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7 Top Ways to Save Money on Taxi Insurance

Being a taxi driver offers many people a great opportunity to make a good living and work independently according to their own schedule. As a self-employed worker, you’ll have the flexibility in choosing what hours and days you wish to work. For this reason, there are thousands of professionals entering this industry every year.

For many individuals, this will be their main source of income, while others will carry out this work on a part-time basis during the evenings and weekends. Earnings are just one side of the coin, as expenses need to be equally considered. In the last 10 years, business costs such as fuel, tax, insurance and maintenance have steadily risen. Whilst most of these will be out of your control, one variable you can save money on is taxi insurance. Online comparison websites sites such as Utility Saving Expert have made it easier than ever to find the most competitive quote within minutes.

Insurance premiums have risen across all industries, and this is no different for the taxi industry. Fortunately, we’ve put together a number of practical tips you can use to get cheaper private hire insurance.

Buy taxi insurance cover that meets your requirements

Insurance companies will present you with all sorts of ‘special offers’ when you’re looking to renew your policy. While some of these can be helpful, often they’ll bundle in a number of optional extras that you simply don’t need and shouldn’t be paying extra for. Start by considering what level of cover you actually require and only include any extras that you feel are essential for your needs.

For example, breakdown cover may be included but you have already bought this elsewhere, some drivers even have this cover through their bank account.

Increase your excess

All taxi insurance policies will include a standard excess, in addition to this, providers will also include a voluntary excess. You will have the option of increasing your voluntary excess which could reduce your total premium. Please note that should you be involved in an accident and have to make a claim, you will be expected to pay this excess. So please choose an amount you feel comfortable with paying should this happen.

It’s beneficial to compare each voluntary excess level so see how much of a difference it makes to the total policy cost. This is because some insurers offer larger discounts than others if you were to change this.

Consider a telematics policy

A telematics insurance policy, often referred to as black box cover can help both newly qualified and existing professionals save money. In addition to cutting costs, this will also help taxi drivers improve their driving through encouraging a safety-first approach.

Essentially, a small device is fitted inside your cab and monitors your driving behaviour. Information collected includes things like what speed you’re driving, your cornering and even the time of day you’re on the road. This data is recorded and sent back to your insurer, if they can see that you’re responsible behind the wheel, you’ll be viewed as a lower risk driver and your premium may be reduced to reflect this.

Have a clean driving history

Being responsible on the road evidenced through a clean driving license can also help you get cheaper cover. If you’ve been driving for many years without breaking the law, insurers can see that you’re a low risk driver. This will mean that you’re less likely to make a claim as compared to those who have points on their license from speeding or any other forms of dangerous driving.

Pay annually

Did you know that many taxi insurance providers will be able to give you a discount simply for paying annually? Cover can be costly and it’s easier for most to pay through monthly instalments, however this method will result in extra charges. If you have the available funds, consider paying as a lump sum and you may be able to save over £100 each year.

Consider an eco-friendly vehicle

Electric or hybrid vehicles can potentially be cheaper to insure when compared to their petrol and diesel counterparts. This is because they will often have less powerful engines but still offer similar performance. A select number of insurers even go as far as offering EV drivers a small discount for going green. This discount could be appreciable when you consider that the average taxi insurance policy costs well over £1,500 per year.

Compare quotes through an online comparison site

So, you’ve received your renewal quote and it includes a substantial price hike. There’s a perfect solution to this: compare taxi insurance online through Utility Saving Expert to find a more competitive policy. It’s easy and takes less than 10 minutes to compare quotes from leading providers, saving you time and money.

After completing one short form, you’ll be shown a list of options to choose from, allowing you to filter by price and features.

Hopefully you’re able to take advantage of some or all of these 7 tips to get cheaper taxi insurance. Before buying, remember to read the terms and conditions, along with any policy exclusions and limitations that may also apply.

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