How to Get Cheap Taxi Insurance?
Finding cheap taxi insurance shouldn’t be too much more complicated than saving on your traditional vehicle insurance, but there are a few ways you can keep costs down. Firstly, when you get your coverage will impact costs. Try and purchase your policy at least 2 weeks before the date the insurance starts, as insurers prefer well-prepared drivers compared to those who leave things to the last moment. You could save over 40% just by buying well in advance, so provided you don’t need the coverage immediately, this is absolutely worth it.
Your profile as a driver will also make up an integral part of how an insurer works out your end cost. Factors such as your age, years of driving experience (both professionally and otherwise), where you’re based, and any prior claims you’ve made or driving convictions you’ve received can impact your costs, so don’t be surprised if your costs are higher than other drivers if you’re on the ‘wrong’ side of some of these.
Also, consider the vehicle you’re driving if you have a choice in the matter. Smaller, less powerful vehicles will be cheaper to cover, so while it is important to make sure your vehicle is big enough to carry the number of passengers you’ll require comfortably, you could save by opting for something a little smaller.
As with buying anything, it’s always worth shopping around a bit to see what’s on the market. Comparison websites can be an excellent tool to help you compare as many quotes as possible in a short time period, but keep in mind that many insurers save their best prices for customers who purchase from them directly (cutting out the middleman comparison site, who charge a small fee).
And finally, try asking some of your fellow taxi drivers where they get their insurance from. They might be able to refer you directly to an insurer or broker who could offer a referral discount for both you and the other driver – a mutually beneficial agreement that helps the insurer gain more customers, and you save money.
How can I get cheap taxi insurance?
Finding cheap taxi insurance doesn’t need to be a difficult endeavour. All of the ‘usual’ methods of saving on insurance still apply here, and you shouldn’t find your coverage so expensive that it makes taxi driving unprofitable. That being said, it will be considerably more expensive than your regular vehicle insurance, so it’s worth trying to save wherever possible.
The best advice, initially, is to try and shop around as much as possible. Comparison sites and brokers can help you with this, offering many quotes in a short time – especially useful for a time-conscious driver. You might not always get the absolute best deal (insurers usually save these for direct customers), but it should give you a good idea of who the most competitively priced insurers on the market are.
While saving is important, you won’t want to take any risks, and while one insurer may be cheaper, there could be hidden/unexpected costs along the way that aren’t explained clearly during the sign-up period. Before you take out a policy, we’d recommend checking a website like Feefo or Trustpilot just to see how other customers’ experience with the insurer was, especially if it’s an insurer you weren’t aware of previously.
While you can’t necessarily affect all of them, consider the factors insurers use to estimate the cost of your coverage. Things such as your choice of vehicle, driving profile and where you park your vehicle at night all play a part, so keeping these in mind (and trying to reduce risk where possible) can help you get costs down if they’re a little too high.
Many people don’t realise, but your coverage plays a huge part in deciding the cost you pay too when you buy. Insurers prefer risk-averse, well-prepared drivers (who buy far enough in advance that they don’t feel a ‘rush’ to make their purchase) who tend to buy their policies at least a couple of weeks before it starts. Don’t be surprised to save at least 30% if you’re in a position to buy comfortably ahead of time.
Compare taxi insurance
Comparing taxi insurance is slightly more complicated than traditional vehicle insurance. There are considerably fewer insurers on the market, so less to compare between, and many of the UK’s largest names won’t cover taxi drivers, so you might see a few names you’re not familiar with.
That being said, comparison websites should still be your first port of call if you’re looking to compare quotes without spending too much time talking to someone or going to each insurer directly. The requirements for quotes through aggregators are fairly strict, however, so if you’re a younger/less experienced driver, don’t be surprised if you’re refused quotes.
It can also be useful to speak to some of your fellow drivers, perhaps at a taxi rank or those who work for the same company as you. They might know quality local companies (who might not show up straight away on Google or advertise through comparison sites) that can offer great rates to drivers in the area. It only takes 2 seconds to ask and could land you a quality recommendation.
How to get a discount on taxi insurance
Insurance discounts vary from insurer to insurer. Some rarely offer them, and some have special offers that are available throughout the year. The best way to find them is to go to the insurer directly and ask if they’re running any promotions at the time (or if any are coming up, assuming you don’t need the policy right away).
Similarly, many insurers will be happy to price match a quote from another insurer (they’d rather have your custom than not), so if there is an insurer you especially like the look of who is just a bit too expensive, don’t be afraid to ask if they’d match the quote you got from another provider.