How can I reduce my Premiums on Taxi Insurance

By | April 11, 2012

Who doesn’t want to get cheap taxi insurance! The best way to get cheap taxi insurance is by lowering your premium costs. There are some tips that you can keep in mind while trying to reduce your premium costs. First off there are No-Claims bonuses. The discounts you can receive for for previously earned no-claims bonus on taxi insurance can vary, starting from 20% and going up to almost 60%. This would add up to a significant amount of savings for those drivers who have a history of claim free taxiing. Generous discounts are usually offered to customers  with a record of not making claims since they are seen as less of a liability.

Experience also plays a great part in reducing premium costs. The longer the taxi driving experience is the cheaper the premium gets. Taxi driving experience is linked to how long drivers have had their local authority taxi badge. Inexperienced drivers can also be insured but their premiums will always be higher.

One of the greatest discounts you can achieve on your premium is for restricting the number of drivers that can be used for every policy – this is particularly helpful if the driving is restricted to just the owner. Discounts are greatest when a specific policy is used only for a specific driver, and having named drivers is an effective way of decreasing premium costs.

Another way to reduce your premium costs is to apply for voluntary excess. Extra excess on your policy helps you save money. It gets you a cheaper taxi insurance but costs more if you claim. Policies are more expensive when risks involved are greater for the insurance company. Premiums may decrease in cost if the taxi drivers you employ have no history of conviction or penalties on their licenses, a clean record helps negotiate a lower premium price.

Lastly, you may even get a lower premium offer if your taxi is kept in the garage when not in use rather than on the road.  The best way to find a lower premium is to conduct market research and find the cheap taxi insurance that suits you!

Leave a Reply