Written by Michael Foote, Insurance and Finance ExpertMichael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
It is important that if you have a fleet of taxis that you ensure each and every one of them is properly insured. The insurance policy you choose should provide cover for any potential problem that a taxi driver faces, and by covering your entire fleet of vehicles under one taxi fleet insurance policy, you may be able to save money compared to insuring them individually. Not to mention, it makes it much easier to keep track of your insurance payments when everything is consolidated under one clear policy.
That isn’t the only benefit of having all your vehicles under one, easy to manage policy, fleet insurance also has the payment options of a one off annual payment, regular monthly direct debits, quarterly payment options or biannual bank transfers to suit taxi ranks of every size.
What can you do to reduce taxi fleet insurance costs?
Whilst insuring a large collection of vehicles under a fleet insurance policy is usually cheaper than insuring individually it is still going to be expensive. So, it is important that you do what you can in order to keep costs down as much as possible.
This can be done by ensuring your fleet of vehicles is serviced regularly. Not only will this avoid costly breakdowns you will have more vehicles on the road rather than spending time off the road for repairs. Insurers that see that vehicles are regularly serviced may be able to offer better prices than those who take poor care of their cars.
Also, by introducing regular driver training, insurers could also look more favourably on you when it comes to determining your the cost of your fleet policy. Drivers who undergo regular training and driving refreshers are less likely to be involved in an accident, and for an industry that involves being on busy UK roads for long periods of time, these training days can be vital in ensuring cars stay on the road as well as helping reduce your insurance costs.
Finally, by employing drivers with clean records, insurers will take this into account when estimating how much of a risk your drivers will be on the whole. You can also introduce limiters, black boxes for taxis and other GPS trackers as well as CCTV in your vehicles. Insurance providers prefer proof when it comes to accidents and these pieces of technology can ensure that if an accident should occur, they will be able to get a clear picture of what transpired.
Always ensure you compare fleet insurance across numerous providers so that you find the most appropriate deal available to your taxi company.