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Taxi Insurance is a legal requirement for all hire for reward drivers and operators as it protects the vehicle, their passengers, and other people on the road. Finding the right type and most cost-effective policy for your taxi is quite easy and efficient through the internet. You can use policy quote comparison and search sites to help compare options before you decide on a policy provider that meets with your taxi business insurance requirements.
Since taxis are mostly on the move transporting passengers from one place to another they are nearly always at risk of being involved in an accident minor or major. As such it makes sense to take out taxi insurance to protect your vehicle, passengers, and yourself. Even if you are not involved in an accident you will find that some of the public will not show care or respect for your taxi cabs and damage the interior or the body work. However having the the proper level of insurance will ensure any repair cost is shouldered by the underwriter.
Underwriters work out the costs of insurance based on a myriad of factors. Fortunately you do have control over some of these factors that go towards working out the cost of your insurance policy. Some you do not have control over, one example being your post code. City postcodes attract a higher premium, simply because inner city areas pose higher risks of your vehicle being stolen or vandalised.
The cost of insurance will reflect on how the underwriter views you as a risk of making a claim based on your driving history and then how large that claim may be. One key metric used is the cost of the vehicle, normally the more expensive the higher the associated premium. Below are some of the factors that you may have control over that should enable you to take actions to reduce your annual insurance premium.
It is a statistic derived by actuaries that male drivers under 25 pose the highest risk of being involved in an accident and in addition the insurance payouts are normally larger than for other age groups. Whilst lady drivers under 25 pose less of a risk to underwriters this cannot be reflected by a lower premium that is until the European legal gender policy of 2012 is binned as it prevents gender discrimination within the insurance industry. When it is repealed it will be one plus for young UK lady drivers as they will then benefit rightly by having access to lower premiums than their male counterparts. As such if you are able to then only employee drivers that are over 25 or over with a clean motoring history and preferably female. If sole driver then choose a named driver or solo driver over the any driver policy and in so doing you should also see benefits by way of reduced premiums.
Unfortunately a factor that you have no control over namely your post code will also have a bearing on the premium that you are quoted, inner cities will attract higher premiums as the likelihood of theft or damage is statistically higher in these areas. If you operate outside the large cities especially in rural regions you will benefit from a lower premium than city drivers.
Going for this approach can either reduce or increase your insurance costs depending on how you measure up to as a driver in the eyes of the insurance company. In its simplest form a black box which can also be a phone app which records information on how you drive, for example how frequently is your breaking? is it severe? The frequency of sharp cornering, length of periods of steady driving without veering or excessive speeding in short any data that can be used to determine your level of risk of making a claim. If you have a policy based on discounts you will then be rewarded for good driving by future discounts normally on a quarterly basis or at policy renewal time. Conversely if you are deemed at a higher risk of being involved in an accident your premium will likely increase.