What Is Taxi Insurance?
- Private hire drivers
- Public hire drivers
- Euro Cab drivers
- Electric cab drivers
- Uber drivers
- Minibus drivers
How Are Taxi Insurance Premiums Calculated?
Many factors contribute to how much your taxi insurance costs, and these include;
- Your age – generally speaking, the younger you are, the more it will cost, as the risks of a claim are deemed to be higher. Also, elderly drivers may find themselves paying more for similar reasons
- No claims bonus – how many years you have gone without making a claim will help insurers decide on your premium
- Your vehicle – cars are placed in insurance groups that range from 1 to 50, with one being at the cheaper end and fifty containing sports and luxury cars. The age of your vehicle is also a factor. Older cars are not only (generally speaking) less secure, but they are also more attractive to thieves as they are less conspicuous and easier to steal
- Your driving history – how long you’ve been driving, whether or not you’ve had any claims, convictions, or points on your licence will be considered
- Your postcode – where you drive makes a big difference to your policy costs. Postcodes with unfavourable crime rates – especially those with higher than average car crime rates – will push up premiums
- The hours you work – night work and early mornings are likely to increase your premiums