To get cheaper taxi insurance premiums there are several things you can do, from improving your vehicle’s security to shopping around. You won’t be paying overpriced premiums by following our guide on how to get lower taxi insurance prices.
Many factors influence taxi insurance prices. Some of these factors, like the taxi’s age or where it is kept, are beyond your control but this doesn’t mean there is nothing you can do to keep premiums as low as possible. Let’s begin by looking at the easier changes you can make to lower the price of your taxi insurance:
Increase your voluntary excess
Although this may seem counterintuitive and like it could cost you more, you’ll most likely be pleasantly surprised to see it reduces your insurance premium rate. This reduction isn’t guaranteed however, trying different voluntary excess numbers that you are comfortable with paying is essential to finding the best deal.
Keep your vehicle secure
One of the best things you can do to get cheaper taxi insurance prices is to make sure your vehicle is as secure as possible. This means installing an alarm and keeping it in a locked garage overnight. The more steps you take to protect your taxi, the lower your premiums could be.
This may be an obvious one but it’s important to remember that taxi insurance rates can vary significantly from provider to provider. It quite literally pays to spend some time comparing quotes before you decide on who to insure with. Our online price comparison service makes shopping around easy and you could find your cheapest insurance quote in minutes.
Build a no-claims discount bonus
If you’re a taxi driver who has been claims-free for a number of years, you could be rewarded with cheaper taxi insurance. This is because insurers see you as being less of a risk and more experienced on the road. The size of the discount you receive will depend on how long you’ve been driving without making a claim but it could potentially save you £100s.
Avoid driving convictions
Taxi insurance prices, like normal car insurance prices, are affected by driving convictions. The more points you have on your licence, the higher your taxi insurance premium will be. You can check how many points you have by ordering a copy of your driving record from the DVLA.
Trade your vehicle for one from a lower insurance category
One way to lower taxi insurance prices is by trading in your vehicle for one that’s in a lower insurance category. Insurance groups are determined by factors such as the vehicle’s value, performance and safety features. You can find out which insurance group your taxi falls into by using an online tool like Parkers or CarInsuraneGroups.co.uk.
It’s important to be honest when taking out taxi insurance. If you try to ‘front’ your taxi insurance by listing someone else as the main driver when this isn’t the case, you’re committing an act of insurance fraud. Not only is this illegal but it could also invalidate your policy and leave you with a hefty fine. Please remember that if you lie or fail to declare something important when obtaining quotes, then you may not be covered in the event of a claim. Always be honest and discuss any issues or questions you have with your insurer.
At InsureMyStuff4Less we can help you find taxi insurance that is both affordable and comprehensive. We have a wide range of policies to choose from and our team of panellists are always on hand to help you find the right cover for your needs. Get a quote today and see how much you could save.