Being a taxi driver these days comes with a lot of costs, from fuel and maintenance to taxes and insurance. Most of these costs are non-negotiable, as they are either required for the job or mandated by law.
Motor insurance, for example, is required to drive on UK roads. However, there are many types of insurance policies that go beyond the bare minimum. For taxis owners, getting insurance poses many options, and these options mean that you can enjoy a certain degree of flexibility to save on insurance premiums.
To give you a better idea of how you can save on these costs, we’ve provided a few tips in the sections below.
1. Make Sure You Have the Right Coverage
When it comes to insurance policies, it pays to listen and read every document that is presented to you by your insurer. Why? It’s easy to miss essential details about your coverage. Moreover, you must know exactly what is included in your policy. That way, you also get to save more money. You will be able to eliminate any unnecessary add-ons that you wouldn’t notice if you didn’t take the time to read the fine print. Before you sign anything, get to know all the details about your taxi insurance coverage.
2. Look Into Your Excess
Does your insurance have excess coverage that you don’t need? Look into it and see whether you can have it removed. You will need to pay the excess yourself should you file a claim, but if this is something you don’t mind, then you can have your excess removed to save more money on your insurance.
3. Consider Telematics
Telematics can help you save more money on your taxi insurance. It can also help improve your driving and let you cut down on fuel costs. A lot of insurance companies offer a discount on telematics insurance because the tracking devices help reduce the risk of the insurer. Some policies also provide vehicle owners with real-time driving tips that can help improve their performance at work.
4. Have Your Name In the Policy
Taxi companies will usually add “any driver” in their policies, and this can increase your taxi insurance premium. That is why it pays to have your name in the policy so the insurance company can provide you with a lower premium. With a proper name in the policy, the insurance company can better assess the risk profile of the vehicle and the driver, which can make a significant difference to the cost.
5. Take Time To Compare Quotes
Since there are many insurance companies out there, and you want to save a lot of money in taxi insurance, you need to look for the best possible price that will give you the right coverage. That means that you have to shop around for insurance providers. Don’t limit yourself to one choice because your friend referred you. You need to find the right one for you that will suit your budget and your needs. Gather as many quotes from insurers and compare them all until you find the right one.
6. Have and Maintain A Clean Driving Record
If you want to save money in taxi insurance, you need to have and maintain a clean driving record. Insurance companies will view you as a lower insurance risk if you have been driving for years and haven’t been involved in any incidents.
7. Consider Making Annual Payments
A lot of cab drivers pay their insurance in monthly instalments. However, did you know that paying for the full year upfront is typically cheaper? If you have the money to pay for your insurance annually, do so. It will help you save more money in taxi insurance.
These are the ways that taxi drivers can save money in taxi insurance. Keep in mind that having the right insurance is vital; hence you need to consider this over the cost of the insurance policy.
Let us take care of your taxi excess insurance here at Goodbye Excess. Our services are designed to protect you by covering your excess and reimbursing you. Contact us today.