Just about everyone likes to save money whenever possible. This is especially true when it comes to taxi insurance. If you are a taxi driver, right after the cost of your vehicle, your insurance premium is most likely your biggest expense. You may think that cheap insurance is difficult to find, but when you have the right tips, reducing the cost of your hire for reward insurance costs is quite easy.
Be wise when choosing your vehicle
It’s a fact that before you begin to think about insurance, you should first decide on the right car. Since there are just over fifty different insurance groups that your car could possibly sit in, it’s a wise idea to carefully select your vehicle. Other things to take into account are passenger capacity, mileage and of course fuel efficiency however, it’s super important that you select a vehicle that doesn’t fall into one of the higher insurance groups.
Make it a point to restrict the drivers that are on your Taxi policy
You are able to insure your hire for reward taxi with any number of additional drivers but, a taxi insurance policy will be cheaper if you insure only yourself to drive. When you add additional named drivers, it can cost you. Sometimes this cost can be up to an additional 50% of the premium. Insurance companies will typically look at each driver on the policy individually, and give a quote that is based on the highest rate for each.
Make use of your no claims bonus
Driving your taxi or hire for reward vehicle carefully is probably one of the most rewarding ways that you can save money on insurance premiums. Often times, a safe driver will be able to save money if they transfer an existing no claims bonus from another insurance company. You can also accumulate a no claims bonus over time on your new policy, which you can then use to make your insurance premium lower at renewal. In addition, once you build up a number of years of no claims bonuses you can then choose to protect this for an additional premium. What this means is that you will not lose your bonus in the event you should make a claim. No claims bonuses are able to be used on both private hire and public taxi policies.
Choose an appropriate voluntary excess
When you choose to increase your voluntary excess, you can significantly lower your insurance premium. Most policies out there come with a compulsory excess, which is usually between £250 and £500. But, should you choose to raise this amount, then you very well could benefit by paying a lower yearly premium. An important thing to keep in mind is that if you do indeed make a claim then you will be paying that extra amount, so be wise when making this decision.
Make sure that your Taxi is secure
When you actively take steps to keep your vehicle safe, you will be rewarded when it comes to your hire for reward insurance premium. Keeping valuable items such as Sat Navs, mobiles devices and even cash bags out of view can no doubt reduce the incidence of theft and attempted theft claims, and can drastically reduce the price of your insurance premiums. Other steps include keeping the vehicle off the road when it’s not in use and making sure to provide secure overnight parking such as a garage, a locked compound or a gated drive. Some insurance companies may require a high value vehicle to be fitted with an approved tracking device before offering a quote.