Top Taxi Insurance Tips

To help keep the cost of your insurance premiums low there are some tips which may be worth considering.

* Think about the amount of excess you can afford to pay. Buy increasing the amount of excess you can reduce the annual premiums, this also indicates to insurance companies that you will only be making small claims which exceed your excess. If you live in high risk areas this may not be an ideal option.

* Having owner drivers only or named drivers only will also help to lower the costs. Taxi firms which have ‘any driver’ policies will pay far more for their insurance. The only exception to this is if you have a lot of young or inexperienced drivers on your team.

* Give careful consideration to the optional extras offered by the taxi insurance companies. Consider whether you really need them as tempting as they may seem they will add to the costs.

* If you have accumulated a no claims bonus it is well considering protecting it. This typically means that you can make a number of claims without losing your no claims bonuses. Although this may cost slightly more in the long run it can save you huge amounts of money.

* Keep your taxi in a garage or secure compound when not in use as this will significantly reduce the premiums costs.

* If you have an older vehicle with a low replacement value it will be cheaper to have taxi insurance which is third party only or third party, fire and theft rather than fully comprehensive. Speak with insurance companies as those who operate in high risk areas may not be legible for this lower type of insurance cover.