MeKnows

Any taxi drivers will know that taxi insurance is one of the most important parts of your business however it is often one of the most expensive.

For both private hire insurance or public hire insurance, it's important that you have the right insurance for you, your vehicle, your passengers and the general public.  It's vital that you have the right protection for your business.

In the current economic climate, we all know how important it is to get the best possible deal taxi insurance premium - but not at the expense of your all-important insurance cover.

There are a number of ways to help you keep your taxi insurance premiums low. Here are a few of our tips:

A straight-forward way to keep your taxi insurance quote low is to opt for a higher voluntary excess. This is the amount that you will have to pay if you make a claim on your policy. This is in addition to any complusory excess that your policy may carry so it can add up. Selecting a higher voluntary excess when you take out a policy will lower your taxi insurance premium but you will end up paying more in the event of a claim.

More experience taxi drivers can expect a discount on your premium. Many insurers prefer drivers aged 30 or above with at least 2 years 'no claims bonus' and may offer extra discounts on their taxi insurance premiums. You can expect to receive up to 60% discount if you have 5 years or more taxi no claims discount.

Generally speaking, the fewer drivers on your taxi insurance policy, the cheaper it's likely to be. After all, less drivers means less risk. Limiting the policy to just cover yourself or you and one other named driver limits the exposure to risk therefore generally result in lower taxi insurance premiums.

Remember, it is important to lower the cost of your taxi insurance, however getting enough is equally, if not more important.