The cost of your premium are directly related as to how an underwriter views you as a risk of making a claim. This is partly based on your driving history and then how large previous claims have been. 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 costs. 

Taxi Drivers

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  payouts are normally larger than for other age groups. This makes under 25 taxi insurance more expensive. 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  When it is repealed it will be one plus for young UK lady drivers as they will then benefit rightly by having access to lower premiums than their male counterparts. 

If you operate a fleet and are able then be selective and only employee drivers that are over 25 with a clean motoring history and preferably female. 

Location or Post Code

Unfortunately a factor that you have no control over, namely your post code will also have a bearing on your premium, Cities for example London or Manchester 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 taxi insurance premium than city drivers.

A Blackbox Can Reduce Costs

Going for this approach can either reduce or increase your policy premium depending on how you measure up as a driver in the eyes of your broker.  In its simplest form a black box which can also be a phone app records information on how you drive. A few examples  are as follows: how frequently do you break?,  is your braking severe?, the frequency of sharp cornering, length of periods of steady driving without veering or excessive speeding. In short any biometric driving data that can be used to determine your level of risk to the broker. If you have a  policy based on driver metrics 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 high risk your premium will likely increase or the broker might even decide not to  renew your policy.

A good history of no claims

A good history of no claims is proof to the underwriter that you as a driver pose less risk than other drivers or cab companies that have a history of making claims against the insurer. Please do keep this in mind before making minor claims as it may be more cost effective to shoulder small costs rather than make a claim against your broker.

InsuremyTaxicab works in works in partnership with QuoteSearcher Limited to provide you with cab insurance quotes. Insuring a pay for reward vehicle can be expensive and it normally pays to compare the market. This can be achieved by selecting the Get Quotes option and entering your individual cover requirements. On completion of the simply online form you will receive multiple quotes from a panel of UK brokers. This will enable you to easily compare policy details and in particular what is included and any exclusions that may apply. Monthly and weekly payment options are also available. If you do find a quote that your are happy with and wish to proceed, you may simply complete the transaction online or should you prefer over phone direct with the broker of your choice. Start the process of comparing prices from multiple UK brokers by selecting Get Quotes now!