How to Get Cheap Taxi Insurance

People that own taxis get special types of insurance called taxi insurance which you can buy in the UK from here. This is similar to ordinary auto insurance but takes specific hazards to which taxis may be subjected into account. Not only accidents but things like theft and vandalism are often covered. Like any other insurance, you want to find the most inexpensive type you can buy and get the most for your money. The following tips are some you can use to get the cheapest rates taxi insurance:

Previous Ownership

If you have owned a taxi or company car in general previously, this is something that you should disclose to the insurance company. They may consider you an experienced taxi owner and give you a better rate as a result. So this is definitely an item to bring up and talk over with the insurer.

House Ownership

Another thing you will want to discuss with a taxi company is whether or not you own your own house. This is one of those items that insurance companies see as making you a lower risk. Home owners are often considered responsible, lower risk sorts of people. They are also in higher age brackets which tends to take them out of the most accident prone categories.

Chauffeur Work

Chauffeurs drive people who can afford higher rates around. These may be business executives, rock stars, or just anybody who has the money to pay a bit more. Since this category of taxi driving tends to see fewer accidents and is less high pressure, insurance companies often offer lower rates for this type of work. Bearing this in mind you may want to apply for this sort of job or to start this sort of business enterprise.

Basic Insurance

If you are trying to save money, there is no need to get all the perks and extras that insurance providers may attempt to sell you. Find out what the minimum legal requirements for taxi insurance are in your area or jurisdiction. Then purchase only this. This will assure that you are in compliance with the law and at the same time save you money on the insurance you end up purchasing.

Fleet Insurance

If you own several or many taxis, fleet insurance is the most economical option. Fleet insurance policies cover groups of vehicles. This kind of policy is much cheaper than getting individual insurance policies on each vehicle that you own. So ask your insurance provider what all the options for fleet insurance are.

Keep Taxi Garaged

When not driving the taxi, keep it garaged. This is especially true in high crime areas. Insurance companies will offer a lower rate to taxi owners that keep their vehicles in secure garages when not in use. The reason for this is obvious: it makes the taxi far less susceptible to theft and vandalism. Thus there is far less chance that the company will have to pay out on claims of this sort.

Following the above tips will help you get the most inexpensive taxi insurance available. Just because you own one or more taxis doesn’t mean you should have to pay exorbitant rates. Shop around, look at a number of different rates, and compare options so that you can get the type of taxi insurance policy you want at a rate that works for you.