As a taxi driver, you already have a number of overheads you need to clear before you start making a profit…from your settle to your car payments and then, of course, there’s your insurance. 

As we sit here about to enter 2022, we know it’s been a tough couple of years for you, travel and lockdown restrictions have meant less people out and about. 

What we’re saying is that we get you, we understand your worries which is why we’re dedicated to helping you get the best deal possible on your taxi insurance. 

We’ve saved hundreds of drivers, many thousands of pounds and we thought we’d share some helpful hacks to help you save money on taxi insurance. 

GET THE RIGHT COVER

Grab your existing taxi insurance policy and make sure it doesn’t include any extras that you don’t really need. 

You may find you are paying more for European insurance cover even though you’ve never been abroad in the car. 

Maybe you have additional breakdown cover which you don’t need because you already get roadside assistance through your bank account. 

TAKE A LOOK AT THE EXCESS

It is possible to bring down your taxi insurance premium by increasing your voluntary excess. Please remember though, that you will have pay that cost should you have an accident so it’s not always recommended. 

GO ELECTRIC 

If you’re considering getting a new car then it’s definitely worth considering an electric vehicle (make sure you check the range though, don’t want you running out of power mid-fare).

Certain models of electric cars have cheaper insurance compared to their petrol or diesel counterparts as they have less powerful engines. 

GET THE TECH

Vehicle tracking, cameras, black boxes…all elements of telematics can help bring down the price of your taxi insurance premium. As well as that it can help you save fuel and protect you in the case of an accident that wasn’t your fault. 

GO FOR THE NAMED DRIVER OPTION

If you opt for the any driver clause then this adds a significant risk to your premium which results in a higher premium. It may offer a taxi company the option of flexibility but it’s an option you will pay more for. 

If you name the driver on your insurance policy, then it allows insurance providers to better assess the risk profile of the driver as well as the vehicle. This can bring down the price of your premium and can result in significant savings, especially in cases when the named driver qualifies for a no claims discount.

ANNUAL PAYMENT

While paying for your taxi insurance monthly helps to spread the cost it usually ends up costing you more in the long run. It’s always worth taking a look at the pay in full option which can save you a lot of money and might not be as hefty as you think! 

SHOP AROUND

Obviously, it’s important to compare quotes, which may mean doing some leg work to see where you can get the best deal from. Remember to make sure you’re comparing ‘like for like’ policies and ensure you’re fully protected. 

If you’re ready to start looking for a new policy or your renewal will be up soon then please contact our helpful team in Ormskirk on 01695 317 950 or our Bootle office on 0151 245 4575.