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If you run a taxi company, you’ll have invested a fair bit in your business. There’s the cost of the cars, getting staff and advertising, to name just a few. Getting taxi fleet insurance is a vital means of protecting your investment and keeping your costs as low as possible, especially in the event of an accident.
How does taxi fleet insurance work?
Taxi fleet insurance works by combining multiple vehicles under one insurance policy. This is easier to manage as well as usually being cheaper than insuring individual vehicles. You can choose the level of cover for your fleet ranging from third party through to comprehensive.
Do you need taxi fleet insurance?
You are legally obliged to insure all the vehicles that you are responsible for. However, it is not a requirement to get taxi fleet insurance. You can insure your cars individually if you wish, but that is likely to be much more expensive. Getting a deal that covers all taxis will help to save you time and money.
What factors affect the cost of taxi fleet insurance?
There are several factors that impact the price of your premiums. These include the following:
- Age of your cars: Vehicles that are relatively old are more likely to run into difficulties and need repairs, they could also have a greater risk of being involved in an accident.
- Make of cars: If you choose expensive imported vehicles, then these will be costly to insure. Choose reliable models that have a known track record to bring premiums down.
- Private or public hire: If your cabs can be hailed on the street, then most insurers will deem them to be at higher risk in terms of accidents and injuries. Therefore, it is worth considering operating solely on a private hire basis
What can you do to reduce the cost of taxi fleet insurance?
There are a few steps you can take to bring the costs of your insurance down. You could consider:
- Only hiring drivers over 25: Some providers will refuse to insure drivers that are under the age of 25. There are some that will cover those that are slightly younger, but this may be reflected in higher premiums.
- Recruiting drivers with a clean licence: If your drivers have points or any convictions on their licence, then this can drive costs up. Therefore, it is worth checking that they have a clean licence and refusing applicants who do not meet these criteria.
- Installing speed limiters: Installing speed limiting devices on your taxis can reduce the risk of accidents occurring, and this usually helps to make insurance more affordable.
How can you save time and money on taxi fleet insurance?
Running your business takes up a lot of your time, and you probably don’t have a free window to spend hours searching for the best deal on your insurance. This is where Tiger.co.uk can be a fantastic asset for you. We can help you to find cheap taxi fleet insurance by doing the work for you. All you need to do is give us a few bits of information, and we can help you compare quotes from multiple providers.