, you don’t have to worry about finding a recovery.
Your taxi insurance with unlimited passenger liability cover built-in makes you sure that everyone is protected if you’re involved in an accident. You can also consider public liability insurance, that can protect you and your business against any claims for an injury or accidental damage if something happens based on your negligence.