What Types Of Taxi Insurance Are There?
Like most motor policies, taxi insurance comes in various forms with each offering a different level of cover. The most common types are;
- Third-party only - this is the minimum cover required by law and will only protect you for third-party liabilities – e.g. damage to another driver's car in the event of an accident
- Third-party, fire and theft – this basically the same as third-party, but it also insures your taxi should it be stolen , damaged or lost in a fire
- Fully comprehensive – fully comprehensive will cover you should your vehicle be lost to fire, stolen and, in the event of an accident, it will pay for repairs to your vehicle
Which of these options is right for you really depends on how much you want to spend on the cover, the type of driving you are doing and the areas you work in. If you're unsure as to which is best for you, then please contact your local Coversure office and they'll be happy to give you some independent help.
How To Save Money On Your Taxi Insurance Cover
No matter what type of cabbie you are, whether you're full-time or part-time, licensed for private or public hire, there's one thing you'll want to do: save money on your taxi insurance premiums. To help you do just that, here are Coversure's top five ways to save on taxi cover:
- Make sure you have the right cover in place – sounds obvious, but you'd be amazed at how many drivers we've seen over the years who've been paying for extras such as excess protection when they have great claims records, or any-driver policies when there's only one person using it. Unnecessary options can cost you, so make sure you know what you are buying
- Increase your excess – another one for safe drivers. A higher excess – the amount you pay in the event of claim – can lower your premiums and help you get cheaper taxi insurance. This isn't recommended for drivers with a poor claims history, though, as it can be a false economy
- Switch to taxi fleet insurance – if you have 2 vehicles or more then you could save money and time by taking out a taxi fleet policy. With taxi fleet cover you can cut admin time, insure any driver for your cabs and save money on your cost per vehicle premiums. If you'd like to know about how taxi fleet insurance could help you, then please contact your local Coversure office
- Have named drivers – while any driver policies are convenient, they can also increase your premiums. Named driver policies give insurers the comfort of knowing who will be behind the wheel and this can make the cost of driving cheaper
- Use an independent insurance broker – aside from the time it takes to shop around for good deals on cover – time you might not have – an independent broker such as Coversure can access insurer' policies that aren't available to the public and can even find cover for hard to insure drivers, such as the young, the elderly or those with poor claims records or those working in hard to cover postcodes
If you'd like to know more ways to save on your taxi insurance costs, then please read our blog.